Trustco Bank Breached Contract With Customers, Allegedly Conducts Illegal Overdraft Fees Practices
Trustco is hit with a class action lawsuit alleging that it has done misdeeds in its overdraft fees and insufficient funds charges practices – harming its customers in the process
Plaintiff Thomas Jenkins accused the bank of improperly assessing multiple overdrafts and insufficient fund charges on a customer’s single transaction.
Jenkins continued that Trustco Bank allegedly attempted to make more profits off of its clients through deceptive practices.
One practice includes the bank charging more than one overdraft fee on every customer’s transaction.
Another one includes the bank charging a customer one overdraft fee and then follows it with another one.
There were also times when the bank reprocesses individual transactions in order to charge more than one overdraft fee on a customer.
Jenkins contended that this runs counter to the bank’s promise to its customers that it would ensure that such transactions would incur another round of overdraft fee charges.
Accused of breaching its contract with its banking clients, the Trustco Bank Overdraft Fees Class Action Lawsuit argues that what Trustco Bank is doing is opposite to what it guarantees to its customers.
The lawsuit continued that there is in no way that the bank has made its customers agree to the terms that each reprocessing of a transaction would incur a separate and additional charge that would go straight to their bank.
In fact, Trustco Bank promised its clients through its contract with them that it would only charge a fee on a singular item that pertains to a single banking transaction undergone with the bank.
Nevertheless, the bank has routinely did not abide by this contract provision, and it treats every reprocessing of an item as a new and unique transaction subject to a new set of overdraft fees.
Filed in the United States District Court Northern District of New York, the Trustco Bank Overdraft Fees Class Action Lawsuit accuses the bank of breach of contract and unjust enrichment in its allegedly illegal overdraft charging practices.
Jenkins is seeking the establishment of a Class that includes all similarly situated Trustco Bank customers whose transactions also got subjected to the bank’s allegedly illegal overdraft charging practices. He is also asking the court to grant a trial by jury.
About the company
Trustco Bank is a commercial bank founded in Schenectady, New York, more than a hundred years ago.
Currently headquartered in Glenville, New York, the bank has more than a hundred banking centers spread across the different states of Vermont, New York, Florida, New Jersey, and Massachusetts – with most of them mostly concentrated in their home state.
The bank is currently headed by its CEO Robert J. McCormick.
Editor’s Note on Trustco Bank Overdraft Fees Class Action Lawsuit 2021:
This article features the latest news about the class action lawsuit filed against East Coast Bank Trustco Bank.
The company is accused of conducting illegal overdraft fees charges to its customers – breaching its contract with them.
What are your thoughts on this piece? Please send us a message by clicking the ‘Contact Us’ button below! We’d love to hear back from you.
Similar Lawsuit: BoA Overdraft Lawsuit.