Are You Paying Too Much in BankUnited Checking Account Fees?

Banking fees can be overwhelming—they’re charged for so many different reasons, and they can pile up quickly. While banking fees are often frustrating, they may in some cases actually be unfair or deceptive, violating the law or their own contracts.

Bank NSF fees and overdraft fees are not illegal—though many may wish they were, especially the lower-income Americans who are affected by these fees the most—but many customers claim that their financial institutions are charging unfair or deceptive fees, such as multiple fees on the same transaction. More and more consumers are now turning to litigation.

If you believe your BankUnited checking account fees were unfair or excessive, you may be able to file a lawsuit and pursue compensation.

BankUnited Checking Account Basics

BankUnited is a Florida-based bank holding company founded in 1984, and offers a wide range of banking services, including BankUnited online banking.

The BankUnited checking account webpage advertises itself as being a “simple, low-cost way to make managing your money easier—with no hassle and no frills.” However, many banking customers may find that checking account fees like the ones charged at BankUnited can be unfair or excessive—and ultimately, perhaps not as “low-cost” as it seems.

BankUnited Checking Account Fees

There are a number of BankUnited checking account fees to be aware of, including NSF fees and overdraft fees—and potential predatory practices that may go along with them.

BankUnited charges an insufficient funds fee for a transaction that is attempted when there is not enough money in an account, but in some circumstances, may choose to create an overdraft by covering some or part of the transaction. Regardless, the bank will then assess a $35 fee for each overdrawn transaction.

Like most other financial institutions, BankUnited has an overdraft checking protection service allowing the automatic transfer of funds to cover a transaction from a secondary deposit account, per its Depositors Agreement. If there are not sufficient funds in that secondary account, then the transaction will incur an insufficient funds fee of $35. For every day that the account is overdrawn, consumers will be charged $4.

Even with overdraft protection, each transfer to cover a transaction like this counts as one of six total transactions of this kind allowed per month.

These overdraft and NSF charges must be paid back immediately along with the amount of the overdraft itself. These kinds of BankUnited check account fees that are not addressed immediately may result in additional fees or interest.

Unfair or Excessive Overdraft Fees and NSF Fees

Consumers all across the country may be facing unfair or deceptive overdraft fees. By state law, NSF fees are capped at a certain amount for a single fee. Common state caps are $20, $25, or $35, though some states limit these fees to a percentage of the bounced check amount. This limitation is meant to protect consumers from being charged too much at once—but there’s another way that consumers can get hit for high fee amounts on a single transaction.

Some banks reportedly charge multiple fees on a single transaction after attempting to process the same charge multiple times in a row, incurring a fee each time. When an NSF fee of $35 gets charged several times in succession, it can quickly lead to a consumer owing fees of $100 or more for a single failed transaction.

What Banks and Credit Unions Are Involved?

A number of banks and credit unions are being looked into by a team of attorneys for potentially charging deceptive or unfair overdraft fees and/or NSF fees.

These financial institutions include:

• BankUnited
• Valley National Bank
• Bethpage Federal Credit Union
• Wings Financial Credit Union
• Lake City Bank
• Kearny Bank
• Trustco Bank
• Brookline Bank

Bethpage Federal Credit Union has already been hit with litigation over this issue. In the summer of 2019, the credit union was targeted in a class action lawsuit alleging it charged multiple NSF fees on a single overdraft transaction, despite telling customers they would only be charged one such fee.

Filing a BankUnited Checking Account Fees Lawsuit

More and more bank and credit union customers are coming forward with complaints about unfair or excessive overdraft and NSF fees charged by their financial institution. If you have been hit with unfair or excessive BankUnited checking account fees, you may be able to file a lawsuit and pursue compensation.

Filing a lawsuit can be a daunting prospect, so Top Class Actions has laid the groundwork for you by connecting you with an experienced attorney. Consulting an attorney can help you determine if you have a claim, navigate the complexities of litigation, and maximize your potential compensation.