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First Tennessee Bank allegedly charges its customers unlawful bank overdraft fees and other types of fees.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Unauthorized Billing Of Credit/Debit Card Or Home Mortgage
- Unfair and Deceptive Services
- Over Charge
- Excessive or Unauthorized Fees
- Unauthorized Billing Of Credit/Debit Card Or Home Mortgage
- Deceptive And Misleading Billing Practices
- Overdraft Fees
- Delayed Posting Of Payments To Accounts
- Bank Fees
Product or Service
- Checking Accounts
Injury Type
- Monetary Loss
Investigation Details
Investigation and potential class action lawsuit against First Tennessee Bank for allegedly wrongfully charging overdraft fees and other types of bank fees to its customers.
Many First Tennessee Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that First Tennessee Bank re sequences debit card transactions to maximize overdraft fees. Consider the following example: Time 1: You have $100.00 in your bank account. Time 2: You use your debit card at Starbucks for $20.00. Time 3: You use your debit card at the gas station for $5.00. Time 4: You use your debit card at the grocery store for $105.00. Time 5: First Tennessee Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. First Tennessee Bank then posts the $20.00 debit, and then charges a second overdraft fee. First Tennessee Bank then posts the $5.00 debit, and charges a third overdraft fee. If First Tennessee Bank would have posted the debits in order in which they actually occurred, you only would have incurred one overdraft fee. Instead, you are stuck with three. The bank's practice of reordering debit transactions constitutes an unlawful deceptive trade practice.
It has been further alleged that First Tennessee Bank debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.
This is but two embodiments of what may be First Tennessee Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by First Tennessee Bank, please contact us to explain your experience.
Many First Tennessee Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that First Tennessee Bank re sequences debit card transactions to maximize overdraft fees. Consider the following example: Time 1: You have $100.00 in your bank account. Time 2: You use your debit card at Starbucks for $20.00. Time 3: You use your debit card at the gas station for $5.00. Time 4: You use your debit card at the grocery store for $105.00. Time 5: First Tennessee Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. First Tennessee Bank then posts the $20.00 debit, and then charges a second overdraft fee. First Tennessee Bank then posts the $5.00 debit, and charges a third overdraft fee. If First Tennessee Bank would have posted the debits in order in which they actually occurred, you only would have incurred one overdraft fee. Instead, you are stuck with three. The bank's practice of reordering debit transactions constitutes an unlawful deceptive trade practice.
It has been further alleged that First Tennessee Bank debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.
This is but two embodiments of what may be First Tennessee Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by First Tennessee Bank, please contact us to explain your experience.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| First Horizon National Corporation (FHN) | First Horizon National Corporation operates as a holding company for First Tennessee Bank National Association, which provides various financial services in the United States and internationally. The company principally offers regional banking, capital markets, and mortgage banking services. |