An Illinois woman recently filed a lawsuit against MB Financial Bank, alleging that she was charged excessive overdraft fees—which the lawsuit refers to as “predatory.”
According to the lawsuit, plaintiff Rhonda B. has been hit with $6,000 in excessive overdraft fees just since 2015—or 18 percent of her annual income. The bank charges $37 overdraft fees, which is one of the highest such fees in the Chicago area.
On top of this, customers are charged what the bank refers to as a “continuous day overdraft” fee of $6.50 per day when accounts remain with a negative balance after two days. The resulting fees for Rhonda were allegedly “crushing and punitive.”
MB Financial policies include an extra step in order to charge such excessive overdraft fees, the lawsuit alleges, determining account overdraft status twice for the same transaction. “This secret step allows it to charge overdraft fees on transactions that never should have gotten them.” The lawsuit also notes that the overdraft fees are charged even before the two full business days the policy promises are up.
The lawsuit was filed in federal court in Chicago, and seeks class-action status, noting that the “crushing and punitive” MB Financial policies that allow for excessive overdraft fees have affected far more than just this plaintiff.
“Boone, like thousands of others, has fallen victim to the bank’s take-no-prisoners overdraft fee revenue maximization scheme,” the lawsuit claims. The lawsuit seeks an order for these “unfair” policies to cease, as well as restitution and monetary damages to affected consumers.
More and more consumers are coming forward with stories of unfair or deceptive overdraft fees and policies from banks all across the country that have led to excessive or unnecessary costs. A number of banks are currently under investigation for their potential use of unfair or deceptive practices in their overdraft programs. If you have been hit by excessive overdraft fees or other unfair overdraft practices, you may be able to file a lawsuit.
Basics of Overdraft Protection
Overdraft protection programs are a common feature of both banks and credit unions. These programs can be helpful, saving consumers from hitting the bottom of their account when making a transaction. However, some financial institutions reportedly employ unfair policies to take advantage of their customers, charging them excessive overdraft fees.
One problem for many is that overdraft fees compound, meaning that a consumer may not be facing just one fee at a time, but many piled on top of each other. Some consumers claim that they were not given adequate information about the overdraft program and its related fees when they initially signed up for an account.
Filing an Overdraft Lawsuit
Some consumers who have been affected by overdraft practices they allege are deceptive or unfair have begun filing lawsuits. If you have been subjected to excessive overdraft fees or other unfair overdraft policies, you may be able to join a class action overdraft lawsuit.
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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