Pirl

Credit Unions Deceptive Overdraft Fee Practices

samantha severyn

Several banks, including Meriwest Credit Union, have been accused of deceptive overdraft fee practices. Customers have reported a steady increase in ATM withdrawal fees, debit card balance fees, and check fees.

As of Aug. 15, 2010, financial institutions are prohibited from charging overdraft fees to their customers unless they have affirmatively opted-in to the overdraft protection or overdraft coverage program.

 

Banks and credit unions that are part of this investigation include:

  • Meriwest Credit Union
  • First Hawaiian Bank
  • HSBC Bank
  • UMB Bank
  • Bank of Oklahoma
  • People’s United Bank
  • Commerce Bank
  • Pentagon Federal Credit Union
  • Boeing Employees Credit Union (BECU)
  • Alliant Credit Union
  • First Technology Federal Credit Union
  • Star One Credit Union
  • America First Credit Union
  • Digital Credit Union
  • Vystar Credit Union
  • American Airlines Federal Credit Union

 

According to numerous other lawsuits filed against banks in regard to their deceptive overdraft fee practices, they purposefully process transactions out of order for optimal fee collections and would also continuously allow their customers to overcharge their debit cards regardless of insufficient funds. This brought about additional overdraft fees as well.

 

If you are a member of any of the above-listed banks and have experienced unfair overdraft practices, please contact us today at Info@MyPirl.com