Consumers and businesses rely on banks more than ever, with many people having not just one, but several bank accounts. When we trust a financial institution with our money, we trust that they will act in our best interests and within the confines of the law.
When banks break this trust, state and federal laws provide the potential for consumers to hold banks responsible and to be reimbursed for their damages.
Misleading Information From Banks
From hidden fees, wrong account information and misinformation of loan & credit card rates, there is a variety of misleading information banks can provide. Below are some, for reference:
- Hidden fees – undisclosed or concealed fees for maintaining accounts, balance transfers, cash advances, and other financial transactions.
- Late fees – banks can set payment due dates on non-business days, causing the payment to be processed on a later day in order to collect late fees and excess interest.
- Rate misrepresentation – Misrepresenting credit card’s annual percentage rate (APR) or the APR to be applied to balances transferred from your other accounts, and misrepresentation of loan rates as well.
- Doubling Loan Payments- doubling minimum monthly payments on loans for customers who have accepted a fixed rate offer.
Examples of Bank Misinformation
There have been numerous examples of banks being caught in the act of misinforming their customers, which has led to class action lawsuits being filed against these financial institutions.
The most recent example is Fifth Third Bank. Fifth Third Bank is in hot water due to being accused of misleading customers about the true cost of its Early Access loans.
The lawsuit, which was initial filed in 2012, accuses Fifth Third Bank of violating the Truth in Lending Act by deceiving customers about the annual percentage rate they would pay on their loans. The annual interest rate could be up to 15 times higher than what Fifth Third had claimed it would be.
Maginnis Howard’s Attorneys
If you or someone you know has been on the wrong side of misinformation from a bank, you deserve to have an experienced attorney in your corner. Our firm has experience in representing consumers against financial institutions who have misled them through misleading information.
Our firm recently received preliminary approval on a $7 Million class action settlement against a financial institution. We have also recovered millions of dollars for individuals in individual cases against financial institutions. On cases against banks, we generally provide free consultations and handle cases on a contingency basis, meaning you pay nothing unless we recover funds for you.