Have you been charged certain banking fees by your Puerto Rico bank without first giving your consent? You may be able to join this class action lawsuit investigation.

Do U.S. Banking Laws Apply?

Puerto Rico is a U.S. territory and is also part of the U.S. banking system. People who have bank accounts in Puerto Rico are protected under U.S. banking laws, including the laws regarding undisclosed or hidden fees.

Under U.S. banking laws, people with banks in Puerto Rico—even if they themselves do not live in Puerto Rico—must be informed of any fees they may be charged by their bank, regardless of how small the fee is. This is required under the Truth in Savings Act of 1991.

Over the last few years, many banks have gotten better at actually disclosing fees, but researchers with the Pew Charitable Trusts have noted that the documents containing this disclosure are often “long, unintelligible and opaque.” Researchers found that the median length of disclosure documents at banks was about 40 pages long in 2015.

What Fees Must Be Disclosed?

Any and all fees charged by a bank should be disclosed to customers. This includes:

• ATM Fees (out-of-network)
• Dormant Account Fees
• International Card Replacement Fees
• Monthly Service Fees
• Withdrawals at Branch Fees

These fees may be small (often between $2 and $16, depending on what type of fee) but they can certainly add up, especially if you weren’t expecting them at all because they were not disclosed to you.

Were You Charged Multiple Times?

If you were charged multiple times for a certain fee when you should have only been charged one time, this may also have violated federal law, and you may be able to join this class action lawsuit investigation.

What Banks Are Involved?

A number of Puerto Rico banks are currently under investigation for charging their customers undisclosed banking fees. These banks include:

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

Should You File a Lawsuit?

If you use a Puerto Rico bank and you have been subjected to these kinds of undisclosed banking fees, you may be able to join a class action lawsuit investigation and pursue compensation. It’s worth noting that you may have been charged these fees without knowing, so it will be necessary to refer to bank statements. This investigation is not looking at overdraft fees or NSF fees.

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.

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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