Monday, March 15, 2010

Bank of America? Bank of Fees!

Last week was an unprecedented blow for freedom for the American consumer. The Courts are finally starting to deal with the allegations of fee creating by some of the largets banks in America.

Anyone who has ever had an account with these banks knows they play with deposits and withdrawals to create fees.

In a huge suit, Miami Federal judges denied a Motion to Dismiss by a number of banks in which they are accussed of having excessive and abusive overdraft fees. This will pave the way for a class action law suit, wherein the power of a group will rival the power of the big banking institutions. There is a great article about the suit in the South Florida Business Journal.

Bank of America then announced that they are no longer charging these a feel good attempt to throw people off the scent.

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