Bank class action lawsuits overview:
- Who: Class action lawsuits have recently been filed against Dollar Bank, Pioneer Bank, Bank of America and Axos Bank.
- Why: The complaints involve claims revolving around fees, data breaches, vacation time, high-yield savings accounts and automatic bill payments.
- Where: The class action lawsuits were filed in various U.S. federal courts.
Class action lawsuit claims have recently been filed against banks over allegations revolving around fees, data breaches, vacation time, high-yield savings accounts and automatic bill payments.
The financial institutions targeted by the complaints include Dollar Bank, Pioneer Bank, Bank of America and Axos Bank.
Dollar Bank failed to protect customer data over nearly 2 years, class action says
A consumer filed a class action lawsuit against Dollar Bank last month, arguing the bank failed to adequately protect its customers’ data between March 24, 2021, and Feb. 4, 2023.
The consumer argues cybercriminals may have had access to the bank’s systems during that time, allegedly leading to a data breach that may have affected more than 13,000 current and former Dollar Bank customers.
“In collecting and maintaining the (personally identifiable information), (Dollar Bank) agreed it would safeguard the data in accordance with its internal policies, state law and federal law,” the class action states.
Pioneer Bank charges its customers improper overdraft fees, class action alleges
A consumer filed a class action lawsuit against Pioneer Bank earlier this month, arguing the bank charges improper overdraft fees.
The consumer claims Pioneer Bank charges multiple fees for a single item, charges fees for items that do not overdraft an account and charges fees for debit card transactions that are authorized on sufficient funds.
Pioneer Bank is accused of generating approximately $34.5 billion from overdraft fees in 2018 alone, with the consumer arguing the fees are not assessed on an equal basis but rather often to customers who are more vulnerable.
“Through the imposition of these fees, Defendant has made substantial revenue to the tune of millions of dollars, seeking to turn its customers’ financial struggles into revenue” the Pioneer Bank class action alleges.
Bank of America allegedly fails to pay departing employees unused vacation time
A former Bank of America employee filed a class action lawsuit was filed against the bank in September, claiming the bank goes back on an alleged promise to pay departing workers for their unused vacation time at the end of their employment with the company.
The former Bank of America employee claims the financial institution failed to pay her for any of the more than 100 hours of vacation time she argues she had upon leaving the company in 2020.
“Bank of America maintains a de facto company-wide policy of generally not paying out accrued vacation time,” the class action states.
The consumer argues Bank of America will only pay out vacation time in the event a separating employee files a specific written request with the company’s human resources department, an alleged violation of California law.
Axos Bank division accused of misleadingly marketing ‘high-yield savings account’
A consumer filed a class action lawsuit against Axos Bank — doing business as UFB Direct — earlier this month, arguing the Axos division misleadingly markets “high-yield savings accounts.”
The consumer claims UFB Direct lures customers into purchasing the accounts by marketing that they are its “highest-yielding saving account” with a “variable interest rate,” before allegedly capping their interest rates and marketing new savings accounts under a similar name.
The Axos Bank division is accused of rewriting these older accounts as “legacy accounts” while allegedly failing to notify customers who purchased the now-older accounts that they were no longer receiving the bank’s highest available interest rates.
“Contemporaneously, and again without any notice to existing savings account holdings, UFB would cap the interest rates on these ‘legacy’ accounts at a rate lower than its newly-minted highest-yielding savings account,” the Axos Bank class action states.
Bank of America accused of canceling enrollment in automatic bill payment without notice
A class action lawsuit was filed against Bank of America in September by a consumer arguing the bank failed to notify its customers before allegedly canceling their enrollment in its auto bill payment program.
The consumer claims his credit rating was negatively affected after he allegedly discovered that Bank of America had unenrolled him from its automatic bill payment program without informing him.
“(The consumer) belatedly found out that his enrolled autopay accounts were no longer being paid, causing them to be overdue and reported to the credit bureaus,” the Bank of America class action states.
Bank of America agreed last month to pay $500,000 to resolve claims it violated Florida law by allegedly sending late-night debt collection communications to account holders.
The class action settlement was made to benefit a Florida class of Bank of America account holders who, since April 22, 2020, were contacted by the bank from between 9 p.m. and 8 a.m. local time in regard to their accounts.
Have you been affected by a recent class action lawsuit involving a bank? Let us know in the comments.
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17 thoughts onBanks face class action lawsuit claims over fees, data breaches, other issues
Yeah, I went with axos ufb direct back in 2022. Had to keep leap frogging to another account to get the higher rate. Transferred funds out just before the banks crashed with exception of small amount. Started seeding account again months ago only to see this recognition of Actions. Thanks
I’ve been with boa for over a decade and they are the worst. How fo I find out if I’m eligible for any cases against them ?
add me
Yes, add me budgeting my personal business insurance. Similar to federal tax employer/employees earned income account IRS EARNED INCOME TAX account for employee. These accounts cannot be fraudulently moved about or held from somewhere. Just like the budget insurance against this for protection as consumer rites has an establishing business asset protection.
And when this third time I’ve canceled my card for fraudulent activity. I had this recognized an individualized review process Consumer financial protection bureau consent order. my business risk proper formulation of company without business insurance due to a data breach Impact period account frozen or denied access to my benefits as a consumer with rights. Security exchange commission financial acts protecting consumers against market manipulation Injunction discloser Charging orders operating agreement statutes (GAAP) general accepted accounting principles.
After going through extensive paperwork, administrative LAW judge appeals large significant employment benefits, pandemic unemployment assistance.
claim Actually double dispersed Under sub ledger account. There’s a couple of Noted claimant log in to system the paperwork EDD&BofA demanded filing documented. Claimant successfully logged in the system Labor market.
Department of tax and fees administration.
Going over extensive documents for the independent review unemployment insurance Admistrative Law Judge. Creative Commons small business association month and a 1/2 course for funding business graduating into financing company.
I was at a complete loss not able to buy my insurance. Early hedging financing. Cash advances direct deposit transfers Securing the benefits before the accounts are pinned for the known timing of when these deposits are arriving and how you’d have to transfer them out in time before they’re actually fraudulently dwindled or deceived. Extensive account journals quickbooks, chart of accounts. quick books an iPhone. Union banking accounts somewhat stopped the fraudulent charges. I’m still going over the mess. Paperwork, thank God quickbooks allocated chart of accounts.
It’s different from the credit bureau breach and as well. I need the correspondence in online banking transactions from different established. Ledgers ledgers charges when Businesses ping as well as Bank of America.
Leaving so vulnerable in the prepaid accounts and how much having all these allocated chart of accounts documented through this.
Green council auditor International monetary fund immediate bank
financial practice acts of protecting consumer rights.
Compensation settlement. 14th amIndment statutes of limitation confidential federal tax information.
Recently had a problem with PNC in Illinois. I transferred money from a Money Market and was charged a $12 monthly fee on the remaining balance. I do not recall getting a notice regarding the monthly fee!