MB Financial is facing an overdraft fees class action lawsuit from an Illinois woman alleging the bank had violated its own policies when processing her transactions to maximize overdraft fees.

This woman is filing an overdraft fees class action lawsuit on behalf of herself and other similarly situated individuals who have allegedly experienced unfair insufficient fund fees due to their transactions not being properly indexed.

Plaintiff Rhonda Boone is leading the charge in this overdraft fees class action lawsuit against MB Financial, alleging the bank had taken every opportunity to maximize overdraft fees at the expense of her and other consumers.

Overdraft fees incur when the customer’s primary checking account has become overdrawn, and the bank needs to loan money or transfer it from a secondary account to cover the purchase. Overdraft protection was initially created to help prevent consumers from feeling embarrassment from card decline, but has allegedly become a tool to maximize on overdraft fees and other insufficient fund fees.

Overview of Overdraft Fees Class Action Lawsuit

According to the overdraft fees class action lawsuit, Boone had relied solely on a monthly income of $1,100 from Social Security Benefits and has been charged $6,000 in overdraft fees from MB Financial since 2015. This accounts for almost 18 percent of her total income in the last three years, and Boone says it will only increase her financial stresses if allowed to continue.

Due to the banks and credit unions maximizing on overdraft fees, the federal government enacted restrictions on how financial institutions can sign customers up for overdraft protection.

MB Financial is a national bank headquartered in Chicago, and provides a number of financial services to customers including comprehensive overdraft protection. However, the overdraft fees class action lawsuit alleges MB Financial runs one of the most aggressive and predatory overdraft protection programs in the United States, preying on the financial vulnerabilities of their customers. Boone alleges she and thousands of other customers were victims of the bank’s aggressive strategy of maximizing overdraft fees.

Boone says she is just one of the thousands of consumers affected by MB Financial overdraft fee policies, which have primarily affected the most financially vulnerable customers who are more likely to experience overdrafts in their accounts.

MB Financial insufficient fees charges consist of an initial $37 overdraft fee, and $6.50 “continuous day overdraft” fees that are enacted when the customer does not replenish their account within two days. Customers, however, have alleged these fees occur earlier, and do not give them a fair chance to recover.

Boone, in filing this overdraft fees class action lawsuit, is seeking damages against three counts of unlawful overdraft fee practices, including that MB Financial had charged fees when the account was not overdrawn, assessing overdraft fees prior to the promised two days, and abusing its authority to validate purchases that were greater than the available balance.

These practices have caused many consumers to face up to $1,000 in overdraft fees per year, she claims. Boone is filing this overdraft fees class action lawsuit on behalf of herself and others similarly situated, and is seeking damages against MB Financial for violating their own overdraft protection policies.

This Overdraft Fees Class Action Lawsuit is Rhonda Boone v. MB Financial Bank, N.A., Case No. 1:18-cv-01771, in the U.S. District Court of Northern Illinois.

ATTORNEY ADVERTISING

The choice of a lawyer is an important decision and should not be based solely on advertisements.