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Consumers who were charged improper fees but were not covered in the 2015 Capital One overdraft settlement may have legal claims.
In May 2015, Capital One agreed to an almost $32 million settlement to end a class action lawsuit claiming that the company had unlawfully charged consumers overdraft fees.
The company still maintains that they did not break any laws in how they charged overdraft fees, but many more consumers still believe otherwise. As consumers continue to take action against the company, lawyers are investigating claims from consumers not covered in the Capital One overdraft settlement.
Many banks offer an “overdraft protection program.” This service allows consumers to spend more money than is in their account, as opposed to just not allowing a purchase to go through. This is advertised as a service that allows consumers to have more flexibility with their money.
However, it can be more than a burden than a service, as a bank will often hit a costumer with high fees every time they overdraw their account.
Additionally, banks make a practice of not notifying consumers when they have overdrawn their account, so consumers may make purchases for days or even weeks without knowing they have overdrawn their account, racking up fees each time they make a purchase.
Overdraft fees are a major source of revenue for banks. A recent report showed that the average overdraft fee is $35. These fees quickly add up, as they are charged each time a person makes a purchase on an overdrawn account.
Because consumers can be so easily misled by overdraft fees, the federal government prohibits banks form enrolling consumers in an overdraft protection program without the consumer actively opting in. So, banks are not allowed to charge consumers overdraft fees without the consumer having previously enrolled in an overdraft protection program.
As overdraft fees are such a big source of revenue for banks, this can increase the profits for a bank. Many consumers are claiming that banks are unlawfully charging them overdraft fees in order to increase revenue.
In addition to possibly charging overdraft fees to account holders not enrolled in overdraft programs, consumers report that banks are employing a number of unfair strategies to maximize the number of overdraft fees they can charge to consumers.
Many consumers, including those in the Capital One overdraft settlement of 2015, claim that big banks will sometimes process transactions out of order or on irregular schedules to maximize the number of overdraft fees they can charge.
After the 2015 Capital One overdraft settlement, Capital One maintained that they did not employ any unfair processing strategies to maximize overdraft charges, and did not admit any liability or unlawful conduct. However, many consumers, including those not covered in the Capital One overdraft settlement, believe they were wrongly charged fees.
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.
PLEASE NOTE: If you want to participate in this investigation, it is imperative that you reply to the law firm if they call or email you. Failing to do so may result in you not getting signed up as a client or getting you dropped as a client.
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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