BMO Bank Consumers Bring Claims of Unfair Overdraft Fees
McCune Law Group, (MLG), is accepting claims against BMO Bank over unfair overdraft fees resulting from unscrupulous or unclear company practices.
BMO Bank is a national banking institution operating in several states in the Midwest and Southwest. With more than 600 branches, 1,300 ATMs, and $162 billion in quarterly revenue, BMO is the twenty-first largest bank in the United States. MLG believes BMO utilizes unfair practices to maximize the number of unfair bank fees charged to customers and is representing claims from wronged customers nationwide.
BMO Bank Fees Affect the Most Vulnerable
Overdraft fees have been used by banks and other large financial institutions to cater to their bottom line for years. To avoid being held accountable for their unclear company practices, many banks include arbitration clauses that prevent customers from pursuing legal action in court. However, arbitrations can be used to hold banks like BMO Bank accountable. You may qualify if:
- You are a current BMO Bank customer
- You have been charged an overdraft fee on a debit card purchase within the past year
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Who is Eligible to Recover Overdraft Fees From BMO Bank?
MLG is representing BMO Bank customers who have been affected by the bank’s unfair overdraft practices. You may be qualified to join this arbitration if:
- You are a current BMO Bank customer.
- You currently have a positive account balance.
- You have been charged an overdraft fee on a debit card purchase at least once in the past year.
What is the Claims Process Against BMO Bank?
Banks across the country have turned to arbitration clauses in their agreement paperwork to protect themselves from pricey class actions which can bring bad press. Consumers who sign an arbitration clause are compelled to bring their claims against banks like BMO via arbitration, rather than class action lawsuits. MLG has decided to represent BMO customers as they seek to recover wrongfully taken overdraft fees. If you qualify, MLG will represent you in arbitration at no charge to you – win or lose.
What is the Arbitration Process Like?
Arbitration is a private form of dispute resolution in which a claim is brought outside of a courtroom. Rather than a judge, an arbitrator will hear both sides of the argument, decide who is the winner, and will determine the award amount. Each side is encouraged to retain an attorney for the best results. If you choose to retain MLG as your legal representation in your BMO Bank fees lawsuit claim, we will defend your rights in arbitration at no cost to you. All costs will be charged to your bank if the arbitration is successful.
Frequently Asked Questions
What are overdraft fees, and why do banks charge them?
Overdraft fees are charges imposed by banks when an account lacks sufficient funds to cover a transaction, allowing the transaction to proceed regardless. Banks justify these fees to cover the costs of processing transactions that exceed available funds and discourage irresponsible financial behavior. However, MLG argues that overdraft fees have evolved into a significant revenue stream for banks, often far exceeding the actual cost of processing overdraft transactions. This has led to accusations of banks exploiting their customers’ financial vulnerabilities for profit.
Who is most affected by overdraft fees?
Overdraft fees disproportionately affect low-income individuals, those living paycheck to paycheck, and marginalized communities. These groups often have less margin for error in managing their finances and are more likely to incur overdraft fees due to unexpected expenses or irregular income. Furthermore, the lack of access to traditional banking services or knowledge about alternative financial products can exacerbate the impact of overdraft fees on these populations, trapping them in a cycle of debt and financial instability.
How can consumers avoid overdraft fees?
Consumers can take several steps to minimize their exposure to overdraft fees. These include closely monitoring their account balances, setting up alerts for low balances, opting out of overdraft protection programs to prevent transactions from going through if funds are insufficient, and maintaining a buffer in their accounts to cover unexpected expenses. Additionally, exploring alternative banking options such as credit unions or fintech companies that offer more transparent fee structures and overdraft alternatives can provide relief for those consistently hit by overdraft fees.
Does BMO Bank have overdraft fees?
Yes, BMO Bank does charge overdraft fees. Like many other financial institutions, BMO Bank applies overdraft fees when an account lacks sufficient funds to cover a transaction but still allows the transaction to go through. These fees typically range from $30 to $40 per occurrence, though specific amounts may vary depending on the account type and the nature of the transaction. It’s essential for customers to familiarize themselves with BMO Bank’s overdraft policies and fee structures to understand how they may be impacted.
What is the minimum account fee for BMO Bank?
The minimum account fees for BMO Bank can vary depending on the type of account and the services offered. Typically, BMO Bank may require a minimum balance to waive monthly maintenance fees for certain checking or savings accounts. Additionally, other fees such as overdraft fees, ATM fees, and wire transfer fees may apply depending on account activity and usage. It’s advisable for customers to review BMO Bank’s fee schedule and account terms carefully to understand the specific requirements and potential charges associated with their account.
When are BMO Bank fees charged?
BMO Bank fees are typically charged based on specific account activity and services utilized by customers. Common fees, such as monthly maintenance fees for checking or savings accounts, are typically assessed at the end of each monthly statement cycle if the account requirements, such as minimum balance or transaction thresholds, are not met. Other fees, such as overdraft fees or ATM fees, are charged at the time of the transaction that triggers the fee.
How You can Join Our Arbitration or Lawsuit Over Overdraft Fees:
The Financial Services attorneys at McCune Law Group are pursuing mass arbitrations on behalf of BMO Bank customers who have been charged unfair bank and overdraft fees. If you have been charged an unfair overdraft fee recently, here is how you can join our arbitration:
- Set up your free consultation: Once you’ve submitted the contact form, a representative from McCune Law Group will reach out to you to schedule a free consultation. This initial meeting is an opportunity for you to discuss your case briefly and understand how the firm can assist you in your case.
- Meet with our class action team of attorneys: Attend the scheduled consultation either in person or virtually, depending on your preference and location. You will be introduced to the team of attorneys who will be handling your case. This is a chance to get to know the legal professionals who will be advocating for you.
- Discuss your potential case: During the consultation, share the details of your case matter with the attorneys. Provide any relevant documents, evidence, or information that can help them understand the merits of your case. Be open and honest about your situation, and feel free to ask any questions you may have about the legal process.
- File your arbitration claim and request an arbitrator: After a thorough discussion of your potential case, the attorneys will draft and file your claim against your bank or financial institution outlining your issues and requesting an arbitration begin. An impartial arbitrator will be assigned to your matter and will hear your attorney’s argument and the defendant’s rebuttal privately before making a ruling. During this time, it’s vital to provide any additional documentation you may be asked for and to maintain contact with your attorney.
Reclaim Your Hard-Earned Money Today
McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC (MLG), has a history of aggressive class action representation that spans over 30 years. Serving the Inland Empire and the entire U.S., we have represented consumers in financial services class action litigation involving overbilling, mortgage fraud, and more. One of our most notable cases involved a $203 million verdict in a class action against Wells Fargo for unfair overdraft fees imposed on its California customers. Whether it’s defending against predatory lending practices, pursuing cases of deceptive advertising, or fighting against unfair debt collection tactics, our Financial Services Attorneys are committed to leveling the playing field for consumers.
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McCune Law Group, is responsible for this advertisement. The information provided on this website is for general information purposes only. The information you obtain is not, nor is it intended to be, legal advice. Use of this website or submission of the online form does not create an attorney-client relationship.
Counsel Richard McCune is licensed to practice only in the state of California. The law firm of McCune Law Group, has attorneys licensed to practice law in AZ, CA, IL, MO, NJ, NY and PA. This information section is not intended to be a solicitation for services in states where it is forbidden for non-barred attorneys from advertising for services, and McCune Law Group, does not have attorneys barred in that state. McCune Law Group, is a national firm that brings lawsuits in a majority of the states. In states where one of its attorneys are not barred, it does so by filing the complaint along with local counsel barred in that state.
The results discussed do not guarantee, warrant, or predict the results in future cases.
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About Us
McCune Law Group, (MLG) has a long history of success holding banks and credit unions accountable for their unfair or illegal practices, including a $203 million verdict against Wells Fargo itself. The Financial Services attorneys of MLG believe big banks should never be able to just take their customers’ hard-earned money when they are not legally entitled to collect overdraft fees.
