Bank fees in general are a frustrating and unexpected expense for many consumers each year. And while some of these fees, such as overdraft fees, are fairly well understood, and often unavoidable, there are other types of fees that may be more difficult to understand and more challenging to fight.
These fees are also known as “junk fees,” and can include a variety of charges to your account, such as maintenance fees, ATM fees, resort fees, mortgage fees, event fees and foreign transaction fees. The good news is that the government is currently looking at ways to reign in these uncontrolled junk fees, but you as an individual also have certain options.
So if you are tired of paying bank junk fees, you may be wondering what legal options are available to you, and what options in general that you have available. Below we have gathered a list of the things you should be aware of, in order to make the best informed decision possible.
Read your account agreement carefully
Be sure to read the account agreement carefully and understand any fees that may be charged. Preferably you should do this before signing up for a bank account, but if you are already a customer you might still have something to gain by reading this agreement. While it may not be possible to avoid all fees, you may be able to choose an account that has lower or fewer fees.
Know your rights
Banks are required by federal law to disclose the terms and conditions of their accounts, including any fees that may be charged. Therefore, you should be able to find all fees in your agreement. If you feel that you are being charged fees that you were not properly informed about, you may be able to dispute the charges and seek a refund.
Consider switching to a bank with lower fees
If you are unhappy with the fees you are paying at your current bank, you may want to consider switching to a bank that offers lower or fewer fees. Many smaller banks, online banks, and newer banks offer a wider range of services without fees, compared to the more established and traditional banks.
Join a class action lawsuit
If you believe that you have been the victim of deceptive or fraudulent fee practices by your bank, you may be able to join a class action lawsuit. A class action lawsuit is a type of legal action in which a group of people with similar claims bring a lawsuit against a defendant or defendants. Joining a class action lawsuit can be a powerful way to hold a bank accountable for its fee practices and seek compensation for any losses you may have suffered.
Real case example
AT&T is a telecommunications company that offers a wide range of products and services, including phone, internet, and television service. In addition to its core business, AT&T also offers financial products such as credit cards and bank accounts.
It is important to note that AT&T is subject to the same laws and regulations as other banks and financial institutions when it comes to fee disclosures and consumer protections. The company found this out back in August, when a judge rejected the proposal by AT&T to dismiss a lawsuit on these grounds.
If you are a customer of AT&T’s financial products, you may be wondering what legal options are available to you if you are charged bank junk fees. The legal options discussed above, such as reading your account agreement carefully, knowing your rights, switching to a bank with lower fees, and joining a class action lawsuit, all apply to AT&T’s financial products as well.
If you believe that you have been unfairly charged fees by AT&T, you may be able to dispute the charges and seek a refund or compensation through the legal options discussed above.
Final thoughts
Hopefully the above has made it easier for you to determine which steps you can take, in order to fight bank junk fees and protect your financial interests. Whether you choose to switch to a bank with lower fees, dispute charges, or join a class action lawsuit, there are legal options available to help you fight back against unfair or deceptive fee practices.
If you wish to proceed down the legal route, our legal experts are interested in hearing from you. We can schedule a short conversation where we can discuss any concern you might have, as well as provide you with valuable instructions and legal help along the way. Contact us today!
