In March 2020, a class-action lawsuit
was filed against Valley National Bank for allegedly misleadingly representing that it charges overdraft fees and non-sufficient funds fees if there is not enough money in an account to cover a transaction without adequately disclosing that the bank assesses such fees based on an “artificial available balance” that deducts pending debit card transactions instead of the actual balance (or money in the account). Plaintiffs also claim that the bank improperly charges an additional fee every time a transaction is resubmitted for payment resulting in multiple fees being charged on a single transaction. (Urena et al v. Valley National Bank
, Case No. 20-cv-3305, D.N.J.)
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