A US Bank overdraft fees lawsuit has been filed against a local New York financial institution. The suit is over the bank’s overdraft policy which it states is an “all risks” policy. This means that they will cover any costs incurred by you if you are unable to pay for your account. The policy has been in place for over 10 years and has never been reviewed by the courts or ruled on. Here’s what to do if you find yourself in a similar situation:
Be careful about the bank’s language in their terms and conditions.
Many of the clauses will be pretty clear cut, but others may use terminology that may not be familiar to you. Make sure you understand exactly what you are agreeing to before signing on the dotted line. If possible, try calling the customer service number and speaking to someone face to face. Having a lawyer on your side can be very helpful, but is not always available.
When deciding on the best course of action, ask the bank about any class action lawsuits that might be available to you if you are found to be in a similar situation.
Most people who end up with US Bank overdraft fees lawsuits don’t take legal action because they simply don’t have the money to do so. However, class action lawsuits allow groups of individuals to pool their resources and get the money that they are owed without having to put all of their savings on the line.
Before you sign on the bottom line of your account, make sure you fully understand any and all fees that will be incurred.
It is critical that you are completely comfortable with these fees, because they will most likely show up on your statement one day. It is very common for people to become surprised at what they see on their overdraft fees lawsuit. Sometimes the bank will have fees that are significantly higher than what they are charging you on a regular basis. These discrepancies are extremely common and can happen without you even knowing it.
It’s also important to watch out for penalties that might be incurred. This type of penalty can turn into a large sum of money if you let it go unpaid.
Usually, you will find that you will be charged an extra fee each time that you overdraw your account. The bank may also charge you for reconnection fees and additional fees if you try to use another account to repay the funds you owe. If you owe more money than the current balance of your checking or savings account, this might be a good way to go.
Before you decide to go with a US Bank overdraft fees lawsuit, make sure you have a full understanding of everything that is involved.
You should know that there are usually some pretty heavy penalties associated with these types of cases. For this reason, many people will simply opt to pay out what they owe and go with the minimum payment option. This is often the best course of action as it will at least ensure that you don’t end up in debt any further. This can also allow you to avoid additional interest charges in the future. Make sure you fully understand how US Bank overdraft fees work when you need to take advantage of this process.