Many banks charge fees if a customer’s checking account is overdrawn, however critics have wondered if Valley National Bank overdraft fees are unfair or unlawful.
Valley National Bank is a regional bank headquartered in Wayne, New Jersey. According to their website, they have over $21 billion in assets and operate over 200 branches in 30 counties in New Jersey, New York and Florida.
They claim to be “one of the largest commercial banks headquartered in New Jersey” and are “committed to providing the most convenient service, the latest in product innovations, and an experienced and knowledgeable staff with a high priority on friendly customer service, 24 hours a day, 7 days a week.”
Valley National Bank Overdraft Fees
Valley National Bank offers many products to its customers, but in recent years, critics of the banking practices of banks like Valley National and others, have pointed out that overdraft fee collection is not fair to the consumer.
For most banks, including Valley National Bank, overdraft protection requires that bank customers opt-in to the service. Overdraft protection is a service that a bank offers when a customer overdraws his or her checking account. This means that a customer has spent more money than he or she has in the account.
The bank will cover the difference of the overdraft, but charge a fee.
Valley National Bank overdraft fees vary. According to their website, Valley National Bank overdraft fees include a NSF fee, or a non-sufficient fund fee. The NSF fee is $35 per item.
Valley National Bank also includes within its overdraft fees a daily overdraft status fee of $5 per day. This means that when an account is overdrawn for more than four consecutive days, the bank may begin charging an extra $5 per day.
In the past, critics of bank overdraft practices have alleged that banks reorder charges to post the most expensive first to overdraw the account sooner.
Critics also point to what is called at many banks extended overdraft fees. This type of fee is listed under Valley National Bank overdraft fees as their “daily overdraft status fees.”
Clients who have been victims of overdraft fees claim that for many people who are paid monthly this daily overdraft status fee is unfair, and in some cases, even unlawful. This is a fee that is usurious, they claim.
The Pew Charitable Trusts recently performed a study that found that people who make less than $54,000 a year are the ones most affected by overdraft fees. They also found that one-quarter of “heavy overdrafters” paid the equivalent of a week’s worth of wages to such fees.
If you believe you have been overcharged by Valley National Bank overdraft fees or the overdraft fees of another bank, you may have a legal claim.
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