Client Arbitrations Against USAA Bank for Unfair Overdraft Fees
Clients could reclaim their fees (and more) through arbitration
Client Arbitrations Against USAA Bank for Unfair Overdraft and NSF (Non-Sufficient Fund) Fees
Shamis & Gentile, P.A. is accepting qualified clients to bring claims against USAA bank for their allegedly unfair overdraft and NSF (Non-Sufficient Fund) practices which have cost customers millions of dollars. We are pleased to offer qualified clients the opportunity to bring claims against USAA Bank for their immoral and sometimes illegal practices.
Some of these practices have resulted in customers losing millions of dollars over the years, so if you are a USAA Bank customer who has been charged an overdraft fee within the past four years, you may be eligible to arbitrate.
As opposed to most lawsuits, in these cases you as an individual will not have to pay for your consultation or legal process. All attorney fees for Shamis & Gentile, P.A., will be covered by USAA Bank in successful cases.
To find out whether you and your case qualify, Submit your claim here. Our expert team will then quickly and efficiently assess your eligibility for reclamation through arbitration.
About unfair overdraft fees
In general, an unfair overdraft happens when a customer is charged a wrongful overdraft fee. This typically happens once a bank approves a transaction, such as a purchase or withdrawal, but the account in question is not sufficiently funded.
USAA Bank will then charge the account holder a fee for going over the limit of the account, typically ranging from $20 to $40 per transaction. Sometimes the bank might even charge their customers multiple times for transactions that are not covered.
Overdraft fees can be considered unfair if they are excessive, or if the bank uses deceptive practices to manipulate the ordering of transactions in order to maximize the number of fees charged.
This practice can disproportionately affect low-income customers who may be more likely to have low account balances and face multiple overdraft fees.
Investigations into USAA and unfair overdraft fees
USAA Bank has faced scrutiny and allegations of unfair overdraft fees in recent years. In 2019 for instance, the bank reached a $12 million settlement with customers who claimed they were charged excessive overdraft fees. The settlement was the result of a class-action lawsuit that claimed USAA Bank was reordering transactions to maximize overdraft fees, a practice known as “high-to-low” reordering.
The lawsuit alleged that USAA Bank’s practice of reordering transactions resulted in customers being charged more overdraft fees than they would have if the transactions were processed in chronological order. The bank denied any wrongdoing, but agreed to the settlement to avoid further litigation.
The Consumer Financial Protection Bureau (CFPB) has also investigated USAA Bank’s overdraft practices, including the high-to-low reordering of transactions. In 2020, the CFPB ordered the bank to pay a $3.5 million fine and provide $12 million in restitution to affected customers.
Advice for consumers
When it comes to protecting your rights as a customer with USAA bank, there are a few different ways to go about it. Below we have listed some different approaches. There are several avenues to take, and only you can judge which is right for your situation.
Consider switching banks
If you are experiencing unfair overdraft fees on your account, or if you are concerned about USAA Bank’s overdraft policies, it may be worth considering switching to a different bank or credit union with more favorable policies and practices.
Negotiate with USAA Bank
If you have a good track record with the bank and have been charged what you consider to be unfair overdraft fees, you may be able to negotiate with USAA Bank to have the fees waived or reduced.
Take advantage of account alerts
It is possible to sign up for account alerts via text or email. This way USAA Bank can send you notifications when your account balance is low, or when a transaction is made. This might make it easier for you to keep track of your account and thus avoid overdraft fees.
Submit Arbitration Claim with Shamis & Gentile, P.A.
Shamis & Gentile, P.A. is accepting qualified clients to bring claims against USAA bank for their allegedly unfair overdraft and NSF (Non-Sufficient Fund) practices which have cost customers millions of dollars. We are pleased to offer qualified clients the opportunity to bring claims against USAA Bank for their immoral and sometimes illegal practices.
FAQS
Can I dispute an overdraft fee with USAA Bank?
Yes. It is possible to dispute an overdraft fee with USAA Bank. The first step in this process would be to contact their customer service department, or by filing a dispute through their online portal. However, there is no guarantee that your dispute will be successful.
Is mass arbitration the same as class action?
No. Mass arbitration and class action are similar in that they both involve a group of individuals pursuing a legal claim against a company.
A class action lawsuit is a single lawsuit that is filed on behalf of many individual members. All of whom have been affected by the actions of the company in question. Whatever the conclusion of the case might be, this result will then apply to all members of the class action, and any potential compensation will be distributed among the members as well.
In the case of mass arbitration, each individual member of the group pursues their own arbitration claim against the company. The arbitration process is similar to a trial (as mentioned above), but it takes place outside of the traditional court system and is generally faster and less expensive than a court trial.
As opposed to a class action lawsuit, the results of each individual arbitration claim are separate, and can therefore vary depending on the specifics of each case.
How can I avoid overdraft fees with USAA Bank?
To avoid overdraft fees with USAA Bank, consider signing up for overdraft protection, keeping track of your account balance, and setting up account alerts to notify you when the account is running low.
How can I find out if I am eligible for compensation from a mass arbitration lawsuit against USAA Bank for unfair overdraft fees?
If there is an ongoing lawsuit related to USAA Bank’s overdraft fees, you may be notified if you are eligible for compensation. You can also submit a claim with Shamis & Gentile for the specific lawsuit to learn more about eligibility criteria.
What should I look for in a law firm to help me with a potential claim against USAA Bank?
When looking for a law firm to help you with a potential claim against USAA Bank, consider their experience in consumer protection or banking law, their track record of success in similar cases, and their willingness to work with you on a contingency fee basis (where you only pay if you win your case).
Has USAA Bank been accused of unfair overdraft fees?
Yes. USAA Bank has faced allegations of unfair overdraft fees, including the practice of high-to-low transaction reordering to maximize fees.
Can I join a mass arbitration lawsuit against USAA Bank for unfair overdraft fees?
If there is an ongoing investigation related to USAA Bank’s overdraft fees, you may be able to eligible to join. Submit a claim with Shamis & Gentile, P.A.
What should I do if I believe I have been charged unfair overdraft fees by USAA Bank?
You may want to consider reaching out to an attorney who specializes in consumer protection or banking law to discuss your options for recourse, which may include filing a complaint with the Consumer Financial Protection Bureau or pursuing a legal claim.
About Shamis & Gentile
Shamis & Gentile, P.A. has and continues to provide outstanding legal services in the Florida, Georgia, Ohio, Arizona, Illinois, New York and Texas communities. Our seasoned attorneys are some of the most innovative and progressive attorneys in the profession. Shamis & Gentile, P.A. has the resources, infrastructure and staff to successfully represent large putative classes. The attorneys and staff are not simply litigators, but directors of creating successful results with the ultimate level of satisfaction by the clients.