April 19, 2018 / 12:32 AM / a month ago

Lawsuit says UnionBank's overdraft fee really illegal interest

New York-based UnionBank, part of Tokyo’s Mitsubishi UFJ Financial Group, has been hit with a proposed class action accusing it of charging illegally high amounts to customers who leave their accounts overdrawn for several days.

Filed on Tuesday in federal court in San Diego, California, the lawsuit said the bank’s “continued overdraft fee” is actually interest charged for using the bank’s money to cover an overdrawn account, often at annualized rates topping 500 percent.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2HLXZD5

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