Commerce Bank overdraft fees have come under scrutiny by former and current customers as well as the legal community.
Commerce Bank is headquartered in Kansas City, Mo. and has branches located in the states of Missouri, Kansas, Oklahoma, Tennessee, Ohio, Illinois, Colorado, and Texas.
What is an Overdraft Fee?
An overdraft fee is a charge that a financial institution levies against a customer when they pay a check or withdrawal drawn on a checking account without adequate funds. If the end balance of the account will not go below -$5 on a given day, some banks will not charge for this service.
If, at their discretion, the bank chooses not to pay the incoming check or transaction, they may levy another charge known as a non-sufficient fund (NSF) fee.
An overdraft transfer fee is another yet another levied charge that is considerably less and usually part of an overdraft protection program of the institution.
It kicks in every time a linked savings or secondary checking account with additional funds automatically adds funds to the less-endowed account. This is a service that usually customers must specifically request to get.
Commerce Bank Overdraft Fees
As published on www.commercebank.com, Commerce Bank overdraft fees have reached $35 per transaction and $10 per overdraft transfer fee. In some respects, these charges are not out of line with other larger banking institutions. In fact, an overdraft charge of $30 plus dollars is not uncommon.
What is gaining the attention of the public and the professional legal community with Commerce Bank and several other big financial institutions is the way in which the number of total $35 charges are determined against an account holder in a given day.
Non-sequential Processing
If a banking customer keeps a large balance in his checking account, he may never learn of a deceptive practice gaining traction among banks. This deceptive practice involves non-sequential processing, or posting transactions to the customer’s account according to transaction size rather than chronologically.
With non-chronological processing, banks debit accounts using the largest amounts first, regardless of when the transaction comes in on a given day. This practice ensures the account balance drops very quickly. If enough transactions come in while the account is negative, multiple overdraft charges can be levied.
The practice can be especially burdensome on the poor. If a college student or an elderly person on a fixed income can only keep a small average daily balance after major bills are paid like rent, utilities, and food, they are likely to be hurt by this practice the most.
Consumer protection lawyers would like to help you get the compensation you deserve. If you have lost money in overdraft fees at the hands of Commerce Bank or any other large financial institution, you may be able to join an overdraft fees class action 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:
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- Citizens Equity First Credit Union
- Teachers Federal Credit Union
- ESL Federal Credit Union
- Patelco Credit Union
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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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