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Consumer Class Action Lawsuits
- Do Fall River Residents Billed By MassDOT for Railroad Use Owe the State?
- What is a lawsuit?
- Overdraft Fee Class Actions Help Consumers
- Bank Overdraft Fees in Massachusetts Will Not Stop with New Opt-in Rules
- Nevada Homeowners Sue Bank of America; Seek Class Action Status
- Bank of America Settles Mortgage Fee Case with FTC for $108 Million
- Toyota Allegedly Sought to Discredit Witnesses
- Toyota Financial Services Remains in Toyota Recall Lawsuit
- Toyota Financial Services Credit Rating Cut by Moody's
- Toyota Motor Credit Corp Added to Class Action by Massachusetts Couple
News
- Posted on 6/9/2011Employee Collects Triple Damages After Boston Business Violates Wage Law
- Posted on 3/12/20102000-2003 Toyota Tundra Recall Is Now Nationwide
- Posted on 3/3/2010Toyota Didn’t Properly Investigate Death Involving Acceleration Issue
- Posted on 3/2/2010Medford Man Sues Toyota After Wife Dies in Single-Car Accident
- Posted on 2/26/2010Credit Card Companies Can Still Profit Off Of Unsuspecting Consumers
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- After seeing first hand what you are up against concerning the big banking companies, we are even more amazed that you are willing to fight the fight. The little guy needs your help and your fearless attitude. You are good people and true Americans. We are honored to be called your friends. R.R. - Mich., Lockout & Trashout Victim
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- Thank you Mr. Phillips. If we hadn't found you the [Bank] would have foreclosed on our property and I can't imagine the misery that they would have caused. S.N. - Arizona
Fighting Your Unfair Bank Overdraft Fees (Part B)
The Rules Regarding Bank Overdraft Fees Are Changing
In 2009, President Barack Obama took significant steps to protect consumers against the banking and credit card industries. Reforms were established, and new rules set in place with the signing of the Credit Card Law of 2009.
Included in these bank reforms were new rules to regulate the practice of unfair bank overdraft fees. While banks will still be allowed to charge such fees, there is more transparency with regards to these charges, and consumers will have more choices available.
Soon, banking customers will no longer be automatically enrolled in overdraft protection programs. A bank cannot charge an overdraft fee unless they inform a customer of the program. This gives an account-holder the option to either participate or opt-out of the overdraft protection program. If you do opt-out, then the bank will simply deny any purchase for which you don't have sufficient funds. You may opt-in or opt-out of the program at any time you choose.
There are exceptions to this rule concerning automatic monthly payments, such as rent and utility bills. For these charges, a bank may still charge you overdraft fees without having prior consent, and there is no limit on the amount they can charge. But if you speak to your bank they may exclude you from overdraft protection on these transactions.
When will the new bank overdraft regulations go into effect?
The new opt-in rule will take effect for new accounts as of July 1, 2010. For existing accounts it will begin as of August 1, 2010. But in the time leading up to these bank overdraft regulations the banks may still behave unfairly.
If you have made several debit transactions in a day, and have over-drafted your account, it is possible that your bank will charge you a $35 fee for every transaction that you made. This is consumer abuse, and you do not have to put up with it. To know your rights in fighting unfair bank overdraft fees, you can contact a Massachusetts class action attorney.
The attorneys at Phillips & Garcia will fight for your rights in your bank overdraft 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 charges, contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.
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