December 21, 2016 / 11:52 AM / 2 years ago

Bank of America must face lawsuit on extended overdraft fees -ruling

Bank of America must face claims that fees it charged to customers whose accounts were overdrawn for more than five days actually constitute illegally high interest, a federal judge in San Diego has ruled.

In a decision on Monday, U.S. District Judge James Lorenz said a group of the bank’s customers had adequately alleged that so-called extended overdraft fees are actually interest and thus subject to bans on usurious or excessive rates under the National Bank Act.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2hSQqxG

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