The alleged overdraft transaction sorting occurs when a customer’s transactions are processed in a highest-to-lowest sequence, rather than in the order in which they were made. For example, assume a customer has $80 in their checking account and makes debits in the following order: $20; $20; $30; and $85. Should a bank clear these transactions starting with the highest, the customer would incur a total of 4 overdraft fees for each of the purchases. If the transactions were processed chronologically, the consumer would have only incurred one overdraft fee for their last, and largest, purchase.
Many of the nation’s largest banks, including Bank of America and Chase, have been hit with lawsuits claiming that they reordered their customers’ transactions to charge more overdraft fees, and in turn, increase their profits. More than a dozen banks have agreed to multi-million dollar settlements to resolve these cases.
If you suspect you were unfairly charged overdraft fees by National Bank of Arizona, please visit ClassAction.org for more information. The attorneys working with the site are currently investigating the overdraft protection policies of state, regional and local banks.
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
800-449-1970
pressrelease@lawyercentral.com
Source: EmailWire.Com
