People’s United Bank is one of many banking institutions whose overdraft protection policies are now under investigation. Consumer advocates want to know if People’s United overdraft fees are unfair and do not serve the best interest of the customer.
With overdraft protection, a bank pays for items you may not be able to afford when they are posted to your account. When this happens, banks often charge a fee for this service.
Overview of People’s United Overdraft Fees
According to their website, People’s United Bank states that it is their “standard business practice of processing overdrafts includes paying an item or items presented against your account even when you have insufficient funds to cover them.”
They also say that their decision to pay items is based on different factors including the amount of money that the customer keeps on deposit as well as the length of time the customer has had a checking account with People’s United.
People’s United Bank “pay[s] overdrafts at [their] sole discretion which means [they] do not guarantee that [they] will always pay any type of transaction. If [they] do not authorize and pay an overdraft, the transaction will be declined.”
People’s United says it may pay overdrafts for the following types of transactions:
- Checks and other transactions
- Automatic recurring bill payments
- With the customer’s permission, the bank may also pay ATM and one time debit card transactions.
The People’s United website also discloses its posting order, the order in which different types of transactions post to the customer’s account. Now, many banks post transactions in the order that they are created.
However, People’s United Bank lists their transaction posting order on their website. They first post deposits and credits, then overdraft item fees, bill payment debits, over the counter cashed checks, other priority debits, ATM and point of sale transactions, ACH debits, over the counter deposited checks, and then other debits.
Essentially, after deposits, People’s United is posting their People’s United overdraft fees before they post any other transactions.
Overdraft fees at People’s United are similar to Uncollected Item Fees, or UAF fees. The bank charges a fee of $37 per overdraft item presented for payment, whether it is paid or returned by the bank.
They limit the amount of overdraft and UAF fees they collect per day to 5 and will charge the fee if the account is overdrawn by $5 or more.
The bank offers overdraft protection services that, according to their website, helps avoid People’s United overdraft fees and provides overdraft protection coverage at a lower cost.
If you believe you were overcharged with People’s United overdraft fees, you may qualify to participate in the current investigation. Eligible participants may receive a free consultation with a banking law attorney.
Do YOU have a legal claim? Fill out the form on this page now for a free, immediate, and confidential case evaluation. Some of the banks and credit unions being investigated include, but are not limited to:
- HSBC Bank
- UMB Bank
- State Employees Credit Union
- Pentagon Federal Credit Union
- Boeing Employees Credit Union
- Alliant Credit Union
- Star One Credit Union
- First Technology Federal Credit Union
- America First Credit Union
- American Airlines Federal Credit Union
- Alaska USA Federal Credit Union
- Vystar Credit Union
- Citizens Equity First Credit Union
- Teachers Federal Credit Union
- ESL Federal Credit Union
- Patelco Credit Union
- DFCU Financial Credit Union
The attorneys who work with Top Class Actions will contact you if you qualify to let you know if an individual lawsuit or class action lawsuit is best for you. Hurry — statutes of limitations may apply.
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Join a Free Bank & Credit Union Overdraft Fee Class Action Lawsuit Investigation
If your bank and credit union has engaged in deceptive overdraft fee practices, you may have a legal claim. Fill out the form on this page now to find out if you qualify!
An attorney will contact you if you qualify to discuss the details of your potential case.
In order to properly investigate overdraft fee claims, you may be required to disclose bank statements to overdraft fee attorneys. Please note that any such information will be kept private and confidential.
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