Stranch & Jennings

Predatory Bank Overdraft Fees. If its happening to you, wed like to hear your story. Regional banks like to present themselves as small and customer-friendly. Some, though, are collecting millions of dollars in overdraft fees, often at the expense of their most vulnerable account holders. These fees are generated through what are known as authorize... d-positive, settled-negative transactions. Banks automatically authorize debit card transactions, crediting the account with funds so it does not register as overdrawn. They then wait to settle the balance until the end of the day. By that time, a customer may have racked up several transactions as well as multiple fees for having insufficient funds without being aware that the account is overdrawn. A single penalty may cost the owner of the account between $35-40. Often banks charge multiple penalties on a single transaction, piling fees one on top of another. This can result in significant financial damage to anyone, but most often impacts those who are surviving paycheck-to-paycheck or living within a fixed income. This way of doing business is confusing and predatory. In return for the privilege of handling personal funds, banks promise to be trustworthy. Profiting from customers in this way is a breach of that trust. For the past several years weve been collecting information on organizations that follow this practice, and we can prove that it happens far more often than many people realize. Right now were investigating potential claims against Busey Bank, Evansville Teachers FCU, Liberty Financial, Purdue Federal Credit Union, Beacon Credit Union, Interra Credit Union, 3Rivers FCU, MidWest America FCU, Crane Credit Union, Heritage FCU, Pentagon FCU (PenFed), OnPoint Community Credit Union, HAPO Community Credit Union, Advantis Credit Union, Rogue Credit Union, Oregon State Credit Union, NWCU (Northwest Community Credit Union), BECU (Boeing Employee Credit Union), ORNL Federal Credit Union, Knoxville TVA Employees Credit Union, Y-12 Federal Credit Union, ...Read More