Capital One Excessive Overdraft Fees

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Capital One is among numerous financial institutions that have faced lawsuits concerning their overdraft fees. Capital One overdraft fees lawsuits alleged the financial institution used deceptive practices to increase profits from overdraft fees, including reordering transactions to push customers into overdraft more quickly.

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Capital One Reordering Transactions

Lawsuits against Capital One and other financial institutions allege they purposely reordered transactions to push customers into overdraft more quickly and increase revenue made from overdraft fees. Rather than posting the transactions in the order they occurred, Capital One and other institutions posted the transactions in order of highest to lowest dollar value, effectively pushing customers into overdraft more quickly.

For example, if a customer has $95 in his account and makes three purchases of $10 and a final purchase of $100, only the final purchase would involve overdraft fees. With the transactions reordered so the $100 purchase is posted first, all four transactions would involve overdraft fees.

Capital One and other banks have said they are not violating any laws by reordering transactions.

Capital One Settlement

Earlier in 2015, Capital One announced it had reached a settlement, ending claims about deceptive overdraft fees. The settlement will see Capital One pay approximately $31.8 million to approximately 611,000 customers. Capital One did not admit any liability in agreeing to the settlement.

The lawsuit is In re: Checking Account Overdraft Litigation, case number 1:09-md-02036, in the US District Court for the Southern District of Florida.

Capital One Excessive Overdraft Fees Legal Help

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Last updated on Nov-13-19

CAPITAL ONE EXCESSIVE OVERDRAFT FEES LEGAL ARTICLES AND INTERVIEWS

MB Financial Facing Lawsuit re $6,000 in Overdraft Fees

April 30, 2018

Chicago, IL MB Financial dinged Rhonda Boone for a truly jaw-dropping $6,000 in bank overdraft fees between 2015 and 2017. That was 18 percent of her total income for those years. On March 12, 2018 she filed a lawsuit in the Northern District of Illinois seeking class action status on behalf of herself and other similarly situated checking and money market account customers. The fact that these are state law claims suggests that the future direction of consumer financial protection lies in the class action lawsuits to enforce state, rather than federal, law. READ MORE

Big Banks Don’t appear to be Getting the Message over Excessive Banking Fees

March 19, 2018

Manhattan, NY: When the 2nd US Circuit Court of Appeals returned an excessive bank overdraft fees lawsuit to the originating lower US District Court for the District of Manhattan for further proceedings – thus reviving the proposed class action lawsuit – the defendant in the case was told its overdraft fee rules were ambiguous, amongst other rulings that put the plaintiffs and those similarly affected back into the drivers’ seat. READ MORE

Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions

August 3, 2017

Washington, DC: In January, 2015 Capital One resolved a class action lawsuit over excessive bank overdraft fees for $31.7 million (In re: Checking Account Overdraft Litigation, case number 1:09-md-02036, in the U.S. District Court for the Southern District of Florida). And that Capital One excessive overdraft fees lawsuit was not unique: a rather large cross section of the banking and credit union industries have been called to the litigation carpet for excessively high fees, re-ordering transactions to generate even more fees, and so on. READ MORE

READER COMMENTS

Posted by
Matthew Clifford
on February 28, 2022

I was charged excessive overdraft fees that destroyed my business during the pandemic. Can you please help me

Posted by
Sie
on April 1, 2020

I remotely deposited on 01/02/20. called their account . here comes 03/20/20 my bank chase took 500.0 back said it was a returned check (bad check). I called so many times to the back and keep bouncing around from customer service to claims and claims to customer service/ b/c no one know how to check the image of the check or see what happened. customer service put me on hold for 3 hrs and then another 3 hrs to speaks to someone in claims and then line drops. I and my Clint went into chase bank . spoke to a banker clarify that check was clear from my Clint's bank and nothing was credit to my clients bank nor my bank. no one knows where my funds are . I am a high risk diabetic patient and chase bank is making me cry every day and going through depression and anxiety. I would like to file law suit against chase . please assist .

Posted by
Carol Y. Go
on December 8, 2019

There's a 5 dollars in my online banking but Capital One closed the account after several years. The five dollars we're gone.

Posted by
Rebecca Frye
on July 30, 2019

I own a small business I have been a customer of capital banks for 2 years I have paid almost $2,000 in overdraft fees in the last 2 months and Merchants Bank the credit card company offers rapid deposit they have manipulated dates charge me fees that double fees and the bank will not acknowledge last night I was on my computer a couple minutes after midnight and they actually rearranged the dates of the checks that came in and cause me to be charged another overdraft fee I had no idea that Capital Bank was even under investigation I just know that I witnessed and I have pictures that they rearranged my deposits with the checks that were coming into my account

Posted by
Candance Hall
on July 26, 2019

Cap One charged me 20.00 overdraft fee for what they said was 95 cents over. Now the fee is up to 63 dollars. I don't understand.

Posted by
joan
on March 14, 2018

capital bank credit card and PNC CHECHING ACCOUNT

Posted by
Stephen nielsen
on February 19, 2018

I have the same thing with over draft fees

Posted by
Lindsay
on December 29, 2016

Is this still on going with capital one, I am a customer and this is currently happening to me I have paid a large amount to that bank

Posted by
Maxine Robinson
on October 9, 2015

I received a check for Maxine Collins in the amount of $8.06 check #080561. I had an account with Capital One but my name is Maxine Robinson if there's a check for me please forward it to my address. What do you want me to do with the check I received in error?