Banks’ Extended Overdraft Fees May Be Illegal

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Banks’ Extended Overdraft Fees May Be Illegal

a number of banks have started charging “extended” overdraft fees when customers’ accounts remain in overdraft status for a certain length of time. The problem? The National Bank Act makes it illegal to charge unreasonable interest rates, and these new overdraft fees are said to be working out to be way above the legal limit. Bank of America, Chase, and other prominent banks are already seeing lawsuits from consumers who’ve been hit with the new charge.

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Here Are Some Companies That Have Paid Out Millions Of Dollars in Claims:

Progressive Insurance • Red Robin • Radio Shack • RJ Reynolds Tobacco • Ford Motor Company • Sears Roebuck • Verizon Wireless • Family Dollar Stores

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