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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.

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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. 
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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.
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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.
Read [ Mandatory Arbitration Amendments Thwart Excessive Overdraft Fee Lawsuits ]

Wells Fargo Fake Account Scandal Grinds On

Wells Fargo Fake Account Scandal Grinds On April 23, 2020. By Anne Wallace.
Oakland, CA The Northern District of California has approved attorneys’ fees in the settlement of the latest lawsuit arising from the massive Wells Fargo fake account fraud. The scandal came to light in 2016 after account holders raised questions about mysterious bank overdraft fees that they were charged. The bank’s misconduct, however, may date back at least as far as 2002.
Read [ Wells Fargo Fake Account Scandal Grinds On ]

Three litigation theories of excessive bank overdraft fee lawsuits

Three litigation theories of excessive bank overdraft fee lawsuits April 10, 2020. By Anne Wallace.
Ft. Lauderdale, FL When people come to talk to Jonathan Streisfeld, a KO partner, about excessive bank overdraft fees and returned item fees, “they feel frustrated with the number of fees assessed on what should be a small dollar transaction. They are confused about their bank’s practices.” More than anything, they just want their money back.  The problem occurs with banks and credit unions alike.

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