It has been alleged that by engaging in overdraft transaction sorting, customers are being charged more overdraft fees than would have been necessary had the bank not reordered the transactions. For example, assume a customer has $50 in their checking account and makes sequential debits for $10; $10; $20; and $50. If these transactions are processed in the order in which they were made, the customer would only incur one overdraft fee for their final purchase; however, if these transactions are cleared in a highest-to-lowest sequence, the customer would be charged three overdraft fees.
Many of the nation’s largest banks have faced legal action claiming that they engaged in transaction sorting, and at least 14 of these banks have reached multi-million dollar settlements in these cases.
Currently, the attorneys working with ClassAction.org have launched an investigation into the overdraft protection policies of smaller, regional banks to determine if they have also engaged in these practices. If you believe you were charged unfair overdraft fees by National Bank of Arizona or any other local bank, visit ClassAction.org today for more information.
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
