Consumers Fight to Recover $40 Billion From Banking Industry

Most of us have been overdrawn on our bank accounts at one time or another and have had to pay a fee for our oversight. Unfortunately, banks have capitalized on this by applying large transactions to balances first – making it easier for accounts to become overdrawn. It’s big bucks for the banking industry – nearly $40 billion a year. Consumers are now fighting back with bank overdraft fee lawsuits to get those monies reimbursed.

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Judge Orders Wells Fargo To Return $230M In Unfair Bank Overdraft Fees

A federal judge has ordered banking giant Wells Fargo to return $230 million it charged its customers in unfair bank overdraft fees. Many of the nation’s other biggest banks such as Wachovia, Sovereign Bank (Banco Santander, S.A.), Wells Fargo, Bank of America have similar practices and may soon find themselves reimbursing customers as well.

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