Shuffling transactions to boost overdraft fees draws ire of bank customers and judges
Every week or so, another bank is in trouble for unfairly charging overdraft fees. The question is: when will they cut it out once and for all?
- UPDATED 9/24/12 (scroll down for original post):
- According to the preliminary approval of a settlement in the overdraft class action, Citizens Bank will pay $137.5 million and TD Bank $62 million. Citizens Bank must reconfigure its systems and process transactions in chronological order for three years.
Settlements OK'd for 2 banks in overdraft fees suit - Philadelphia Business JournalA federal judge in Miami approved agreements for Citizens Bank and TD Bank to settle class-action lawsuits accusing them of imposing exce...- UPDATED 7/20/12:
- For today's update, a judge has ruled that Comerica customers can sue the bank as a group. The bank is among dozens that are being sued for shuffling the order of customer transactions to boost overdraft fees.
Comerica's customers can sue in overdraft class actionComerica Bank lost its bid in court Wednesday to stop customers from suing as a group in a legal battle involving overdraft fees. Consume...- And some of the chatter on twitter from consumers who have struggled with overdraft fees:
- UPDATED 7/5/12:
- If you think this post has gotten ridiculously long, you may be right. But we must say, it is only because of a ridiculously long list -- that is, the list of banks that have been sued for systematically reordering their customers' checking account transactions in a manner that boosted overdraft fees.The latest is U.S. Bank, which has agreed to pay $55 million to settle the claim.
U.S. Bank to pay $55M to settle overdraft lawsuitsU.S. Bank has agreed to pay $55 million to settle lawsuits claiming it manipulated overdraft fees on debit card transactions. If the sett...- UPDATED 6/26/12:
- Another day, another bank agrees to pay. This time it's PNC, in for $90 million.
- PNC to pay $90M to settle excess overdraft fees case - Philadelphia Business JournalPNC Bank has agreed to pay $90 million to settle a class-action lawsuit which accused the Pittsburgh-based bank of improperly manipulatin...
- UPDATED 6/4/12:
- Brief roundup of case in which 30 lenders are accused of charging excessive overdraft fees.
- UPDATE 1-Court OKs JPMorgan fee pact;Capital One talks failFri May 25, 2012 5:55pm EDT * $110 million JPMorgan accord wins preliminary approval * More than 30 lenders accused of gouging customers ...
- UPDATED 5/16/12:
- Many banks have settled lawsuits around their overdraft practices (see below). Wells Fargo is fighting tooth-and-nail to hold onto the $203 million a California judge ordered the bank to pay.
