Recently, a bank customer and his business filed a class action complaint in the Stamford-Norwalk Judicial District Superior Court against a Connecticut-based bank alleging that bank engaged in unlawful business practices to maximize its fees. According to the complaint, the bank allegedly assessed $37 overdraft fees on “Authorize Positive, Settle Negative Transactions” (APSN Transactions) and accounts that were not actually overdrawn and charged multiple NSF or overdraft fees on a single item. The complaint claims the bank’s practices breached the bank’s consumer and business contracts with the plaintiffs, including the covenant of good faith and fair dealing, and violated the Connecticut Unfair Trade Practices Act.
The complaint details specific instances where the plaintiffs were charged fees they allege were improper and argues that the bank’s practices were deceptive, unfair, and designed to maximize fee revenue at the expense of customers. The complaint references numerous federal agencies and their criticisms of the practices at issue in the complaint. The plaintiffs seek to represent three classes of affected customers: (i) the APSN class; (ii) the overdraft/NSF fee on positive balance class; and (iii) the multiple NSF fee class. The plaintiffs request actual and punitive damages, restitution, pre-judgment interest and attorneys’ fees.
