BofA Unfairly Charges Fees For Others’ Bad Checks

BofA Unfairly Charges Fees For Others Bad Checks

In a legal saga escalating against financial giants, Bank of America finds itself ensnared in a class action lawsuit, accused of levying unjust charges upon its customers. Isadora Y. Walker and Andrea G. Garcia, customers of Bank of America NA, filed a complaint in North Carolina federal court on Friday, spotlighting what they term as the institution’s “blanket policy” of imposing a $12 returned item chargeback fee on individuals who inadvertently deposit bad checks.

Allegations of Unfair Practices

Walker, a resident of Georgia, and Garcia from California, contend that Bank of America’s fee imposition is inherently unfair, targeting innocent depositors who could not have reasonably discerned the check’s legitimacy. This lawsuit echoes a crescendo of similar grievances reverberating across the nation’s courtrooms, with financial behemoths like Wells Fargo, Citibank, and Chase Bank also finding themselves in the legal crosshairs.

BofA Unfairly Charges Fees For Others’ Bad Checks : Legal Pursuit Amplifies

Spearheaded by Siri & Glimstad LLP, the legal counsel representing the plaintiffs, this lawsuit underscores a broader investigation into what the firm alleges as improper fees across multiple financial institutions. With a startling revelation that at least 26 banks are under scrutiny, the legal battleground intensifies, promising a showdown between consumer rights and corporate practices.

Consumer Financial Protection at Stake

Drawing ammunition from the Consumer Financial Protection Bureau’s (CFPB) guidance, Walker and Garcia emphasize the concrete monetary harm inflicted upon a plethora of customers due to these returned item chargeback fees. The CFPB, in a bulletin dated November 2022, condemned such practices, highlighting the vulnerability of consumers who remain oblivious to the financial maneuvers behind deposited checks.

BofA Unfairly Charges Fees For Others’ Bad Checks : Legal Team’s Stand

Lisa Considine, representing Walker and Garcia, denounces the inherent unfairness of these fees, labeling them as predatory. The legal fraternity aligns to challenge the status quo, led by Dana Stone Smith, Lisa R. Considine, David J. DiSabato, and Oren Faircloth of Siri & Glimstad LLP, determined to secure justice for the aggrieved customers.

Bank of America’s Silence

Amidst the legal storm, Bank of America maintains a stoic silence, offering no immediate response to inquiries. The silence amplifies the anticipation surrounding the unfolding legal drama, leaving stakeholders and observers on tenterhooks, awaiting the bank’s rebuttal.