Each year thousands of struggling Americans lose their hard-earned money to senseless overdraft fees. People place their trust in big banks that do not have their best interests at heart. According to studies, 95 percent of overdraft fees are collected from households who are already struggling financially and can afford them the least. Big banks collect billions annually in unnecessary overdraft fees and use them to pay exorbitant salaries lining the pockets of big execs.
Unsuspecting consumers often assume they have no recourse but to pay these extravagant fees. That is what the big banks want people to think, but fortunately, it just isn’t the case. Many consumers may be eligible to reclaim the money paid in overdraft fees to big banks, but they don’t want you to know it. An experienced financial services attorney who isn’t afraid to take on big banks may be able to help you fight overdraft fees and recover the unfair fees you’ve already paid in.
Here’s what you need to know.
What about arbitration?
Arbitration is the big word that banks throw around to make you think you have no legal recourse for their unfair practices. Most clients are forced to sign an arbitration agreement when they open an account somewhere, and the banks think this protects them. An arbitration agreement is just an agreement not to bring a class action lawsuit against the bank over grievances. However, you can still have grievances, and an attorney can still help you win.
Do I qualify?
If you paid even one overdraft fee last year for a debit card transaction that was not pre-authorized and still has an active account, then you probably qualify. Of course, each case is handled individually and must be evaluated based on merit. If you qualify, you can fight overdraft fees and recover unfair fees you’ve already paid in.
How does it work?
When you make a debit card transaction without enough money to cover that transaction in your account, the bank can deny the transaction. Unfortunately, they often don’t. Instead, they will approve the transaction and then charge customers ridiculously high overdraft fees in the process. This is a predatory practice that should not be allowed.
If you have been in this position and still have an active account, you may qualify to fight overdraft fees via arbitration with the help of an experienced attorney. You simply fill out an information form and then discuss the facts of your case with a law group that isn’t afraid to go up against big banks that take advantage of unsuspecting customers.
Is this new?
Unfortunately, this practice is not new. Wells Fargo was fined over $3 million in 2022 by the Consumer Financial Protection Bureau (CFPB) for very similar practices. They were found guilty of charging unfair and extraordinary overdraft fees and interest charges, among other predatory practices. These fees resulted in customers losing homes, cars, and billions of dollars in unfair charges. Don’t let them get away with it again.
After you fill out the information form, you can set up a free consultation with an experienced financial services attorney who can help you fight overdraft fees. You’ll meet with the financial services team to discuss your potential case and get all your questions answered upfront. From there, you can discuss the next steps in the process and where to go from there. The financial services team will guide you through the entire process.
Is this a class action lawsuit?
Technically, this is not a class action lawsuit. It is arbitration. Since Wells Fargo requires each arbitration dispute to be brought individually and all clients have signed an arbitration agreement, we cannot bring a class action lawsuit. However, arbitration can still be argued and won with the help of an experienced attorney.
Big banks assume they are protected because they force clients to sign an arbitration agreement that prevents them from suing. Then they require each arbitration to be brought individually, and they think it protects them in cases like this where they have harmed a large number of people.
Fight Overdraft Fees Today
If you have been charged unfair overdraft fees by big banks who were supposed to be looking out for your best interest, you can fight back. Partner with the right law group that isn’t afraid to help you fight through arbitration to get your money back. If you have been charged even one unfair overdraft fee on a debit card purchase that should have been denied, and you still have an open active account, then you probably qualify. Contact an experienced attorney today to fight overdraft fees and get your money back.