Request Legal Help Now - Free

Advertisement
LAWSUITS NEWS & LEGAL INFORMATION

BOK Financial Excessive Bank Overdraft Fees



OK Financial (BOKF) and other financial institutions face allegations that they use deceptive practices in charging customers overdraft fees. Overdraft fees lawsuits filed against BOK Financial allege the company reordered financial transactions to maximize profits from overdraft fees.

BOK Financial, based in Tulsa, Oklahoma, is a top-25 US-based bank with more than $30 billion in assets.

FREE BOK OVERDRAFT FEES LAWSUIT EVALUATION

Send your BOK Overdraft Fees claim to a lawyer who will review your claim at NO COST or obligation.
GET LEGAL HELP NOW

BOKF Overdraft Fees

excessivebankoverdraftfeesAccording to a Dec. 2016 consumer protection report published by the US Public Interest Research Group (US PIRG), overdraft and non-sufficient fund (NSF) revenue per bank account is on the rise.

Bank customers of BOK Financial have alleged in lawsuits that BOK intentionally reordered financial transactions from highest to lowest dollar value in order to push customers into overdraft situations that rack up more overdraft fees than if the transactions were posted in the order they occurred. The lawsuits allege that this "re-ordering" practice was implemented to maximize the revenue received from overdraft fees and caused customers to pay excessive amounts in overdraft fees.

For example, high-to-low order could go something like this: If a customer has $100 in an account and makes three transactions, two for $25 and one for $120, in that order, re-sequencing from high-to-low would place the $120 transaction first, draining the account so that rather than charging one overdraft fee for the $120 transaction, the bank could charge three overdraft fees.

According to the US PIRG report, the average bank collected $17.76 in overdraft/NSF fee revenue per consumer deposit account in the first three quarters of 2016, an increase of 2.6 percent over the same period in 2015. Many banks with the highest overdraft revenue "rely heavily" on overdraft revenue.
 

BOKF NA Settlement

In Oct. 2016, an Oklahoma District Court judge granted preliminary approval of a $7.8 million settlement on a class action filed in 2015 against BOKF Corey Ratzlaff et al v. BOKF NA dba Bank of Oklahoma et al, Case No. CJ-2015-00859, District Court, Tulsa County, State of Oklahoma. Plaintiffs in that lawsuit claimed that BOKF routinely processed debit transactions when the customer had insufficient funds and then charged an overdraft fee.

"Moreover, the bank employed automated software programs to reorder transactions so it could maximize the number of overdraft fees it imposed on its customers," according to the lawsuit petition. "In many instances, these overdraft fees cost account holders of the bank hundreds of dollars in a matter of days, or even hours."

In 2012, BOK Financial settled a class action lawsuit In Re: Checking Account Overdraft Litigation, Case No. 1:09-MD-02036, US District Court, Southern District of Florida for $19 million on three related lawsuits alleging that BOKF maximized its overdraft fee revenues by re-sequencing class members' debit card transactions in the period between Jan. 2005 and Aug. 2011.
 

BOK Financial Excessive Overdraft Fees Legal Help

If you or a loved one has suffered similar damages or injuries, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
Last updated on

BOK OVERDRAFT FEES LEGAL ARTICLES AND INTERVIEWS

BOK Financial $7.8 Million Class Action Settlement Headed For Final Approval
BOK Financial $7.8 Million Class Action Settlement Headed For Final Approval
May 11, 2017
Tulsa, OK:An upcoming approval hearing will determine whether BOK Financial (BOKF) will pay $7.8 million in a class action settlement with former bank customers who claim they were charged excessive overdraft fees. READ MORE

Court Affirms Overdraft Fees Class Action
Court Affirms Overdraft Fees Class Action
August 5, 2015
The Indiana Supreme Court has affirmed a lower court's decision granting class-action status to an excessive overdraft fees lawsuit. The Indiana Court’s decision means the trial for the excessive bank overdraft fees lawsuit against Old National Bank is still scheduled to start October 27. READ MORE

READER COMMENTS

Posted by

on
I have been charged $32.50 fees plus $6.50 per day for every overdraft occurrence through Bok Financial.

Posted by

on
My debit card was charged $32.50 per transaction plus $6.50 a day immediately after my account was negative.

Posted by

on
first national bank, hermitage, pa kept on charging me 12.00 for every 3 days I was overdrawn. They said it would ruin my credit if I didn't "pay up." I was informed I was being turned over to a collection agency. A 5.00 overdraft from 2-7-2017 escalated to approximately 145.00. I reported them to the Federal Trade Commission. Bank fees are not debt. It took them until mid-May 2017 to hear back from them and that was only because I contacted the federal government.

ADD YOUR COMMENT ON THIS ISSUE

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help Now! - Free