Capital One Financial Corp. Abusive Overdraft Fees Class Action Lawsuit
Consumers have filed a nationwide class action lawsuit against Capital One Financial Corp. for the alleged unfair and illegal assessment and collection of excessive overdraft fees.
Capital One Financial Corp.'s Alleged Fraud
The complaint charges that Capital One Financial Corp. does not record charges and purchases on ATM or debit cards in the order they actually occurred. Instead, Capital One Financial Corp. reorders the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue.
Capital One Financial Corp.'s overdraft fee collection practices have impacted millions of Americans. In many instances, the overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. A series of small transactions over a weekend can result in hundreds of dollars in bank charges.
On July 19, 2012, the Court issued an order granting class certification. Please check this site again for updates.