Were you charged multiple non-sufficient fund (NSF) fees for a single bounced check or failed transaction? If so, you may be entitled to compensation.
Many consumers are unaware that banks are prohibited from charging more than one NSF fee for a single unsuccessful transaction. This means that banks cannot charge more than one NSF fee when a bounced check or ACH transaction is re-presented for a payment that was initially declined.
Frequent NSF fees can have a negative impact on your financial well-being. Not only can they drain your account balance, but they can also lead to a cycle of debt if you’re unable to bring your account back to a positive balance quickly. Additionally, they may damage your banking relationship and potentially affect your credit score if unpaid fees are sent to collections.
Regulatory bodies, such as the Federal Deposit Insurance Corporation (FDIC), have implemented stricter guidance to curb predatory practices regarding multiple NSF fees. These regulations are designed to safeguard consumers’ financial interests and prevent unfair charges.
If you believe you were improperly charged one or more NSF fees, you may qualify to join an investigation.
Do you qualify?
If you incurred multiple NSF fees for a single unsuccessful transaction, you may be eligible to recoup some of those fees.
