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
Bank of America had taken my money so many times and not even funny.
Please add me to the settlement. Thank you.
Add me
Please add me
Bank of america never reimburse my checking account for fraud activity.
400 Million inheritance.
Add me please
Please enter me
Add me please
I knew someone broke into my account when I called and tried to get my account back they have me in checking systems which is fucked up because I believe they did this to my account but nobody seems to know wtf happened yeah tf right. Please add me to this lawsuit
Add me
Yes I was a victim
Same