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 our trust, state and federal laws provide the potential for consumers to hold banks responsible and reclaim their money.
Misleading Information From Banks
From hidden fees to 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 payments to be processed late in order to collect late fees and interest.
- Rate misrepresentation – Misrepresenting credit card’s annual percentage rate (APR), including the APR on 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 are numerous examples of banks misinforming their customers, which has led to a flood of class action lawsuits against these financial institutions.
The most recent example is Fifth Third Bank. The banking giant is in hot water for allegedly misleading customers about the true cost of its Early Access loans.
The lawsuit, initially filed in 2012, accuses Fifth Third Bank of violating the Truth in Lending Act by deceiving customers about APR rates on 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 have been misinformed by 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. We generally provide free consultations and handle cases on a contingency basis, meaning you don’t owe anything unless we win.