Have you been charged exorbitant bank overdraft fees? Banks have been accused of charging unfair overdraft and insufficient fund (NSF) fees to customers nationwide. Investigations have revealed that financial institutions have used deceptive practices to charge these extraordinary fees causing irreparable harm to countless consumers.
The national class action law firm, Levin Law, P.A., is investigating claims related to unethical and illegal overdraft fees. Levin Law founder and managing partner, Brian Levin, has recovered over $150 million through arbitration and litigation for clients across the country. If you have been charged improper bank overdraft fees, contact our office at (305) 402-9050 or email contact@levinlawpa.com for a free case evaluation.
When Is a Bank Overdraft Fee Considered Unfair?
While not all bank overdraft fees are unlawful, recent industry-wide practices have been deemed unfair.
A bank overdraft fee may be considered unfair if:
- It is based on fraud or the result of the actions of the bank;
- There are multiple NSF or overdraft fees on a single transaction;
- There are multiple overdraft charges related to a recurring payment; or
- It is due to a reordering of transactions.
Regions Bank was required to pay $191 million for charging “surprise overdraft fees” to customers. The Consumer Financial Protection Bureau (CFPB) ordered the bank to make restitution to customers who had been charged overdraft fees after the bank had assured them that they had sufficient funds in their accounts.
It was not the first time the bank had faced regulatory fines. In 2015, the CFPB required the bank to pay consumers $49 million for charging overdraft fees to customers who did not opt into overdraft protection. The customers had also been told that they would not be charged the fees.
Which Banks Have Been Accused of Charging Improper Overdraft Fees?
Regions Bank is not the only financial institution that has been accused of charging illegal overdraft fees. Because of the efforts of the CFPB and other regulatory agencies, many overdraft fees have been reduced or eliminated but the practice still remains nationwide.
Banks that have been accused of charging improper overdraft fees:
- Regions Bank
- JPMorgan Chase (Chase Bank)
- Wells Fargo
- Wachovia
- Bank of America
- M&T Bank
- Citizens Bank
If your bank charged excessive NSF or overdraft fees, you need to speak with an attorney. It is important to discuss your legal rights with an experienced attorney as soon as possible. You may only have a limited amount of time to take legal action.
Can I Bring a Lawsuit Against a Bank for Overdraft or NSF Fees?
Individuals who are currently customers of their bank and have been charged illegal bank overdraft fees within the past 12 months may be entitled to relief though legal action such as arbitration or litigation.
Contact Levin Law, P.A. for a Free Case Evaluation
Were you charged unfair overdraft fees by your financial institution? Contact Levin Law, P.A. for a free case evaluation. Aggrieved customers can speak with attorney Brian Levin directly by calling (305) 402-9050 or emailing contact@levinlawpa.com.
Most cases are handled on a contingency fee basis, meaning clients are not required to pay Levin Law attorney’s fees unless money is recovered on their behalf.
