Deceptive Bank Overdraft Fees Hurting Americans Simply Trying To Make Ends Meet
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UPDATED: Aug 5, 2019
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Banks that charge $30, $40 or even $50 for being overdrawn on accounts hurt everyone, but especially those who are simply trying to make ends meet in a weak economy. In fact, 10% of the poorest people pay 90% of overdraft fees. These deceptive bank practices have resulted in the filing of several bank overdraft fee lawsuits.
Hard Working Americans Fight Back By Filing Bank Overdraft Fee Class Action Lawsuits
Bank overdraft fee lawyers say that it’s the people who survive week-to-week and struggle to balance their bills and checkbooks that are hit hardest. If something goes wrong such as getting their paycheck a day late or typing in a wrong number on a bank account, then they’re hit with these fees – perhaps multiple times. However, to banks, it’s become a big business.
Banking Industry Made Nearly $40 Billion From Deceptive Overdraft Fees In 2009
Deceptive bank overdraft fees have more than doubled in the past few years. While the banking industry made nearly $40 billion in 2009, that number was $17 billion in 2007 – which is still outrageous in it’s own right. Bank overdraft fee lawyers say it’s a huge, money-making venture for banks to charge these fees to their customers. They say that while banks are supposed to be assisting their customers with their money, they’re really stealing money from their customers.
Bank Overdraft Fee Lawsuits Seeking To Get Fees Paid Back
Basically, the allegations in bank overdraft fee lawsuits are that banks weren’t up front the fees they charge and how transactions are categorized. They allege that banks had a duty to tell customers what they were doing instead of doing it behind their backs. If customers understood these disclosures and agreed to them, then there’s no problem. However, that’s not what happened. It’s a matter of being upfront with customers so they know that it’s possible that they could be assessed these bank overdraft fees – particularly those fees which were reordered in a way that gave more fees to the bank. It’s been called an outrageous policy for which banks earn money for doing nothing. Now, consumers are seeking to get their money back.