Following distribution of a 2015 HSBC overdraft settlement, a new class action lawsuit investigation is looking for those HSBC customers who may have been hit with inappropriate overdraft fees who were not initially covered by that settlement.
If you believe that your HSBC account was subjected to deceptive checking overdraft policies, you may be able to participate in a class action investigation that may ultimately achieve an HSBC overdraft settlement.
Reports show that credit unions and banks have been raising the overdraft fees they impose on debit card balances, checks and withdrawals. Since fewer consumers are overdrawing their accounts as a result of greater awareness of bank overdraft fees, credit unions and banks have systematically been increasing the fees charged for consumers when the account owner withdraws more funds than they have in their account or spends more money than they have available.
Many consumers have also accused HSBC and similar banks of processing their transactions in a different order so that the bank can take advantage of overdraft fees. This would then maximize the number of overdraft fees that the bank can leverage.
Users of these banks might not even realize what’s happened until they check their account balance and see high fees assigned for overdraft charges. Some report it’s been hard to get these removed.
Many of the consumers who have been affected by this unfortunate practice may be interested in filing a lawsuit and participating in a possible HSBC overdraft settlement in the future. Although a new HSBC overdraft settlement may be months or years into the future, those consumers who were not initially eligible to participate in the first round of settlements may be able to take action now to cover their bases and protect themselves.
Overdraft Fee Practices
Currently, the Consumer Financial Protection Bureau is taking a broad look at overdraft fee practices and may release new rules that limit what banks can and can’t do. The promise of possible future regulation doesn’t help those who were already negatively affected and were not eligible for the 2015 HSBC overdraft settlement.
Lawsuits against credit unions and banks have already been filed in recent years regarding failure to disclose fee structures, inappropriate financial practices and mismanagements of funds. Many consumers say that their overdraft fees and related transactions were processed out of order so that the bank could reap the highest possible reward in terms of overdraft fees.
This is a possibly deceptive overdraft process that could put a consumer at a disadvantage. According to some other lawsuits, banks may also be continuously allowing consumers to overcharge checking accounts regardless of lack of funds inside, bringing about additional overdraft fees.
Those consumers who have been negatively affected by this practice may be eligible to participate in a class action investigation that may evolve into an overdraft settlement.
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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