Customers of Puerto Rico banks including Firstbank Puerto Rico, Banco Popular, and others may have been subject to hidden costs and fees from these financial institutions.

As Puerto Rico is a U.S. territory, victims of hidden fees from Puerto Rico banks may be protected by U.S. laws and regulations.

Have You Been A Victim Of Hidden Costs?

While it is legal for banks and credit unions to charge customers a variety of fees, most consumers expect these fees to be disclosed to them ahead of time. Many consumers paying hidden costs or charges do not even realize they are being charged additional fees.

People who hold Puerto Rican bank accounts at Firstbank Puerto Rico, Banco de Occidente or another financial institution may want to examine their bank statements for any unexplained, additional, or duplicate charges. These hidden fees may be as small as $2 or $3. But if the terms behind these charges were not disclosed properly, they may be in violation of U.S. federal law. As Puerto Rican banks are considered part of the U.S. banking system, they are covered by the same rules and regulations.

Puerto Rico banks may be charging customers many types of hidden fees. Common hidden costs include fees for ATM withdrawals, dormant account fees, international card replacement fees, monthly service fees, and branch withdrawal fees. Additionally, some consumers have reported being charged several duplicate service or transaction fees.

Bank fees may be small, but they may quickly add up for customers who aren’t expecting them. Many banks use these fees as profit generators. As each charge may only be a few dollars, they can go unnoticed by customers who do not check their account statements regularly.

According to a study from the Pew Charitable Trusts in 2015, many banks hide their fee disclosures in documents that are difficult for the average customer to understand. While these documents technically do outline the fee policies at these banks, it may be difficult for people to find explanatory details or understand them, as the wording of the documents is often inconsistent or vague.

Additionally, these documents may be very long and complicated. According to the Pew study, the median length of checking account disclosure documents is 40 pages.

People who hold bank accounts at banks based out of Puerto Rico may be eligible to join this investigation or a class action lawsuit. You do not need to live in Puerto Rico to qualify to join this investigation. Puerto Rico banks that are being investigated for possible hidden costs or fees include:

• Banco Popular
• Banco Santander
• Caribe Federal Credit Union
• Citibank NA (Puerto Rico)
• First Bancorp
• Firstbank Puerto Rico
• Oriental Financial Group
• Scotiabank of Puerto Rico

If you have been charged unexplained, undisclosed, or duplicate fees by a Puerto Rico bank including Firstbank Puerto Rico, you may be able to claim compensation. Victims of hidden or duplicate fees may be able to recover reimbursement for these charges, as well as additional remuneration.

You may qualify to join this Puerto Rico bank fee class action lawsuit investigation if you have a bank account in Puerto Rico at one of these banks:

• Banco Popular
• Banco Santander
• Caribe Federal Credit Union
• Citibank NA (Puerto Rico)
• First Bancorp
• FirstBank
• Oriental Financial Group
• Scotiabank of Puerto Rico

See if you qualify by filling out the form on this page. 

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