Did you pay an ACH transfer fee to send money to another bank account?
Some banks and credit unions may be duping account holders into paying unnecessary ACH transfer fees to move money between bank accounts.
If you paid a fee to send an ACH transfer to another bank account, you may have a legal claim. Fill out the form on this page for a free claim review.
What does ACH stand for?
ACH stands for Automated Clearing House, an electronic network that processes aggregated transfers of funds several times each business day. ACH transfers are a convenient and inexpensive way to transfer funds between bank accounts.
Many banks and credit unions offer free transfers of funds between accounts at the same financial institution. When an account holder wants to transfer money between banks, the transaction may involve fees.
Do Banks & Credit Unions charge fees to transfer money?
Some financial institutions will charge a small fee to electronically transfer money to a different bank or credit union. However, consumer protection lawyers are concerned that these financial institutions may be deceiving account holders about the nature of the transactions and charging unnecessary ACH transfer fees.
Bank and credit union account holders may have been able to make the exact same transaction without incurring a fee if the financial institution had allegedly not misled them.
Can I file an ACH transfer fee lawsuit?
If your bank or credit union imposed an ACH transfer fee on a transfer between banks, you may have been deceived into paying for a transaction that could have been made for free.
An ACH bank transfer fee class action lawsuit is one way to hold the financial institution accountable for allegedly misleading its customers and seek a refund for those fees.
Fill out the form on this page for a FREE consultation. Shamis & Gentile, P.A. will contact you after we’ve reviewed your information.
What is an ACH Transfer?
An Automated Clearing House (ACH) transfer is a convenient method of electronically moving money between accounts at different banks. The ACH transfer is processed through the Automated Clearing House Network, which is used by financial institutions to process batches of ACH transactions several times a day during the workweek.
An ACH bank transfer is often more convenient and less expensive than paying with a check or credit card.
Are there different ACH transfer methods?
There are several common ACH transfer methods that involve the transfer of funds into or out of a bank account. These include:
- Direct deposit payments
- Paying bills online from a bank account
- Making deposits from a bank account into investment or savings accounts
Banks and credit unions are able to facilitate an ACH transfer for account holders.
How Do Banks Allegedly Mislead Account Holders About ACH Transfer Fees?
Bank of America is already facing an ACH bank transfer class action lawsuit over allegations the financial institution misled account holders into thinking they needed to pay an ACH transfer fee.
The bank allegedly states on its website and online banking portal that account holders can receive ACH transfers for free but a $3 or $10 fee will be imposed on ACH transfers to another bank account.
According to the Bank of America class action lawsuit, the bank fails to inform its customers that the same transaction can be made for free by simply having the payee pull the money from their account instead. The plaintiffs are seeking refunds for all ACH transfer fees paid by themselves and eligible Class Members, plus statutory damages, punitive damages, and other costs.
Bank or Credit Union ACH Transfer Fees Class Action Lawsuit Investigation
If your bank or credit union imposed an ACH transfer fee, you may have been deceived into paying for a transaction that could have been made for free. An ACH bank transfer fee class action lawsuit is one way to hold the financial institution accountable for allegedly misleading its customers and seek a refund for those fees. Contact Shamis & Gentile, P.A. today by submitting your information now for a free case evaluation.
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