Not only does it sound good, but also overdraft protection is an essential aspect of banking. Unfortunately, lots of customers suffer from too many overdraft fees from financial institutions such as Bank of Oklahoma. Reports reveal that overdraft fees exist as a rewarding and profitable business for banks and eventually cost consumers billions of dollars each year. Overdraft protection programs from banks such as Bank of Oklahoma aim to protect the customer’s interests, but are sometimes imposed upon customers without every detail of the program being clearly stated. This leaves customers uninformed, and can prevent them from making a legitimate decision regarding overdraft protection.
An overdraft fee is charged every time a consumer withdraws an amount exceeding the available balance in their bank accounts. Since August 2010, financial institutions are prohibited to charge a consumer overdraft fees unless the consumer has requested an overdraft protection program. Though in most cases, customers claim that even if they might have signed up for an overdraft protection, their bank was not able to provide accurate information and transparency regarding the coverage of the program. It’s a shame how financial institutions such as Bank of Oklahoma take in large amounts of money each year from overdraft fees, when overdraft protection was was created for the benefit of the consumers. It is undeniable that credit unions and banks take advantage of this trend to deliberately increase their profit. In addition, it has been reported that the Bank of Oklahoma wrongfully processes and handles their customers’ transactions with attempts of maximizing the fees the customer must pay. Banks undoubtedly profit from overdraft fees, these profits are earned from lower income Americans who cannot afford to pay for them. These victims suffer and struggle just to keep their bank accounts stable and not overdrawn.
Lawsuits for overdraft fees, allege that some credit unions and banks are deceptive and manipulative with their overdraft protection programs, forcing their customers to pay more than they should. As a result, many disappointed consumers are filing overdraft fee lawsuits to confront the wrongful practices made by some financial institutions such as Bank of Oklahoma. Plaintiffs demand transparent, comprehendible, accurate and legit information of overdraft programs to be disclosed clearly. If you or anyone you know has experienced account closures due to heavy overdraft fees and believe the credit union or bank may be at fault. Please Contact Us and provide any details along with contact information. If you prefer to leave a voicemail you can call 1.858.236.9020. GetClassActionMoney.com can then forward these requests to our network of attorneys that may contact you if a Class Action Lawsuit is to be pursued. In addition make sure you Subscribe to our mailing list to receive important updates regarding class action news and open cases.