There are several ways that banks charge customers excessive fees. The attorneys at Ahdoot & Wolfson, PC have nationwide expertise handling these cases.
Bank Overdraft Fees: Customers may be subject to excessive overdraft fees on their debit cards when funds aren’t available on their account when in reality, a bank approves the purchases, and the customer is left with fees. Not only are customers hit with an overdraft fee that is larger than the cost of the item of the attempted purchase, but the number of fees customers can be charged in one day varies from bank to bank, sometimes up to seven times in a single day. The average overdraft fee is $35 per overdraft resulting in banks generating fee revenues in the billions of dollars per year utilizing these unlawful practices.
Ahdoot & Wolfson, PC has successfully litigated bank overdraft claims nationwide. Our attorneys are pursuing claims regarding banks that they have employed deceptive financial practices to generate excessive overdraft fees from debit card holders who unknowingly overdraft their accounts.
Mortgage Payment Fees: Mortgage Payment Fees are sometimes referred to as convenience fees, processing fees or phone/online fees, which may be added on by the mortgage lender when customers pay via certain platforms. In most cases, this fee is unlawful because most mortgage contracts have language against charging fees based on the payment method and violate state laws which forbid unethical and deceptive business practices. Primary agreements with mortgage companies will only allow lenders to add fees that cover the exact, actual cost of processing payment. Keep in mind these fees are different than a surcharge fee where a merchant may add on a charge for customers who use credit cards. In some states have laws against surcharges, as well as convenience fees.
It is important to understand your rights as a borrower making mortgage payments. If you feel you were charged a payment fee for paying your mortgage online or over the phone, you may qualify to join a mortgage payment fee class action lawsuit investigation.