LAWSUITS NEWS & LEGAL INFORMATION
Consumer Banking Legal News Articles & Interviews
April 2, 2020. By Jane Mundy.
Read [ Overdraft Fees Waived During COVID-19 Pandemic ]
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).
March 12, 2020. By Anne Wallace.
Read [ First Saving Bank Hit with Excessive Overdraft Fee Lawsuit ]
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.
February 5, 2020. By Anne Wallace.
Read [ Bank of America Breached Customer Contracts, Charging Overdraft Fees on Non-Recurring Transactions ]
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.
January 6, 2020. By Anne Wallace.
Read [ Target Red Card Lawsuit Poised to Settle for $8.2 Million ]
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.
December 13, 2019. By Anne Wallace.
Read [ Defendant 'Grateful' for Credit Union Overdraft Fee Lawsuit ]
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.”
November 11, 2019. By Anne Wallace.
Read [ Philadelphia Federal Credit Union Accused of “Gouging” Consumers with Multiple NSF Fees ]
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.
October 16, 2019. By Anne Wallace.
Read [ United Federal Credit Union Settles Excessive Overdraft Fee Lawsuit for $1.75 Million ]
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.
September 17, 2019. By Anne Wallace.
Read [ USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims ]
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.
August 8, 2019. By Anne Wallace.
Read [ VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction ]
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.
July 18, 2019. By Anne Wallace.
Read [ Forced Arbitration Threatens Class Action Excessive Overdraft Fees Lawsuits ]
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.
- Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit By Anne Wallace (Jun-7-19)
- Online Lender Settles with FTC for $3.85 Million By Anne Wallace (May-8-19)
- $24.5 Million Settlement in Navy Federal Credit Union Excessive Overdraft Fees Lawsuit By Anne Wallace (Apr-23-19)
- Cash Advance? There’s an App for That By Anne Wallace (Mar-25-19)
- Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million By Anne Wallace (Feb-15-19)
- Credit Unions – A Case of Shutdown Shame? By Anne Wallace (Jan-24-19)
- Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit By Anne Wallace (Dec-21-18)
- Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss By Anne Wallace (Nov-23-18)
- Digital Federal Credit Union Snared in Excessive Overdraft Fees Lawsuit By Anne Wallace (Oct-3-18)
- New California Class Action Lawsuit Targets Deceptive Bank Fees By Anne Wallace (Sep-11-18)
- CFPB Moves to Protect Students from Overdraft Fees By Anne Wallace (Aug-28-18)
- Landmark Credit Union Settles Overdraft Fees Lawsuit By Jane Mundy (Aug-15-18)
- Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled By Jane Mundy (Jul-27-18)
- Credit Union Lawsuit Cites Excessive Overdraft Fees By Anne Wallace (Jun-20-18)
- Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future By Anne Wallace (May-22-18)
- MB Financial Facing Lawsuit re $6,000 in Overdraft Fees By Anne Wallace (Apr-30-18)
- Big Banks Don’t appear to be Getting the Message over Excessive Banking Fees By Gordon Gibb (Mar-19-18)
- It's Alive! Class Action Lawsuit against Capital One Bank is Back On By Anne Wallace (Feb-18-18)
- Despite Recent Settlements, Banks Still Bilking Consumers Out of Billions By Gordon Gibb (Jan-19-18)
- Overdraft Fees Chewing Up Consumers By Brenda Craig (Dec-29-17)
- Are Continuous Overdraft Fees Like Illegal Payday Loans? By Anne Wallace (Nov-25-17)
- Bank of America to Settle Excessive Fees Class Action for $66.6 Million By Gordon Gibb (Nov-10-17)
- It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees By Anne Wallace (Oct-30-17)
- 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)