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IBC Bank may charge unlawful overdraft fees to its customers.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Unfair and Deceptive Services
- Over Charge
- Excessive or Unauthorized Fees
- 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 IBC Bank for allegedly wrongfully charging overdraft fees and other types of bank fees to its customers.
Many IBC Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that IBC 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: IBC Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. IBC Bank then posts the $20.00 debit, and then charges a second overdraft fee. IBC Bank then posts the $5.00 debit, and charges a third overdraft fee. If IBC 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 IBC 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 IBC Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by IBC Bank, please contact us to explain your experience.
Many IBC Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that IBC 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: IBC Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. IBC Bank then posts the $20.00 debit, and then charges a second overdraft fee. IBC Bank then posts the $5.00 debit, and charges a third overdraft fee. If IBC 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 IBC 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 IBC Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by IBC Bank, please contact us to explain your experience.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| International Bancshares Corporation (IBOC) | International Bancshares Corporation operates as a multi-bank financial holding company that provides commercial and retail banking services in south, central, and southeast Texas; and Oklahoma. Its bank is known as IBC Bank. |