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McCuneWright, LLP, is Committed to Holding Banks Accountable for Charging Customers Unfair and Illegal Overdraft Fees

For years, the banking industry has made billions of dollars in overdraft fees from its customers through a variety of questionable, if not illegal practices. For the past several years, McCuneWright, LLP, as part of its national class action practice, has actively worked to hold banks across this nation accountable for these unfair banking practices related to overdraft fees.

Research conducted by Moebs Research concluded that in 2009, banks earned over 39.5 billion dollars on customer overdraft fees. A 2008 FDIC report found that the majority of these fees were from debit card, check card and ATM transactions at the time of purchase or ATM withdrawal. Compounding the problem, many of the smaller banks, as well as most of the national banks, actively sought to increase overdraft fees when there was an overdraft of the account, by posting transactions in a high to low sequence, which served to increase the number of transactions they would consider overdraft transactions and could charge a fee.

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In August 2010, McCuneWright, LLP secured a $203 million judgment against Wells Fargo Bank on behalf of the 1.14 million California Wells Fargo customers who were unfairly and wrongly assessed overdraft fees. The Court also ordered Wells Fargo to discontinue the practice of ordering bank customers’ debit card transactions from highest to lowest amount for purposes of assessing overdraft fees, a practice which the Court described as being motivated by “gouging and profiteering.” Wells Fargo is appealing this judgment. Read More...
The law firm of McCuneWright, LLP, is the Inland Empire’s premier complex litigation practice. It has brought unfair banking practices lawsuits against Bank of America, Citibank, JP Morgan Chase, Union Bank of California, US Bank, Wachovia Bank and Wells Fargo Bank.
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