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Bank Overdraft Fees Lawsuit Stresses Lack of Consumer Sophistication, Unfair Process

Bank Overdraft Fees Lawsuit Stresses Lack of Consumer Sophistication, Unfair Process January 6, 2021. By Anne Wallace.
Atlanta, GA On December 17, the U.S. Court of Appeals for the Eleventh Circuit heard oral arguments in Garcia v. Wachovia Bank, one of the bank overdraft fees lawsuits, consolidated in In Re: Checking Account Overdraft Litigation. The checking accountholders are appealing a September 2019 District Court decision that denied them the chance to proceed through a class action lawsuit, forcing them to arbitrate their claims individually. That would effectively end their chance to dispute excessive overdraft fees that resulted from Wells Fargo’s and Wachovia Bank’s practice of reordering checks from high to low amounts in order to maximize profits.
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Navy Federal to Settle Overdraft Fees Lawsuit for $16 Million

Navy Federal to Settle Overdraft Fees Lawsuit for $16 Million November 17, 2020. By Anne Wallace.
Alexandria, VA  The Eastern District of Virginia appears poised to approve a proposed settlement in a class action bank overdraft fees lawsuit originally filed against Navy Federal Credit Union in 2019. Under the terms of the proposed settlement, checking account customers at Navy Federal who were overcharged will have a common fund of $16 million to divide among themselves. The settlement is notable because class members need not file claims to receive compensation. The settlement fund will be automatically allocated among them according to a distribution plan set out in the agreement.
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Earnin Agrees to PayBack

Earnin Agrees to PayBack August 30, 2020. By Jane Mundy.
Santa Clara, CA A proposed settlement by Earnin, an app-based pay advance service, would theoretically pay up to $12.5 million to consumers who claim they were misled by Earnin and were charged bank fees they weren’t aware of before signing on with the service.
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USB Checking Accountholders to get their Day in Court

USB Checking Accountholders to get their Day in Court August 17, 2020. By Anne Wallace.
San Diego, CA On August 10, the Southern District of California agreed to reconsider its own ruling in an overdraft fees lawsuit that forced the dispute into arbitration. On reconsideration, it reversed itself. This breathes new life into Reyna McGovern’s contention that U.S. Bank charged bank overdraft fees that were not permitted under the terms of the account agreement that she and many other customers signed. Now they get a chance to have their claims heard in court. The Order Granting the Motion for Reconsideration may have implications for other Californians who, perhaps unwittingly, signed arbitration agreements when they opened a checking account.

Read [ USB Checking Accountholders to get their Day in Court ]

California Excessive Bank Overdraft Fee Lawsuit Gets Second Wind

California Excessive Bank Overdraft Fee Lawsuit Gets Second Wind July 29, 2020. By Anne Wallace.
San Diego, CA For months, the law firms that represent banks and other big businesses have worried that the Ninth Circuit’s 2019 decision in Blair v. Rent-A-Center shows plaintiffs how to side-step mandatory arbitration provisions that include class action waivers. Defense counsel’s worst fear is realized in the motion for reconsideration filed in McGovern v. U.S. Bank, a California bank overdraft fees lawsuit. 
Read [ California Excessive Bank Overdraft Fee Lawsuit Gets Second Wind ]

TD Bank Hit with Excessive Bank Overdraft Fees Lawsuit

TD Bank Hit with Excessive Bank Overdraft Fees Lawsuit July 9, 2020. By Anne Wallace.
Camden, NJ  On June 24, Judith Jimenez filed a class action bank overdraft fees lawsuit claiming that TD Bank, NA re-opened her checking account, which the bank had previously closed, for the express purpose of charging her an overdraft fee. Mission accomplished, the bank then closed her account again – all without her authorization. The lawsuit further claims that TD Bank had a routine practice of opening accounts in the names of consumers without lawful authority. If this sounds familiar, it should.
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District of Columbia Sues Elevate Credit, Inc.

District of Columbia Sues Elevate Credit, Inc. June 24, 2020. By Anne Wallace.
Washington, DC On June 5, Karl Racine, Attorney General for the District of Columbia filed a lawsuit against Elevate Credit Inc., alleging that Elevate charged loan interest rates on what are essentially internet payday loans in excess of the District’s usury limits. The interest rates of 149 to 251 percent associated with Elevate’s Rise and Elastic brand loans set a trap for low-income consumers similar to excessive bank overdraft fees many banks charge for “overdraft protection” on a checking account.
Read [ District of Columbia Sues Elevate Credit, Inc. ]

Federal Court Sends Excessive Overdraft Fees Plaintiffs to Arbitration

Federal Court Sends Excessive Overdraft Fees Plaintiffs to Arbitration June 9, 2020. By Anne Wallace.
Chicago, IL On May 18, the District Court for the Northern District of Illinois ruled that two of the three named plaintiffs in Page v. Alliant Credit Union could pursue their claims only through arbitration. This ends their participation in a class action bank overdraft fees lawsuit. The lawsuit alleges that Alliant charged insufficient funds fees even when there was enough money in their checking accounts. Unchallenged, the decision would seriously dim their chance of prevailing against the credit union.
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Excessive Overdraft Fee Lawsuits Hit the Heartland

Excessive Overdraft Fee Lawsuits Hit the Heartland May 29, 2020. By Anne Wallace.
Johnson County, IA In March 2020 Catherine Razavi filed a bank overdraft fees lawsuit against GreenState Credit Union. She alleges that the credit union charged her an overdraft fee even though there was enough money in her account and seeks class-action status for the lawsuit on behalf of similarly situated customers. Her story is symptomatic of a problem that extends far beyond the Iowa state line.
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Mandatory Arbitration Amendments Thwart Excessive Overdraft Fee Lawsuits

Mandatory Arbitration Amendments Thwart Excessive Overdraft Fee Lawsuits May 22, 2020. By Anne Wallace.
Washington, DC Even with a promising bank overdraft fees lawsuit, checking account consumers can find themselves suddenly, unexpectedly blocked by an obligation to arbitrate disputes with a bank or credit union. Consumers are often not even aware that they have signed these agreements. Under recent U.S. Supreme Court rulings, that can be the end of a class action lawsuit.
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