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Overdraft Fees Waived During COVID-19 Pandemic

Overdraft Fees Waived During COVID-19 Pandemic April 2, 2020. By Jane Mundy.
Washington, DC Some banks are pitching in during the COVID-19 pandemic by forgoing overdraft charges and other actions that can support consumers. Banks aren’t known for their philanthropy:  In return financial institutions can earn credit toward their Community Reinvestment Act requirements (CRA). 
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First Saving Bank Hit with Excessive Overdraft Fee Lawsuit

First Saving Bank Hit with Excessive Overdraft Fee Lawsuit March 12, 2020. By Anne Wallace.
Las Cruces, NM On January 14, Bonnie Becker, doing business as Oma’s Slice of Heaven, filed a class action lawsuit in New Mexico federal district court, claiming that First Savings Bank assessed bank overdraft fees even when the transactions in question did not overdraw the account.
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Bank of America Breached Customer Contracts, Charging Overdraft Fees on Non-Recurring Transactions

Bank of America Breached Customer Contracts, Charging Overdraft Fees on Non-Recurring Transactions February 5, 2020. By Anne Wallace.
New York, NY Cockrom v. Bank of America alleges that Bank of America (BofA) charged overdraft fees on everyday one-time purchases, like a cup of coffee or a tank of gas, even when its deposit agreements promised that overdraft fees would be levied only on recurring transactions, such as a mortgage payments. This is a new twist on bank overdraft fee lawsuits, but it’s a relatively simple scheme. There is nothing about the difference between “available balance” and “actual balance;” there are no delayed deposits and no selective check clearing. It’s a straightforward New York law breach of contract lawsuit.
Read [ Bank of America Breached Customer Contracts, Charging Overdraft Fees on Non-Recurring Transactions ]

Target Red Card Lawsuit Poised to Settle for $8.2 Million

Target Red Card Lawsuit Poised to Settle for $8.2 Million January 6, 2020. By Anne Wallace.
San Diego, CA On December 2, the Southern District of California granted preliminary approval to the settlement of a class action lawsuit that shone a light on the real cost of Target’s Red Card purchases for thousands of Target shoppers since 2012. The store-branded payment card permitted Target to charge Returned Payment Fees (RPFs) of $20 to $40 in addition to multiple bank overdraft fees on purchases for which there were insufficient funds in a customer’s account.
Read [ Target Red Card Lawsuit Poised to Settle for $8.2 Million ]

Defendant 'Grateful' for Credit Union Overdraft Fee Lawsuit

Defendant 'Grateful' for Credit Union Overdraft Fee Lawsuit December 13, 2019. By Anne Wallace.
Denver, CO Ent Credit Union has agreed to settle a class action credit union lawsuit concerning excessive overdraft fees. Its CEO has issued an apology and promises to refund all identified NSF fees and overdrafts. Here is what Ent CEO Chad Graves said, “We are truly sorry for the inconvenience this has caused our members and are grateful to both our members and their attorneys for bringing it to our attention.” 
Read [ Defendant 'Grateful' for Credit Union Overdraft Fee Lawsuit ]

Philadelphia Federal Credit Union Accused of “Gouging” Consumers with Multiple NSF Fees

Philadelphia Federal Credit Union Accused of “Gouging” Consumers with Multiple NSF Fees November 11, 2019. By Anne Wallace.
Philadelphia, PA  “Gouging” is often implied, but rarely actually said excessive overdraft fee lawsuits. But there it is, in the class action lawsuit’s description of Philadelphia Federal Credit Union’s practice of charging multiple $28 insufficient fee charges for the same transaction and PFCU’s legal duty not to “[exercise] its discretion to enrich itself and gouge its customers.” It’s hot language, but a simple story.
Read [ Philadelphia Federal Credit Union Accused of “Gouging” Consumers with Multiple NSF Fees ]

United Federal Credit Union Settles Excessive Overdraft Fee Lawsuit for $1.75 Million

United Federal Credit Union Settles Excessive Overdraft Fee Lawsuit for $1.75 Million October 16, 2019. By Anne Wallace.
Reno, NV On July 23, 2015, Tonya Gunter had enough money in her checking account to cover her transactions. Nonetheless, United Federal Credit Union (UFCU) charged her eight $30 overdraft fees because her “available balance,” a different and arguably artificially defined number, was too low. Gunter sued. United Federal Credit Union has now agreed to settle Gunter’s class action excessive overdraft fee lawsuit for $1.75 million.
Read [ United Federal Credit Union Settles Excessive Overdraft Fee Lawsuit for $1.75 Million ]

USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims

USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims September 17, 2019. By Anne Wallace.
San Francisco, CA Elizabeth Eiess overdrew her USAA bank account when she tried to pay her Citibank credit card bill of $358.85.The payment was returned, and USAA bank assessed an overdraft charge of $29.00. USAA then charged her twice more – every time Citibank submitted the payment – ultimately for a total of $87.00. In her class action excessive overdraft fee lawsuit Eiess claims that this was a violation of her deposit agreement and that it was part of a widespread pattern of abusive conduct toward depositors.
Read [ USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims ]

VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction

VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction August 8, 2019. By Anne Wallace.
Jacksonville, FL A class action lawsuit filed in Jacksonville Circuit Court claims that VyStar Credit Union routinely assessed multiple insufficient funds charges on the same transaction without authorization by the customer. In her excessive overdraft fee lawsuit, Heather Washington alleges that VyStar charged three separate $32 overdraft fees on a single transaction, in violation of the terms of her Deposit Agreement with the credit union.
Read [ VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction ]

Forced Arbitration Threatens Class Action Excessive Overdraft Fees Lawsuits

Forced Arbitration Threatens Class Action Excessive Overdraft Fees Lawsuits July 18, 2019. By Anne Wallace.
Washington, DC JPMorgan Chase, the country’s largest bank, is moving to require credit card customers, and by extension, checking account customers with a linked debit card, to settle disputes through arbitration. It would, reportedly, preclude class action excessive overdraft fee lawsuits like one that in 2012 led JP Morgan to settle with checking account customers for $110 million.
Read [ Forced Arbitration Threatens Class Action Excessive Overdraft Fees Lawsuits ]

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