Banks and credit unions offer overdraft protection in place to prevent customers from overdrawing their accounts. If this does happen, customers are charged overdraft fees to recompense the bank and are expected to eventually pay the fees back at a designated time.
Even though overdraft protection is supposed to be a helpful provision, many customers complain that banks and credit unions have been improperly charging overdraft fees to maximize profits. Valley National Bank overdraft fees is one of many banks now being investigated to see if their overdraft fee practices could be unfair or illegal.
Centered in New Jersey, Valley National Bank operates over 200 branches in 20 counties in New York, New Jersey, and Florida. The financial institution claims to be “one of the largest commercial banks headquartered in New Jersey” and is “committed to providing the most convenient service” while being readily available for its customers.
Even though Valley National Bank must have the consent of the customer before implementing overdraft protection, the bank may charge overdraft status fees that quickly adds to their growing money problems.
Overview of Valley National Bank Overdraft Fees
Generally, overdraft fees are charged to customers by the bank or credit union when the financial institution has to transfer money from a secondary account to the primary one when the account amount becomes insufficient.
Federal law requires financial institutions to gain consent of the consumer before signing them up for certain kinds of overdraft protection, but it has reportedly not stopped consumers from experiencing allegedly unfair overdraft fees. For example, the bank may have processed customers’ transactions in the order of amount size rather than by date, which can result in their accounts becomes quickly depleted.
While the bank’s customers are charged $35 per overdraft transaction, there are smaller daily Valley National Bank overdraft fees that may be charged. These are the previously mentioned status fees, in which the customer is charged $5 per day if their account is overdrawn for four or more consecutive days.
This means that $5 is added to the growing Valley National Bank overdraft fees on a daily basis, before the account becomes sufficient again. This makes it more challenging to get back into the black.
Consumers who may have been unfairly charged Valley National Bank overdraft fees, or overdraft fees from another bank or credit union, may be able to file legal action against the financial institution. A knowledgeable consumer rights attorney can provide a case review laying out the customer’s legal rights and options.
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.
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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