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Landmark Credit Union Settles Overdraft Fees Lawsuit

Landmark Credit Union Settles Overdraft Fees Lawsuit August 15, 2018. By Jane Mundy.
New Berlin, WI: Danell Behrens filed a proposed class action overdraft fees lawsuit in February 2017 against Landmark Credit Union (LCU), alleging the not-for-profit financial institution charged its members more than $2 million in overdraft fees, in violation of the Electronic Fund Transfer Act (ETFA) and LCU’s own overdraft program contract. LCU has agreed to refund some of those fees and change its overdraft practices as part of the settlement agreement.
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Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled

Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled July 27, 2018. By Jane Mundy.
Washington, DC: You may have been charged excessive bank overdraft fees unknowingly. Or maybe you filed a bank overdraft fees lawsuit some time ago to fight back against the banks. If so, you may be able to make money from the banks, namely Bank of America, Wells Fargo, JPMorgan Chase and TCF National Bank.
Read [ Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled ]

Credit Union Lawsuit Cites Excessive Overdraft Fees

Credit Union Lawsuit Cites Excessive Overdraft Fees 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.
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Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future

Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future 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 ]

MB Financial Facing Lawsuit re $6,000 in Overdraft Fees

MB Financial Facing Lawsuit re $6,000 in Overdraft Fees 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 ]

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. 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.
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It's Alive! Class Action Lawsuit against Capital One Bank is Back On

It's Alive! Class Action Lawsuit against Capital One Bank is Back On 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.
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Despite Recent Settlements, Banks Still Bilking Consumers Out of Billions

Despite Recent Settlements, Banks Still Bilking Consumers Out of Billions 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 ]

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.
Read [ Are Continuous Overdraft Fees Like Illegal Payday Loans? ]

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