Several of the nation's largest banks are the targets of lawsuits seeking class action status that were filed Monday in U.S. District Court for the Southern District of Florida. The suits allege that Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank have abusive and excessive overdraft fee policies. "In the era of electronic banking and the ubiquitous use of debit card transactions, the assessment of overdraft fees has become a major profit center for many United States banks," one suit against JPMorgan Chase reads. The named plaintiffs in that case are from Florida, Indiana, Texas, Louisiana and Georgia.

Read the full article on the Sacramento Business Journal website (via the South Florida Business Journal)