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Capital One Excessive Overdraft Fees

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Capital One is among numerous financial institutions that have faced lawsuits concerning their overdraft fees. Capital One overdraft fees lawsuits alleged the financial institution used deceptive practices to increase profits from overdraft fees, including reordering transactions to push customers into overdraft more quickly.

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Capital One Reordering Transactions

overdraftfees Lawsuits against Capital One and other financial institutions allege they purposely reordered transactions to push customers into overdraft more quickly and increase revenue made from overdraft fees. Rather than posting the transactions in the order they occurred, Capital One and other institutions posted the transactions in order of highest to lowest dollar value, effectively pushing customers into overdraft more quickly.

For example, if a customer has $95 in his account and makes three purchases of $10 and a final purchase of $100, only the final purchase would involve overdraft fees. With the transactions reordered so the $100 purchase is posted first, all four transactions would involve overdraft fees.

Capital One and other banks have said they are not violating any laws by reordering transactions.

Capital One Settlement

Earlier in 2015, Capital One announced it had reached a settlement, ending claims about deceptive overdraft fees. The settlement will see Capital One pay approximately $31.8 million to approximately 611,000 customers. Capital One did not admit any liability in agreeing to the settlement.

The lawsuit is In re: Checking Account Overdraft Litigation, case number 1:09-md-02036, in the US District Court for the Southern District of Florida.

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CAPITAL ONE EXCESSIVE OVERDRAFT FEES LEGAL ARTICLES AND INTERVIEWS

MB Financial Facing Lawsuit re $6,000 in Overdraft Fees
MB Financial Facing Lawsuit re $6,000 in Overdraft Fees
April 30, 2018
Chicago, IL MB Financial dinged Rhonda Boone for a truly jaw-dropping $6,000 in bank overdraft fees between 2015 and 2017. That was 18 percent of her total income for those years. On March 12, 2018 she filed a lawsuit in the Northern District of Illinois seeking class action status on behalf of herself and other similarly situated checking and money market account customers. The fact that these are state law claims suggests that the future direction of consumer financial protection lies in the class action lawsuits to enforce state, rather than federal, law READ MORE

Big Banks Don’t appear to be Getting the Message over Excessive Banking Fees
Big Banks Don’t appear to be Getting the Message over Excessive Banking Fees
March 19, 2018
Manhattan, NY: When the 2nd US Circuit Court of Appeals returned an excessive bank overdraft fees lawsuit to the originating lower US District Court for the District of Manhattan for further proceedings – thus reviving the proposed class action lawsuit – the defendant in the case was told its overdraft fee rules were ambiguous, amongst other rulings that put the plaintiffs and those similarly affected back into the drivers’ seat READ MORE

Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions
Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions
August 3, 2017
Washington, DC: In January, 2015 Capital One resolved a class action lawsuit over excessive bank overdraft fees for $31.7 million (In re: Checking Account Overdraft Litigation, case number 1:09-md-02036, in the U.S. District Court for the Southern District of Florida). And that Capital One excessive overdraft fees lawsuit was not unique: a rather large cross section of the banking and credit union industries have been called to the litigation carpet for excessively high fees, re-ordering transactions to generate even more fees, and so on READ MORE
READ MORE Excecessive Overdraft Fee Settlements and Legal News
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READER COMMENTS

Posted by
joan
on
capital bank credit card and PNC CHECHING ACCOUNT

Posted by
Stephen nielsen
on
I have the same thing with over draft fees

Posted by
Lindsay
on
Is this still on going with capital one, I am a customer and this is currently happening to me I have paid a large amount to that bank

Posted by
Maxine Robinson
on
I received a check for Maxine Collins in the amount of $8.06 check #080561. I had an account with Capital One but my name is Maxine Robinson if there's a check for me please forward it to my address. What do you want me to do with the check I received in error?

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