Legal News Articles - Consumer Banking
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)
- Defendant Attempts to Quash TCPA Lawsuit through Unique Interpretation of Law By Gordon Gibb (Sep-30-17)
- Banks Fight Excessive Overdraft Suits with Bid for Arbitration By Anne Wallace (Sep-8-17)
- Whistleblower Alleges Healthcare Fraud in Lawsuit By Gordon Gibb (Sep-7-17)
- Disgruntled Connecticut Account Holder Sues People’s United Bank over Fees By Gordon Gibb (Sep-3-17)
- Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions By Gordon Gibb (Aug-3-17)
- Tipsters Play Huge Role in Rooting Out Financial Fraud By Brenda Craig (Aug-2-17)
- Labor Department Orders Wells Fargo to Reinstate Whistleblower and Pay $577,000 in Back Wages By Deb Hipp (Jul-27-17)
- Not-Ready-for-Market Herbicide Kills Farmers’ Crops By Brenda Craig (Jul-26-17)
- Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue By Deb Hipp (Jul-19-17)
- Settlement Reached in Citibank Robocall Proposed Class Action By Deb Hipp (Jul-12-17)
- Plaintiff Files Proposed Class Action Lawsuit over Nuisance Bank Robocalls By Gordon Gibb (Jun-11-17)
- Bank Allegedly Robocalls Man More Than 125 Times to Collect a Debt By Deb Hipp (May-31-17)
- BOK Financial $7.8 Million Class Action Settlement Headed For Final Approval By Deb Hipp (May-11-17)
- Bumble Bee Pleads Guilty to Tuna Price Fixing with Possible $25M Fine By Lucy Campbell (May-8-17)
- Wells Fargo’s Pursuit of Arbitration a Waste of Resources: Plaintiffs By Gordon Gibb (Apr-24-17)
- New Report Shows 10 Banks Account for 67 Percent of Overdraft Fee Revenue By Deb Hipp (Feb-28-17)
- Wells Fargo Fake Bank and Credit Card Account Fraud Revealed By Lucy Campbell (Sep-8-16)
- 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)
- 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)
- Panel Declines Consolidation of Credit Union Lawsuits By Heidi Turner (Feb-22-16)
- Volkswagen Faces VW Recall Lawsuit by US Department of Justice By Gordon Gibb (Jan-11-16)
- Payday Loan Class Actions Could Make a Comeback By Brenda Craig (Jul-19-15)
- Hospital Overcharges: Bill for Broken Leg Comes In At $63,000 By Gordon Gibb (Dec-24-13)
- Her PhD Cost 213K— It’s Enough to Make You Cry By Brenda Craig (Nov-26-13)
- Mother Blames Monster Energy Drink for Daughter’s Chest Pains By Jane Mundy (Jun-27-13)
- S&P Faces Federal Lawsuit over 2008 Financial Crisis By Lucy Campbell (Feb-11-13)
- LawyersandSettlements.com Reports 70 Percent Spike in Mortgage Claims By Gordon Gibb (Oct-13-12)
- 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)
- Utah Bank Sued Over Excessive Overdraft Fees By Charles Benson (Oct-14-11)
- Consumer Advocate Groups Lament Excessive Bank Overdraft Fees By Charles Benson (Sep-27-11)
- Banks Face Customers Angry About Overdraft Fees By Heidi Turner (Sep-20-11)
- Judge in Bank Overdraft Fees Case Rules in Favor of Plaintiffs By Heidi Turner (Sep-15-11)
- Studies: Credit Card Rate Hikes Down after Passage of Legislation By Charles Benson (Mar-8-11)
- Attorney Chases Justice in Foreclosure Crisis By Brenda Craig (Feb-3-11)
- Chase Wrongly Overcharged and Foreclosed on Military Mortgages By Lucy Campbell (Jan-19-11)
- Attorney Tracks Foreclosure Frauds and Files Class Action By Brenda Craig (Sep-6-10)