Banks are facing mounting consumer complaints over their deceptive practices, and one recent suit filed by the Gilreath Law Firm claims that APSN fees are a key component of overdraft fees. The law firm alleges that bank employees routinely rearrange debit transactions to maximize overdraft charges. The plaintiffs of this putative class action lawsuit are seeking treble damages for their losses. Read on to learn more about these and other issues in the case.
Wells Fargo
A proposed class action lawsuit against Wells Fargo alleges that the bank did not adequately disclose its overdraft practices, which disproportionately impacted a vulnerable segment of the banking population. The lawsuit alleges that Wells Fargo account holders incur tens to twenty percent more overdrafts than they would have had they used their available balance. This hurts the economy, and it puts many people at risk of bankruptcy.
The complaint states that Wells Fargo charged Gutierrez over $500 in overdraft-related fees for purchases that were approved. It is unclear what Gutierrez expected from Wells Fargo’s marketing materials. However, the bank did not reveal that high-to-low posting can result in up to ten overdrafts, despite claiming that these charges are minimal. Ultimately, Wells Fargo’s practice of artificially rescheduling debit-card transactions to increase fees was intended to harm consumers.
Wells Fargo’s deceptive overdraft practices
The deceptive overdraft protection fees charged by Wells Fargo are the subject of a certified class-action lawsuit. The company allegedly abused its customers by concealing a credit ceiling, resulting in excessive overdraft fees. Ultimately, consumers lost a large amount of money because the bank failed to disclose these fees clearly and understandably. Further, the bank was not legally authorized to charge these fees.
The complaint alleges that Wells Fargo charged a $35 overdraft fee for each overdraft. This amount is not a problem in and of itself, but the bank incorporated its deceptive practices into its overdraft protection fees by reordering debit card transactions. As a result, customers were charged a fee for each reordered transaction, increasing the risk of multiple overdraft fees.
Wells Fargo’s APSN fees
The lawsuit filed against Wells Fargo alleges that the bank charges excessive overdraft protection fees. It also claims that the bank did not get consent from customers before processing transactions, failed to give accurate balance information, and did not enforce arbitration rights. In defending against the lawsuit, Wells Fargo’s attorneys invoked reordered debit charges and class action lawsuits that other large banks have settled with consumers.
The McCune Wright Arevalo, LLP law firm represents Wells Fargo customers in overdraft fee lawsuits. The law firm has successfully held several big banks responsible for their unfair practices. They won a $203 million verdict against Wells Fargo. They have extensive experience representing customers in overdraft fee claims. The firm also actively accepts new arbitration claims against large banks.
Bank of America’s multiple fee claims
A recent court ruling will help consumers fight the arbitrary and expensive charges that Bank of America makes on credit card transactions. The Bank of America multiple fee lawsuits were brought against it because it charges customers multiple fees for a single transaction. The charges may be due to several reasons, including poor customer service, or fraudulent attempts to get away with fraud. Ultimately, the court decision will help consumers get back on track.
Bank of America allows customers to dispute disputed charges by phone, online, or through the mobile app. If the merchant does not accept the dispute within the specified period, they can file an objection. If the dispute is valid, Bank of America will adjust the customer’s credit card balance, minimum payment, or other charges based on their decision. The bank reserves the right to re-dispute older charges. This means consumers can fight the fees by submitting a claim as early as three months after they were charged.