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Citizens Bank Deposit Error Class Action Lawsuit
By Sarah Pierce
A federal class action lawsuit is making a serious accusation against RBS Citizens Bank that, if true, will make it one of the most despicable businesses out there. According to the class action lawsuit, Citizens Bank made millions of dollars off of customers’ math errors by keeping for itself deposits greater than what was written on deposit slips.“Citizens Bank affirmatively masks or hides the actual amount deposited and retains and diverts customer funds into at least two accounts Citizens Bank maintains and controls,” the class action lawsuit says.
The RBS Citizens class action lawsuit was filed by chiropractic office Todd Bowers, Inc., which claims that in November 2010 it deposited what it erroneously calculated as $1,448.57, but was actually $1,475.07. Instead of informing the Plaintiff about the deposit slip error, Citizens Bank credited Todd Bowers’ account with $1,448.57 and credited a separate account belonging to Citizens Bank with the extra $26.50 that was actually deposited.
“Customers are given confirming deposit slips from Citizens Bank reflecting the amount the customer believed it deposited, which coincides with the customer’s deposit slip. Upon information and belief, it is Citizens Bank’s policy to discourage branch tellers from adding or calculating the currency, coins and checks to confirm the amount set forth by the customer on their deposit slip,” the class action lawsuit states.
The class action lawsuit also alleges, “upon information and belief,” that “when an error is discovered reflecting that the customer notes a less amount on their deposit slip than actually deposited, the differential is retained by Citizens Bank and diverted to … two different noncustomer accounts maintained and controlled by Citizens Bank.”
Hundreds of thousands of deposits resulting from customer deposit errors have allegedly been placed into these bank-owned accounts over a yet-to-be-identified period, but “customers are never informed, advised or otherwise notified by Citizens Bank that their deposit slip contained a mathematical error, the deposit being less than the actual deposit submitted, received and accepted by Citizens Bank. Furthermore, the account statements remitted by Citizens Bank to each of the Class Members reveals and reflects the erroneous mathematical calculation performed by the customer … and known to Citizens bank within 24 hours of said deposit,” the class action lawsuit continues.
The Citizens Bank deposit error class action lawsuit is brought on behalf of a proposed class of all Citizens Bank customers who deposited funds taken and retained by Citizens Bank based upon a math error performed by the customer in tabulating the amount of their deposit. It is seeking restitution, actual damages, punitive damages and costs.
A copy of the Citizens Bank Deposit Error Class Action Lawsuit can be read here.
The case is Todd L. Bowers, Inc. v. RBS Citizens Financial Group, Inc., et al., U.S. District Court, Northern District of Illinois, Eastern Division.
Updated May 8th, 2012
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3 thoughts onCitizens Bank Deposit Error Class Action Lawsuit
Me to and I had a 700,00 overdraft protection, I let my kids have my card allot after there father died, big mistake. But they got alot of money from me, , I don’t allow to over draft, unless a mistake, but I still get charged, I’ve been with that bank since it opened,
I am sorry to say I had some over draft fees and was
charged a lot of money. I can’t tell you how much money or how much money they got from me but it was in the hundred’s.