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UMB Overdraft Fees
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Santa Clara, CA: Allegations have been made regarding excessive overdraft fees against a number of banks, including UMB Bank.
Specifically, customers allege the bank misrepresents account balances and re-order credit and debit charges to customers’ accounts, in such a way as to deliberately take them into overdraft.
When customers are taken into overdraft by the bank, they incur charges and fees, referred to as overdraft protection or overdraft coverage. Not only are those charges unexpected, they are often high.
The practice by banks of charging excessive overdraft fees has been the subject of numerous lawsuits against a variety of banks, including UMB Bank, which settled one such lawsuit for $7.8 million.
Despite legislation made as of July 1, 2010, requiring banks to ask new customers if they wish to opt in to overdraft protection, customers continue to allege they are unfairly being charged overdraft fees.
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