Don’t Be a Victim of Bank Overdraft Fees

It is estimated that in 2009, big banks made between $27 billion and $38 billion by charging Americans overdraft fees on accounts. This happens when a bank lends you money to make a purchase, because you've spent more than you had in your account. Unfortunately, it doesn't matter whether you've gone 50 cents or $50 over the balance of your account, if you spend more than you have, it will cost you (on average) an "overdraft fee" of around $35.

The tricky thing is that the banks don't ask you whether or not you even want overdraft protection on your bank account. If you have a checking account, then it is usually automatically provided. The banks actually want you to overdraft your account, because it turns them a hefty profit. If in one day you make several transactions from an over-drafted account, you will be charged a fee for every single purchase that you make.

Fortunately, new laws have been approved to protect us against this unfair practice, but they won't take affect until later this year. Meanwhile, there have been more than a few overdraft-fee-related class action lawsuits. If you have been a victim of this kind of practice, you can learn about your rights and even fight the fees with the help of a Massachusetts class action attorney.

To learn more about unfair bank overdraft fees, visit our article library. 

The attorneys at Phillips & Garcia will fight for your rights in your bank overdraft fee class action lawsuit. We are committed to protecting your best interests and helping you collect the damages you need and deserve to move on with your life. If you have been treated unfairly or been a victim of unfair bank overdraft fees, contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.