Our firm is currently litigating a class-action case against SunTrust Bank over its practices and policies regarding the overdraft fees it charges its account holders. Suits against other banks, including Bank of America, have been filed on the same or very similar issue. The cases have been or will soon be consolidated in the United States District Court for the Southern District of Florida.
The central allegation in the overdraft-fee cases is that certain banks and other financial institutions hit consumers with exorbitant overdraft fees of $35 or more on overdrafts may be only a few dollars. The banks allegedly don’t disclose the full impact of the fees adequately—including, that they routinely re-order transactions from highest to lowest so that the number of overdrafts will increase and therefore consumers will end up paying more in overdraft charges.