The attorneys working with ClassAction.org are investigating whether smaller, regional banks have been engaging in “transaction sorting” to maximize the amount of overdraft fees they charge to their customers. Transaction sorting occurs when a bank clears charges from highest-to-lowest, rather than chronologically, in an attempt to quickly drain the customer’s account and maximize the number of overdraft fees charged against them. A number of large banks have already been hit with lawsuits alleging that they engaged in unfair transaction sorting to maximize overdraft fees, and in the end, their own profits; the attorneys working with ClassAction.org are looking to determine whether smaller, regional banks have been engaging in similar practices. If you are a customer of a smaller-scale bank and suspect you had your debit or check transactions reordered to maximize overdraft fees, you may be able to file a claim to recover these charges. To learn more, visit http://www.classaction.org/unfair-overdraft-protection-fees.html
and complete the free, no obligation case review form with details of your complaints.
It has been alleged unfair overdraft transaction sorting
is causing customers to be charged overdraft fees when there otherwise would have been sufficient funds, had the banks not reordered their transactions. For instance, assume a customer has $35 in their checking account and made three debit card transactions in the amounts of $10, $15 and $75, sequentially ordered. Without regard to the order in which these transactions were made, the bank will allegedly process the largest and last debit - $75 - first, followed by the $10 and $15 transactions, resulting in three overdraft charges. Had the bank not reordered the transactions and processed the $10 and $15 transactions first, the customer would have incurred only one overdraft fee.
If the bank in this situation charged $35 per overdraft, the customer would have incurred $105 worth of fees instead of a single $35 charge against them. Potentially, customers who were subjected to these practices may have legal recourse to seek compensation for these allegedly unfair overdraft charges. To learn more about the investigation into the sorting of transactions among smaller, regional banks, please click here
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