PNC Reverse Sequencing Class Action Update

Anapol Schwartz is investigating potential class action lawsuits against major banks such as PNC, Citi, Bank of America, Suntrust, Wachovia, and Sovereign related to insufficient funds/overdraft fees.

Specifically, we are investigating any major bank that automatically re-sequence electronic debit transactions from highest to lowest dollar amounts instead of posting them in the order in which they occurred. This practice drives customers’ checking accounts into a negative balance as quickly as possible, and results in duplicative overdraft charges.

For example, assume a consumer has a checking account balance of $100, and then makes purchases of $20, then $40, and then has an electronic debit from their account in the amount of $200. Instead of first crediting the $20 and $40 purchases and charging a single overdraft fee for the subsequent $200 charge, some banks re-order these transactions from highest to lowest, and then charge consumers three different overdraft fees. A single overdraft fee is over $30 at many banks.

Contact Our Reverse Sequencing Fee Lawyers Today »

If you have a checking account at a major bank and have been charged an overdraft fee in this manner within the past four years, please contact Anapol partner Barry Hill, bhill@anapolschwartz.com.