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Credit Cards

Customer Handing Card for Payment Processing

Merchants’ Choice Payment Solutions, Woodforest National Bank, and Paysafe Payment Processing Solutions, LLC are putting together $15,000,000 to settle a class action alleging that they caused merchants to unknowingly unroll in the Merchants’ Choice payment processing services.

Chase Bank Branch

Chase Bank USA is putting up $11.5 million to settle a class action alleging that it did not update its reports to credit agencies when accounts sold to debt buyers were discharged in Chapter 7 bankruptcy proceedings. The complaint claims that the account holders’ credit reports continued to reflect that the debts were sold or charged off, negatively affecting their ability to get credit.

JP Morgan Chase Building

Plaintiff David Denton researched credit products so he could consolidate his debts at favorable terms, the complaint for this class action says, and he eventually settled on a credit card offered via a pre-screened solicitation by JP Morgan Chase with favorable balance transfer terms. He obtained the card, but when he actually tried to make the transfers, the company refused to grant him the original terms. The complaint claims that, in the letter telling him why, Chase violated both the federal Equal Opportunity Credit Act (ECOA) and the Virginia version of the same law (VECOA).

Wells Fargo Logo

Wells Fargo has agreed to settle a class action alleging that its employees had opened checking or savings accounts, credit cards, or lines of credit or submitted applications for these things in the names of customers without the customers’ authorization.

Mississippi Iron Works Image

According to the complaint for this class action, when plaintiff John Edward Meeks agreed to take out a loan for new window and door home protection from Mississippi Iron Works (MIW), he had no idea that what he was doing was applying for a Wells Fargo credit card—specifically the Wells Fargo Home Projects Credit Card. The complaint alleges that, as a standard practice, the salesperson fills out the paperwork, and claims this is done as a deliberate deception, so that the consumer never learns the details of what he’s actually applying for. The complaint further says that Wells Fargo reports the credit cards as open-ended, revolving credit accounts, which may harm the credit histories of consumers. Among the complaint’s allegations are violations of RICO laws and the Truth in Lending Act.

Interest Rates

Let’s say you buy a great new TV for $2,400 with the promise that you will pay no interest if you pay it off in 24 months. You faithfully pay $100 every month, but in the final month, you have unexpected expenses, so you pay only $25. After all, you only owe $100 now, right? The next month, you expect to pay $75 plus one month’s interest on that amount—but your bill is a shocker. You discover you are now being charged all the interest, on the entire amount, going back to the date two years ago when you purchased that TV. That’s how certain stores seem to be managing some “no interest” financing arrangements when you use their store credit cards for large purchases, and we’re currently investigating these practices.

This agreement settles three California class actions alleging that HSBC Card Services, Inc. and HSBC Technology & Services (USA), Inc. violated CIPA by recording or monitoring telephone calls to cardholders without the cardholders’ consent. 

image of jp morgan chase logo

The plaintiffs in this lawsuit allege that JP Morgan Chase unlawfully forteited unused credit card reward points when the credit card accounts were closed.

This lawsuit alleges that Capital One Bank and Wells Fargo Bank assessed illegal fees to users of Capital One debit cards and Wells Fargo ATMs, in violation of the Electronic Funds Transfer Act.

This lawsuit alleges that Bank of America deceptively enrolled customers in and charged for insurance plan protection products without express and informed consent, in violation of the Truth in Lending Act.

 

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