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Some bank and credit union customers have worried that they are being charged unfairly for overdraft protection. Customers of HSBC USA Bank have wondered if their HSBC overdraft charges have been processed properly.
According to their own website, HSBC is one of the largest banking and financial institutions in the entire world. They claim to serve about 38 million customers and have nearly 4,000 offices in 67 countries. HSBC USA has been serving Americans since 1865.
Banks and credit unions charge customers for many services, and overdraft protection is one of them. Overdraft protection is a service which a bank provides to its customers that allows a charge to go through the bank even when an account holder does not have enough money in his or her bank account.
It is an opt-in program at HSBC. When a customer opts in to the overdraft protection at HSBC, the bank agrees to pay the charge if a customer does not have enough money in the account. At that point, the customer must still pay back the money owed plus any HSBC overdraft charges that they may have incurred.
HSBC, according to their website, charges $35 per transaction that overdrafts an account. HSBC overdraft charges will be incurred on a maximum of three overdrafted transactions per day. In essence, per day, a customer can be charged up to $105 for transactions that overdraw his or her account.
Many bank customers who are in need of this service are those who do not carry large balances of money in their accounts and live “paycheck-to-paycheck.” This means that it is even more difficult for customers like this to pay HSBC overdraft charges.
In October 2016, a class action lawsuit against HSBC USA was settled granting $32 million to bank customers who were unfairly charged for HSBC overdraft charges. In this HSBC overdraft charges case, HSBC was accused of reordering transactions. Essentially, plaintiffs in the case accused HSBC of processing customer transactions in an order that would most benefit the bank.
In this case, they were accused of processing transactions in the order of highest to lowest. What this practice does is allows the account to be drained quicker, thereby incurring more fees for the customer.
HSBC does not admit any wrongdoing in this case, and it maintains that it did not violate any laws.
Many customers stand to reap the benefits from the HSBC overdraft charges settlement. If you held a consumer account with HSBC and your HSBC overdraft charges were subject to the reordering of transactions between December 17, 2004 and June 30, 2010, then you may be eligible to receive a portion of the HSBC overdraft charges settlement.
If you have an HSBC business account that was subject to reordering of transactions, this time window extends to November 30, 2011.
Other HSBC customers who were not included in this settlement may have also been assessed improper overdraft fees. A consultation with a knowledgeable consumer protection attorney can give these customers a good idea of their options for seeking compensation.
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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