Overdraft transaction sorting occurs when transactions are processed in a highest-to-lowest sequence, rather than in the order in which they were made. For instance, assume a customer has $100 dollars in their account; this consumer makes four $25 purchases in the morning, followed by a $75 later in the day. Had this consumer’s transactions been cleared chronologically, they would only be charged one overdraft fee. If the bank cleared the largest transaction first, in this case the $75 purchase, the customer would have incurred three overdraft fees, instead of one. It has been alleged that these practices are causing consumers to be charged more fees, and in turn, increases the bank’s profits.
National Bank of Arizona has not been named in lawsuits making these allegations; however, if you suspect you were unfairly charged overdraft fees by National Bank of Arizona or any other local bank, visit ClassAction.org for more information and a free case review.
About Class Action.org
Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.
ClassAction.org
Hannah Armstrong
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pressrelease@lawyercentral.com
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