http://www.latimes.com/nation/la-fi-court-bank-overdraft-fees-20160404-story.html
>The Supreme Court on Monday let stand a $203 million verdict in favor of Californians who were repeatedly charged overdraft fees by Wells Fargo Bank a decade ago.
>The justices turned down the bank's final appeal, in which Wells Fargo contended the class-action verdict was not justified. Lawyers sued on behalf of Wells Fargo customers who used a debit card and said they were misled by the bank's policy on overdrafts.
>A federal judge in San Francisco ruled in 2010 that Wells Fargo had sought to "maximize the number of overdrafts" by subtracting the highest charges first on the debit card, followed by the lower charges. When the account was overdrawn, this so-called "high to low" policy had the effect of multiplying the number of overdrafts, each of which carried a $25 to $35 fee.
Also from today's proceedings:
http://www.philly.com/philly/news/breaking/20160405_Supreme_Court_refuses_to_hear_Wal-Mart_case__Pa__workers_owed__187M.html
>The U.S. Supreme Court Monday said it would not take up a lost-wages case involving 186,000 current and former Wal-Mart employees, clearing away for the employees, all from Pennsylvania, and their attorneys to receive $187 million in the class-action suit.
>Nearly 10 years ago, in October 2006, a Philadelphia jury found that the workers were owed $140 million in unpaid wages when they worked off the clock, through their breaks, from March 1998 through April 2006.
>Wal-Mart had appealed, saying that the class should not have been certified and that each of the 186,000 workers should have had to testify individually about their particular circumstances.
>Pennsylvania's Supreme Court affirmed the jury verdict in December 2014, saying that Wal-Mart's own records provided the necessary evidence.
This comes just days after they upheld class-actions in another case:
http://www.nytimes.com/2016/03/23/business/supreme-court-upholds-worker-class-action-suit-against-tyson.html
GOOD. Overdraft protection is a fucking scam. I tried telling them to just decline me if I'm ever about to go red, and they made it seem like I just insulted them. Fuck those bricks, glad I took my business elsewhere.
>>37053
You know banks are pretty crooked when you have to use payday lenders to protect yourself from the bank. I guess you could argue it's our fault for not being responsible with our money but then how do you explain when someone switches to a credit union and goes from 25+ overdrafts per year to ZERO overdrafts ever again. I think SCOTUS got it right on this one.
