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Many financial institutions offer overdraft protection programs to their customers, but some of these fees for these programs have been under scrutiny, including fees associated with UMB Bank overdraft protection.
Overdraft Protection at UMB Bank
According to their website, UMB Bank overdraft protection includes three different options for customers who have insufficient funds in their checking account to cover their purchases.
The first UMB Bank overdraft protection option is called TotalCheck which upon approval, can be linked to the customer’s UMB checking account.
Similar to a credit card, TotalCheck advances are for the exact amount that the account is overdrawn, and bring the account to a $0 available balance.
Customers can also link their UMB credit card to their checking account as a form of UMB Bank overdraft protection, with advances to cover any checking overdrafts occurring in $100 increments.
Additionally, UMB Bank overdraft protection includes the option of account to account transfers for customers who have multiple accounts, with transfers occurring in $25 increments to cover an overdrawn account.
However, UMB Bank overdraft protection programs along with overdraft practices from other financial institutions may be misleading, with many boasting overdraft protection as a beneficial service to the customer, when in actuality, some of the overdraft fees that can be accrued can cause significant financial hardship to a customer.
One example of a possibly not so transparent disclosure is when customers visit UMB’s website, the actual fees associated with their three UMB Bank overdraft protection programs are not displayed on the information page.
Instead, customers are given a link to click at the bottom of the page to learn more about UMB Bank overdraft protection fees and practices.
Upon clicking this link, customers can then view that for TotalCheck and Account-to-Account Transfer Overdraft Programs, a $10 fee for overdrafts over $5 are assessed, and a maximum of $25 for Credit Card Overdraft Protection transactions.
Overdraft Protection Law
Since July 1, 2010, federal law mandates that banks and credit unions are required to ask customers to opt into overdraft protection rather than automatically enroll them.
However, many financial institutions are still using deceptive overdraft protection practices that include:
- Misleading marketing of overdraft programs that are designed to increase overdraft fees, while referring to those practices as “overdraft protection”.
- Reordering transactions from high to low order in order to increase the number and amount of overdraft fees when the account is overdrawn
- Providing inaccurate balances to customers leading them to unknowingly overdraft their account
- Delaying the processing of deposits
In 2010, Kansas City-based UMB Bank paid $7.8 million to settle a class action lawsuit alleging the bank gouged customers through UMB Bank overdraft protection programs.
The UMB Bank overdraft protection class action lawsuit claimed that the bank systematically changed it customer’s transaction histories, reordering debit card charges so the bank had the best chance of assessing fees for insufficient funds, even when there was enough money in the account to cover the charges.
UMB denied the allegations, and in a May 2011 filing with the Securities and Exchange Commission said it was settling to avoid “any further expense and distraction” from the lawsuit.
Hit With Excessive or Unfair Bank Overdraft Fees?
Customers who suspect UMB Bank overdraft protection programs or those from another financial institution are improper may want to discuss their case confidentially with an attorney who can help determine if the overdraft charges were applied improperly and advise about possibly bringing an overdraft fees lawsuit.
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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