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Fighting Your Unfair Bank Overdraft Fees (Part A)

One of the latest ways for big banks to make money is by charging unfair bank overdraft fees. This happens when a customer accidentally or intentionally draws more money than they have in their account. And because most checking accounts automatically provide a service called "overdraft protection," the bank will supply the excess money, and then charge an "overdraft fee." This fee will usually be around $35 and get charged to the account.

This means that if you make a $2 debit purchase, with only $1.50 in your account, your bank will charge you a $35 fee, so that your purchase actually cost $37.

While new legislation is meant to protect consumers from unfair bank overdraft fees, it is still common, and as a victim you have the right of fighting back.

Who is affected by unfair bank overdraft fees?

Almost everyone who has a checking account is affected by unfair bank overdraft fees. In 2009, banks were estimated to have made between $27 billion and $38 billion in overdraft fees alone. This money was charged to the accounts of nearly 50 million American consumers. Unfortunately, these unfair bank overdraft fees mostly affect the poor, who maintain low balances, and are therefore more likely to overdraft their accounts.

While it is not necessary for banks to offer the service of overdraft protection (they may just as well decline your purchase), it is a highly profitable business tactic. But new rules are meant to change the way banks have been doing this type of business.

If you've been hit with unfair bank overdraft charges that have impacted you financially, consult with an experienced bank class action attorney that specializes in consumer protection cases in Massachusetts. It is important that the lawyer has handled these types of cases and that they understand unfair bank overdraft charges.

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