Excecessive Overdraft Fee Articles
June 20, 2018. By Anne Wallace.
Madison, WI: In March 2018, Matthew Domann filed a class action lawsuit against Summit Credit Union alleging that since 2010, SCU has wrongfully charged overdraft fees to checking account customers throughout Wisconsin. The credit union lawsuit details a practice of placing “holds” on pending debit card transactions and deposits to artificially depress the account balances and then reordering the transactions to maximize the number of overdraft fees assessed.Read [ Credit Union Lawsuit Cites Excessive Overdraft Fees ]
May 22, 2018. By Anne Wallace.
Washington, DC On May 10, 2018, the Consumer Financial Protection Bureau (CFPB) quietly scuttled proposed consumer overdraft protection regulations, moving them to the inactive list until some undefined, unknown day in the future when a permanent director is named. Meanwhile, banks and credit unions continue to rake in fees through questionable practices, including some arguably strained definitions of phrases like “not enough money.” Fortunately for consumers, the plaintiffs’ bar soldiers on, pursuing excessive overdraft fees lawsuits on their behalf.Read [ Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future ]
April 30, 2018. By Anne Wallace.
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 [ MB Financial Facing Lawsuit re $6,000 in Overdraft Fees ]
March 19, 2018. By Gordon Gibb.
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 [ Big Banks Don’t appear to be Getting the Message over Excessive Banking Fees ]
February 18, 2018. By Anne Wallace.
New York, NY Tawanna Roberts's excessive bank overdraft fees lawsuit had all the familiar hallmarks. She claimed that she had a positive balance at the time she made the transactions that triggered the penalties, and that those penalties were made worse by Capital One's practice of reordering transactions to maximize what it could charge.Read [ It's Alive! Class Action Lawsuit against Capital One Bank is Back On ]
January 19, 2018. By Gordon Gibb.
Washington, DC: When one looks back to 2017 and considers examples when banks have been called to account for excessive bank overdraft fees – including last November’s $66.6 million settlement to end a bank overdraft fees lawsuit against Bank of America – one would naturally assume progress is finally being made on an issue that has plagued Americans for years.Read [ Despite Recent Settlements, Banks Still Bilking Consumers Out of Billions ]
December 29, 2017. By Brenda Craig.
Washington, D.C. A new report from Pew Charitable Trusts released on December 20, 2017 documents the burden overdraft fees continue to place on the shoulders of consumers. Although the banking industry has made some voluntary changes regarding overdraft fees Pew reports that American consumers are still paying $14 billion annually in overdraft fees.Read [ Overdraft Fees Chewing Up Consumers ]
November 25, 2017. By Anne Wallace.
Honolulu, HI: Many consumer lawsuits over excessive overdraft fees focus on banks’ practice of reordering withdrawals to maximize what they can charge. The argument advanced by Linda Robinson in Robinson v. First Hawaiian Bank is different and relies on state usury laws. This opens new possibilities in the battle between consumers and banks and may prove to be important as federal financial protection for consumers seems increasingly under siege.Read [ Are Continuous Overdraft Fees Like Illegal Payday Loans? ]
November 10, 2017. By Gordon Gibb.
Los Angeles, CA: Yet another major bank has bowed to litigants enraged over excessive bank overdraft fees, following the announcement of a settlement worth $66.6 million. The bank overdraft fees settlement, designed to end a lawsuit against Bank of America, still requires court approval.Read [ Bank of America to Settle Excessive Fees Class Action for $66.6 Million ]
October 30, 2017. By Anne Wallace.
Washington, DC: On October 24,2017, the Senate voted to overturn a Consumer Financial Protection Bureau (CFPB) rule that limited banks’ ability to enforce mandatory arbitration clauses in consumer contracts. While this change is unlikely to alter the course of existing excessive overdraft fee lawsuits, it will make it much harder for consumers to join class actions against giant financial institutions like Wells Fargo, Capital One or Fifth Third in the future.Read [ It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees ]
- Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit By Gordon Gibb (Oct-16-17)
- Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions By Gordon Gibb (Aug-3-17)
- Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue By Deb Hipp (Jul-19-17)
- Illinois Plaintiff Launches TCPA Robocall Lawsuit against Fifth Third Bank By Gordon Gibb (Jun-13-17)
- BOK Financial $7.8 Million Class Action Settlement Headed For Final Approval By Deb Hipp (May-11-17)
- Wells Fargo’s Pursuit of Arbitration a Waste of Resources: Plaintiffs By Gordon Gibb (Apr-24-17)
- Study Finds That People With Lowest Incomes Pay Most in Bank Overdraft Fees By Deb Hipp (Apr-11-17)
- New Report Shows 10 Banks Account for 67 Percent of Overdraft Fee Revenue By Deb Hipp (Feb-28-17)
- Wells Fargo Under Fire for Excessive Fees Again By Heidi Turner (Sep-14-16)
- Excessive Bank Fees: Did We Learn Anything From the $7.8 Million UMB Settlement? By Gordon Gibb (Aug-22-16)
- Bank Faces $10 Million Fine Linked to Overdraft Fees By Heidi Turner (Aug-11-16)
- Proposed New Rules a Boon for Consumers Facing Excessive Credit Union Fees By Gordon Gibb (Jul-13-16)
- Overdraft Fees Still a Big Payday for Financial Institutions By Heidi Turner (Jun-18-16)
- Does Charging Excessive Overdraft Fees Violate Credit Union Non-profit Status? By Gordon Gibb (May-14-16)
- Bounced Check Re-presentment Lawsuits Are Nothing New By Gordon Gibb (May-11-16)
- Attorneys Investigating Check Re-presentment Lawsuits By Heidi Turner (Apr-17-16)
- Wells Fargo Loses Overdraft Fee Appeal By Heidi Turner (Apr-13-16)
- Check Re-presentment: What It Is and Why It Matters to You By Gordon Gibb (Apr-1-16)
- Check Re-presentment Attorney: Consumers May Be Unknowingly Paying Re-presentment Fees By Heidi Turner (Mar-24-16)
- Consumers Continue to Get Stung by Excessive Credit Union, Bank Overdraft Fees By Gordon Gibb (Mar-14-16)
- Panel Declines Consolidation of Credit Union Lawsuits By Heidi Turner (Feb-22-16)
- Report: Banks Make $6 Billion Off of Fees By Heidi Turner (Jan-23-16)
- Credit Union Excessive Fees Lawsuits Could Be “Tip of the Iceberg” By Gordon Gibb (Jan-14-16)
- US Bank Hoping to Recoup Portion of $55 Million Settlement from Insurers By Gordon Gibb (Dec-29-15)
- It’s Not Just the Banks Charging Excessive Overdraft Fees By Heidi Turner (Dec-18-15)
- “There Are Fees for Everything but Breathing the Air” By Gordon Gibb (Nov-25-15)
- HSBC Overdraft Lawsuit Nets $30 Million Settlement By Heidi Turner (Nov-6-15)
- Financial Institutions Told to Halt Overdraft Fees on College Cards By Heidi Turner (Oct-29-15)
- Class Action Alleging Excessive Bank Overdraft Fees Can Go Ahead By Gordon Gibb (Oct-13-15)
- Los Angeles Credit Union Sued Over Lack of Consent, Overdraft Fees By Gordon Gibb (Sep-30-15)
- Class Action Upheld in Overdraft Fees Lawsuit By Heidi Turner (Sep-12-15)
- Credit Unions Not Immune to Charging Excessive Fees: Attorney By Gordon Gibb (Aug-22-15)
- Court Affirms Overdraft Fees Class Action By Heidi Turner (Aug-5-15)
- Excessive Overdraft Fees: You Can Take That to the Bank By Gordon Gibb (Jul-22-15)
- Consumers Might Want to Take Note of Overdraft Fees By Heidi Turner (Jul-11-15)
- Overdraft Fees Lawsuits Ongoing By Heidi Turner (Jun-24-15)
- Attorney: Excessive Overdraft Fees “Not the Fault of the Customer” By Heidi Turner (Jun-11-14)
- Couple Files Bank Overdraft Fees Lawsuit By Gordon Gibb (Aug-30-12)
- Citizens Bank Settles Overdraft Fee Class Action Lawsuit for $137.5M By Abi Kistler (Apr-25-12)
- Another Bank Overdraft Fees Lawsuit Filed By Heidi Turner (Oct-25-11)