Citizens Bank to pay $137.5 million to make lawsuit over questionable overdraft fees go away
By adamg - 4/26/12 - 7:44 am
The bank declined to admit it jiggered its transaction software to increase the odds patrons would rack up overdraft fees, says it's pleased to move forward and "provide our customers with choices to help them manage their accounts and their finances," the Globe reports.
Comments
One of the reasons I like
One of the reasons I like Cambridge Trust is that they don't charge overdraft fees. (Maybe it's just if you pay it back before your next statement.) All you pay is the interest, which for a loan of a few days is just a few cents.
Should have been $500 Billion
Bunch of scumbags. Bank of America did the same thing (rearrange transactions, postpone deposits, etc, in order to create and maximize overdraft fees), and I cancelled my account because of it.
Incidentally, these are the kinds of characters Scott Brown stands with. Single mom or not, he's been completely bought out by his betters.
Indeed
and every bank does it.
most expensive in, most expensive out is the name of their ledgers. And it's only done to retail clients. They ignore time stamps to set up the most expensive overdraft possible.
If a financial firm ever tried that shit with any of their other vehicles and ledgers, there'd be hell to pay.