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Overdraft Fees Chewing Up Consumers

Overdraft Fees Chewing Up Consumers 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.
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Are Continuous Overdraft Fees Like Illegal Payday Loans?

Are Continuous Overdraft Fees Like Illegal Payday Loans? 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.
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Bank of America to Settle Excessive Fees Class Action for $66.6 Million

Bank of America to Settle Excessive Fees Class Action for $66.6 Million 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.
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It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees

It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees 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.
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Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit

Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit October 16, 2017. By Gordon Gibb.
Atlanta, GA: The defendant in an excessive bank overdraft fees lawsuit petitioned an appeals court back in August to compel more than a million Wells Fargo account holders allegedly hit with excessive bank fees to individually pursue a remedy through arbitration, rather than through the courts.
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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. By Gordon Gibb.
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 [ Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions ]

Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue

Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue July 19, 2017. By Deb Hipp.
Washington, DC: A consumer protection report has found a correlation between the banks that customers complain about most and the amount of revenue from overdraft fees and insufficient funds (NSF) those banks collect.
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Illinois Plaintiff Launches TCPA Robocall Lawsuit against Fifth Third Bank

Illinois Plaintiff Launches TCPA Robocall Lawsuit against Fifth Third Bank June 13, 2017. By Gordon Gibb.
Chicago, IL: The Telephone Consumer Protection Act (TCPA) and the Federal Debt Collection Practices Act (FDCPA) were enacted to protect consumers from needless harassment over the phone. Common purveyors of such harassment have historically been telemarketers, or debt collectors that often wind up harassing the wrong people over a debt no longer owed, due to incorrect information and the all-too-common practice of flipping debtor accounts between different collection agencies, with vital information lost in the process. However, an increasing number of TCPA complaints are being directed to the highly-competitive banking industry. To that end a TCPA lawsuit has been filed against Fifth Third Bank alleging Fifth Third Bank TCPA violations.
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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. By Deb Hipp.
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.
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Wells Fargo’s Pursuit of Arbitration a Waste of Resources: Plaintiffs

Wells Fargo’s Pursuit of Arbitration a Waste of Resources: Plaintiffs April 24, 2017. By Gordon Gibb.
Atlanta, GA: A long-running class action lawsuit alleging banking giant Wells Fargo charged their clients and consumers excessive overdraft fees is attempting to move forward amidst a petition by the plaintiffs that Wells Fargo is not in any position to seek arbitration, as the defendant has tarried too long for arbitration to be appropriate.
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