M&T Bank included in improper NSF fees investigation

M&T Bank NSF fees overview: 

• Who: M&T Bank is one of many banks included in a Top Class Action investigation into non-sufficient fund fees. The bank previously announced it was eliminating NSF fees in the second quarter of 2022.
• Why: The investigation is meant to determine whether banks potentially charged consumers improper NSF fees. 
• Where: M&T Bank is headquartered in Buffalo, New York. 
• How to get help: Those whose bank charged them improper NSFs fees may qualify to join a free NSF fee class action lawsuit investigation.

M&T Bank, based in Buffalo, New York, is among several financial institutions who stopped charging NSF fees in 2022. Banks charge NSF fees when they cannot process a transaction because the account does not have the sufficient funds needed to complete it. 

In a June 2022 notice, M&T Bank informed customers that while it wouldn’t charge an NSF fee, it would be at the bank’s discretion whether it pays a debit transaction made from an account with insufficient funds to complete it.

“When we receive a debit item for payment from your account and your account does not contain sufficient available funds to pay that debit item, we may decide to pay the debit Item or not to pay it,” the M&T Bank says in the notice. 

While there is no evidence M&T Bank has done anything improper, it is part of a Top Class Actions class action lawsuit investigation involving improper NSF fee bank charges. 

The class action lawsuit investigation looks into NSF fees and whether M&T Bank and a number of other banks improperly charged them. Many consumers are unaware it is unlawful for a bank to charge more than one NSF fee for a single failed transaction. 

Boat, water sports retailer files for Chapter 11 after M&T Bank files suit

M&T Bank is part of a lawsuit targeting boat and water sports retailer Tommy’s Boats, which filed for Chapter 11 protection in May while listing up to $500 million in debt. 

The debt includes a $105 million disputed claim involving M&T Bank, which Tommy’s listed in its petition as its largest unsecured creditor. 

In an April complaint, M&T Bank argues Tommy’s defaulted on revolver and floor plan financing after it gave the company a $115 million loan to be used to purchase inventory, Law360 reports. 

The bank reportedly claims Tommy’s was supposed to repay the loan as the boats were sold; however, the company instead allegedly underreported its sales and overreported the amount of inventory it had in stock. 

M&T Bank previously agreed to pay $3.325 million in 2021 to resolve claims the bank charged unlawful mortgage fees to borrowers with a residential mortgage loan. 

Have you been charged an improper NSF fee by your bank? You may qualify to join a free NSF fee class action lawsuit investigation.

Read About More Class Action Lawsuits & Class Action Settlements:

• UBS Financial class action alleges cash sweep program benefits bank
• First Citizens potentially charged improper NSF fees despite ending them
• Charles Schwab class action alleges bank receives ‘outsized benefits’ from cash sweep programs
• JPMorgan class action alleges cash sweep program shortchanges customers