Is Your Bank Charging Unfair or Deceptive Overdraft Fees?

October 11, 2013

Important Information

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At A Glance

This Alert Affects
Consumers who have been charged overdraft fees from their state or regional bank to cover debit card purchases or checks written when there were insufficient funds in their accounts.
Damages
Overdraft fees are incurred on each purchase made, so they can add up quickly and leave customers with a large debt to repay. Complaints have also alleged that banks manipulate the order of a customer's transactions in order to make them incur the maximum number of overdraft fees, thereby further increasing the bank's profits.
Additional Details
Many banks automatically enroll customers in overdraft protection plans, so customers may be unaware of the consequences of making a purchase when there are insufficient funds in their accounts. In addition, the overdraft fees may be disproportionate to the amount of the purchase. For example, a $4.00 purchase may incur a $35.00 overdraft fee.
Date
In 2009, complaints have been filed against several banks regarding their overdraft protection policies.