Commerce Bank, N.A. Abusive Overdraft Fees Class Action Lawsuit
Consumers have filed a nationwide class action lawsuit against Commerce Bank, N.A. for the alleged unfair and illegal assessment and collection of excessive overdraft fees.
Commerce Bank, N.A.'s Alleged Fraud
The complaint charges that Commerce Bank, N.A. does not record charges and purchases on ATM or debit cards in the order they actually occurred. Instead, Commerce Bank, N.A. 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.
Commerce Bank, N.A.'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 August 16, 2012, the Court granted preliminary approval to a settlement of $18.3 million that includes a change in bank practices. Complete information on the Commerce Bank overdraft settlement can be obtained on the official settlement website, www.commercebankoverdraftsettlement.com, or by calling 1-866-841-7649.