HSBC Bank is one of several financial institutions whose overdraft practices are being scrutinized under a current class action investigation.
In October 2016, the Supreme Court of the State of New York approved a class action settlement for HSBC customers who were charged at least one overdraft fee between Dec. 17, 2004 and June 30, 2007.
The $32 million settlement was reached regarding the effect the bank’s transaction posting order had on the number of overdraft fees charged to account holders. Current customers were eligible for an account credit, and former customers who had consumer or business accounts were eligible for a payment from the HSBC overdraft settlement.
HSBC did not admit to any wrongdoing and insisted the company had not violated any laws.
Questionable Overdraft Fee Policies
Financial institutions have been raising overdraft fees consumers pay on ATM withdrawals, debit card transactions, and checking accounts. These fees have increased steadily. An overdraft fee is the same amount whether the account is $10 overdrawn or $150 overdrawn.
The Consumer Financial Protection Bureau is taking a closer look at overdraft fee programs that could be facing new regulations. In the meantime, many bank and credit union customers have felt the pinch for years because of excessive overdraft fees.
Many times, a bank’s overdraft “protection” programs are a way for the bank to generate income from its customers’ shortfalls.
In addition to the HSBC overdraft settlement and current investigation, several other financial institutions are receiving a closer look. Among those under investigation include:
- First Hawaiian Bank
- UMB Bank
- Bank of Oklahoma
- People’s United Bank
- Commerce Bank
- Pentagon Federal Credit Union
- Boeing Employees Credit Union (BECU)
- Alliant Credit Union
- First Technology Federal Credit Union
- Star One Credit Union
- America First Credit Union
- Digital Credit Union
- Vystar Credit Union
- American Airlines Federal Credit Union
- Capital One
Some of these financial institutions are accused of failing to meet disclosure requirements, leaving customers confused or misled as to the terms of their overdraft protection. Others stand accused of purposefully posting transactions in an order that will incur multiple overdraft fees, the allegation that led to the HSBC overdraft settlement.
Several customers complain their banks would continuously allow them to overcharge their debit cards even though the account held insufficient funds. This resulted in multiple overdraft fees, too.
If you believe you have been hit with improper HSBC overdraft fees but were not covered by the previous HSBC overdraft settlement, you may qualify to join the current class action investigation.
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.
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2026 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
Get Help – It’s Free
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.
ATTORNEY ADVERTISING
The choice of a lawyer is an important decision and should not be based solely on advertisements.
E-mail any problems with this form to [email protected]
PAID ATTORNEY ADVERTISEMENT: THIS WEB PAGE IS AN ADVERTISEMENT AND THE PARTICIPATING ATTORNEY(S) ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. The attorney in charge of this advertisement is T.Kick. It is not a lawyer referral service or prepaid legal services plan. Top Class Actions is not a law firm. Top Class Actions does not endorse or recommend any lawyer or law firm who participates in the network, nor does it analyze a person’s legal situation when determining which participating lawyers receive a person’s inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Top Class Actions does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys.
