News on U.S. government agencies, U.S. politics, companies doing business with U.S. federal government. Read U.S. national and local news. This site is not affiliated with United States Government.
(USGovernment-News.Com, January 08, 2013 ) New York, NY – The attorneys working with ClassAction.org are investigating potential claims on behalf of East West Bank customers who suspect they were unfairly charged overdraft fees. Many of the nation’s largest banks have allegedly instituted unfair overdraft protection policies, and some suspect smaller, local banks may be engaging in similar practices. It is believed that certain banks are reordering their customers’ transactions in a highest-to-lowest sequence – rather than the order in which they were made - to maximize the amount of overdraft fees they could assess. If you were charged overdraft fees by East West Bank after your transactions were reordered, you may be able to file a claim to seek compensation for these charges. To find out if you are eligible, please visit http://www.classaction.org/unfair-overdraft-protection-fees.html for a free evaluation of your unfair overdraft complaints.
At least 14 banks have agreed to multi-million dollar settlements related to improper transaction clearing which increased the number of overdraft fees charged to consumers. The practice alleged in these suits is known as “overdraft transaction sorting.” For instance, assume a customer with $200 in their checking account makes four $50 purchases in the morning, followed by a $100 purchase at night. If the bank cleared this customer’s transactions chronologically, he would only be charged one overdraft fee for the $100 purchase; however, it has been alleged that some banks may be processing these debits starting with the largest transactions first. If this customer’s transactions were cleared from highest-to-lowest, he would be charged two overdraft fees, instead of one.
East West Bank has not been named in lawsuits making these allegations; however, the attorneys working with ClassAction.org continue to investigate the overdraft practices of local banks and would like to hear from East West Bank consumers to assist in their investigation. If you suspect you were unfairly charged overdraft fees by East West Bank, which has locations in California, Georgia, Massachusetts, New York and Texas, please visit ClassAction.org to voice your complaints.
About Class Action.org
Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including:
