Usurious Interest Rates Investigation

Squitieri & Fearon, LLP announces Investigation Of Usurious Interest Rates Being Charged to Bank Customers’ Checking Account Overdrafts

Squitieri & Fearon, LLP is investigating cases of the imposition by banks of illegally high (“Usurious”) “fees” for overdraft coverage on checking accounts.  The so-called “fees” actually constitute interest charges that are legally required to be less than a mandated state law maximum.  For instance, the maximum annual legal rate of interest in New Jersey and New York is 16%; in Connecticut 12%; and in California (consumer loans) 10%.

The illegal interest charge is usually disguised as a “fee” on “sustained overdraft” or “negative balances.”  The “fee” is not any extra service charge and has been held by at least one court to constitute a charge for the “extension of credit” which must therefore be less than the statutory maximum in the state where the account is located.

If your bank has charged you an overdraft fee or a sustained overdraft fee or negative balance fee and you would like to learn more about our investigation of a possible class action lawsuit, please fill out our online form, or contact or by phone at (212) 421-6492.

Usurious Interst Rates Investigation

    Any information that you submit will be maintained as confidential. If Squitieri & Fearon, LLP, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Squitieri & Fearon, LLP will contact you to discuss the matter and whether to establish an attorney client relationship.