When you sign up for a bank account, you expect that your bank will be as straightforward as possible when informing us of the policies and programs available. However, some financial institutions may be using deceptive overdraft practices to squeeze the most money out of their customers through NSF Fees or multiple returned items Fees.
Some customers who have been affected by unfair Non-Sufficient Funds fees or deceptive overdraft practices have begun by filing a bank overdraft fees lawsuit against their banks and credit unions. If you have been subjected to unfair NSF fees or deceptive overdraft practices at Credit Unions, HSBC, Banco Popular (Popular Bank), Valley national or another financial institution, you may be able to join a bank NSF fees class action lawsuit investigation.
What are NSF Fees or multiple returned item fees?
It is not illegal for banks to charge returned item fees or NSF fees, but customers are complaining that banks are abusing this practice by continually trying to charge the bank account for the same transaction, which leaves bank customers having to pay multiple returned item fees. Returned item fees can cost $30 or more per transaction.
In the case of NSF fees, banks may also be charging customers unfairly. Indeed, a customer may be charged more than one NSF fee for a single transaction that fails to go through. Essentially, the bank would charge one non-sufficient funds fee as it should, after the transaction fails to go through initially. But then, a bank might attempt to process a transaction a second time soon thereafter, already knowing the account has insufficient funds, thus being able to charge a second NSF fee.
Does your bank or credit union charge overdraft or NSF fees that you believe are improper?
Bank and credit union customers may be the victims of improper overdraft fee practices.
Consumers have reported that their banks and credit unions have processed their transactions out of order in an effort to maximize the number of overdraft fees they are able to charge. Or charged multiple non-sufficient funds fees on a single transaction.
The Consumer Financial Protection Bureau is currently taking a look at overdraft fee practices and may release new rules. However, the promise of future regulation does not help those who have already been faced with allegedly excessive overdraft fees.
Contact Shamis & Gentile, P.A. NSF Fees Lawyers
If you were charged overdraft fees or NSF fees by your bank or credit union that you believe are improper for any reason, the attorneys at Shamis & Gentile, P.A. are ready to investigate these fees on your behalf. Contact us today or fill out a form here.