Another Bank Overdraft Fees Lawsuit Filed

Posted by
Sandra Lord-Palmer
on January 25, 2012

This is a letter I wrote to our bank for what they did to my son's account and it is self-explanatory.

1/8/2012, 1/19/2012, 1/22/2012



Tulsa Teachers Credit Union
3720 East 31st Street
Tulsa, OK 74135-2507

RE: Charges to son's account for overdrafts, and charging my savings account for them.
Accounts: My account #XXXXX; David's Account #XXXXX

To whom it may concern:

I am writing to you to refute all the overdraft charges to my son's account and the fact that you took his shortage out of my account. Granted, I am on his account as he was under age when we opened the account so I am liable and I was constantly putting money into his account.

I am over 65 and have no retirement and cannot afford to have you take my money for your charges. Granted he needs to pay for at least one of those charges but certainly not all of them. In fact, it seems to me that this is just like what a loan shark would do. See below regarding my thoughts on this.

I did not know these shortages were happening until David told me about it and I put money in his account to cover the shortage and the bank took the money for its charges. I was not notified at all by the bank that his account was short. The bank had no trouble notifying me after it took my money and closed his account. Why did they wait for 3 months before they charged my account for these $491.27 charges? I could have covered the account before it got so out of hand, but if I did that, then the bank couldn’t have charged all those charges. They waited for 3 months before telling me about this problem and then took my money to cover them of my account. Why not take it out of my savings before it got this bad instead of waiting for 3 months and all those $22 overcharges. Why not cover the shortage before charging $22 each time especially when it came down to more than one per day. This sounds like "loan sharking" to me. (loan sharking is described as the practice of loaning money at usurious rates of interest {Steven H. Gifis, Law Dictionary, p275 (1984). Usury is defined as an unconscionable or exorbitant rate of interest; … {Steven H. Gifis, Law Dictionary, p502 (1984).

It's not called interest but it certainly is interest on funds charged which shorted the account even more.

On 10/3/2011--He was charged $22
On 10/5/2011--He was charged $22
On 10/12/2011--He was charged $44 for a $57.66 loan;
On 10/14/2011--He was charged $22
On 10/24/2011--He was charged $88 for a $110.37 loan;
On 10/28/2011--He was charged $66 for a $208.59 loan;
On 10/31/2011--He was charged $66 for a $28.76 loan.

For the month of October he was charged $330 for $405.38 coverage which I paid.

There were no deposits in November at all.
November -- The charge of $102.02 for the car insurance caused the overdraft here.

On 11/3/2011--He was charged $22 for a $58.97 loan;
On 11/3/2011--He was charged $22 for a $80.97 loan;
On 11/7/2011--He was charged $66 for a $25.77 loan;
On 11/8/2011--He was charged $44 for a $16.95 loan.
On 11/9/2011--He was charged $44 for a $79.08 loan;

For the month of November he was charged $198.00 for a $261.77 shortage.
You are actually charging him $528.00 for a $667.15 loan (2 months).

I made deposits on
10/4/2011 $200.00
10/11/2011 50.00
10/17/2011 200.00
10/19/2011 125.00
10/27/2011 200.00
10/31/2011 500.00 for a total of $1,275.00. According to the bank's statement, there were deposits of $1,275.04 and withdrawals were $1,216.65 so everything he wrote was covered

Because I put money ($1,275.00) into his account, he thought he had some and used his debit card. He didn’t realize things were this bad. Yes, he is responsible to keep up with his own account, but he is a full time student working to put himself through school and time is of the essence for him. I had put the money in his account so he figured everything was covered and no doubt would have been without all those charges.

This to me is outrageous. I have no trouble paying overdrafts of 1 per month but 1 for each OD shouldn’t be done and is ridiculous. If one had been added at the end of the month, perhaps this wouldn’t have happened at all, but, of course, the bank wouldn’t have been able to charge so much either.

I am an older adult who just lost her job and I really don’t think you should take my money.

I humbly request that my money be put back into my account and that the charges be reimbursed to me.

Now, I understand why there is a lawsuit regarding this very thing and I would like to join it and will should I run across it again.

Sincerely,




Mrs. Sandra L. Palmer

Posted by
Mithcell Vera
on October 31, 2011

I am a full time college student whom opened my first account at the bank, After my first 1.00 fee at a store for a soda i hade 5.00 in my banking account. the pos(point of purchase) was 1.50 and my bank charged me 3.00 making me negative .50 cents then added a fee of 20.00 for being negative. then fess upon fees for a 1.00 coke turned into 325.00 dollar. then the bank which is zion subsidiary sold to another bank and mow my account is in collections for over 500.00 the collections department whom now has my account cant trace my account back to the original bank and refuses to decrease the amount. during this time i was not notified of my accounts negative status. and i wasa 17 when i opened my account.

please advise how i am partime worker at minium wage and a full time college student finishing my degree.

thank you

Mitchell Vera

Posted by
Michael J Melendez
on October 30, 2011

Same thing happend to me but It was alot more than a hundred dollars in my case and i confronted the bank People and they told me they had no control of it that the Federal Reserve controls what happens with debits and deposits.Later i found out it was a lie because any banker with authority can write them off but still charge you for maybe one or two charges to make you fell better i guess sixtyfour dollars is better than a hundred and nintytwo dollars which more than several they made me pay.But the best one is I had a small Painting Business and for lets say for at least two years I would get checks lets say
BofA and my Business acount is at Wells Fargo i would deposit my check at Wells Fargo And They sometimes Would take up seven days to clear during that that time take overdraft charges out the check for the drafts that come in when i told one of the ladys at BofA they told me that local checks clear in two days and also Icould go to my bank get them to stamp my check I would sign it and could cash it at what ever bank it was made to that angerd me very much because my own business acount bank never told me i could do this and all the moneys they got from me that was wrong it took a other bank to tell me this Iwonder how many people they burned like that I left Wells Fargo, shorly after that the story go,s on M&M