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Bank of America Branch Sign

Bank of America is paying nearly $42 million to settle claims that it violated the Servicemembers Civil Relief Act, the Truth in Lending Act, North Carolina’s Unfair and Deceptive Trade Practices Act, as well as common law, by charging service members and their families excessive interest rates on mortgages, credit card accounts, and other interest-bearing obligations, and by attempting to hide

Bank of the Ozarks Corporate Headquarters

The Bank of the Ozarks has reached a settlement to compensate Arkansas account holders for allegedly unjust overdraft fees charge for debit card transactions. The complaint alleges that the bank processed debit card transactions not in the order in which they were incurred but from the largest to the smallest, so that it could charge more overdraft fees. 

BB&T Logo

Christine and Ronnie Gillam took out loans, and, according to the complaint for this class action, and were required as part of the loan agreement to permit automatic transfer payments from their BB&T bank account. When they learned that the loans were predatory and illegal under the laws of their state, Virginia, they attempted to stop the payments, but BB&T made the payments anyway—and, the complaint claims charged them overdraft fees for the payments as well. The complaint alleges that this violates the EFTA and that BB&T must be responsible for the payments made despite the cancellations.

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).

Debit Card Swipe

On March 4, 2016, plaintiff N. Pantelyat used the debit card for her Bank of America checking account for a $10 Uber ride, and later in the day, for a $7.67 return Uber ride. Unfortunately, according to the complaint for this class action, Pantelyat’s account balance was too low to cover even the first ride, yet in both cases, Bank of America paid for the transaction and charged her a $35 overdraft fee—a total of $70 in overdraft fees on less than $20 in transactions. It did this, the complaint claims, by misclassifying the transaction as “recurring” rather than “non-recurring” in violation of its own Deposit Agreements and other documents.

Mountain America Credit Union Office Building

Financial institutions have different methods of calculating the amount of money in an account, for example, depending on whether they count holds on deposits and not yet completed transactions. According to the complaint for this class action, Mountain America Credit Union (MACU) charged plaintiff Lewis Tilley overdraft fees even when his account contained enough money to cover the transactions. It also charges that MACU violated Regulation E of the Electronic Fund Transfers Act.

City National Bank Building

Two men, Joel Barry Gillis and Edward W. Wishner, are now in prison for running NASI, a company that operated a Ponzi scheme purporting to sell ATMs to investors in return for “rentals” from ATM fees. How did they get away with it for fifteen long years? According to the complaint for this class action, they were aided and abetted by a bank Senior Vice-President who used his position as well as the bank’s credibility and resources on their behalf in exchange for profiting from the scheme. Fitzwilliam performed many services to help keep NASI in business, according to the complaint, such as granting it immediate loans to cover shortfalls to make lulling payments to investors; writing promotional letters vouching for NASI as its banker; and talking to investors who were beginning to get suspicious and assuring them that NASI was legitimate. Since all of these supportive actions were undertaken in the regular scope of his employment at CNB, the complaint claims, the bank is liable for his actions.

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.

National Penn Bank Logo

This settlement resolves a class action alleging that National Penn Bank breached its customer account agreement when it charged overdraft fees for accounts that were overdrawn based on their available amounts rather than the ledger balances for the accounts.

TD Bank Penny Arcade Machine

TD Bank has agreed to settle a class action alleging that their “penny arcade” coin-counting machines did not accurately count the coins that customers deposited. Users deposited coins into the machines, and the machine purportedly counted the coins and gave them a receipt for the amount.

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