1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

Bank gives misleading information Consumer Fraud

Discussion in 'Banking, Finance, Investments' started by ambrogo, May 18, 2019.

  1. ambrogo

    ambrogo Law Topic Starter New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    1
    Jurisdiction:
    New York
    I signed up at my bank induced by getting money back in exchange for depositing a large sum of money. I didn't realize that the person who signed me up put me into some plan that had benefits I didn't need that required a very high balance. When I realized a while later that I was being charged, I asked the bank what it was for and they told me that it was required by the account I signed up to have. I went into the branch and wasn't happy about it and they told me that it was just a feature of what I had agreed.

    I went into another branch 3 weeks ago and they told me that the people in the first branch weren't exactly honest or accurate. I could have easily moved to another type of account at any time and they should have recommended that I could do so. They just didn't do it as I was signed up to a higher type of account that gave me benefits I never needed or used because I had deposited so much money. The new branch switched everything and now all the fees are gone. I paid a year and a half of fees that I didn't have to pay the bank. They are now looking into what they can do. What are my rights? The fine print in these agreements are impossible to understand and that is why I was in the bank branch several times.
     
  2. justblue

    justblue Well-Known Member

    Messages:
    2,812
    Likes Received:
    1,307
    Trophy Points:
    113

    And it never occurred to you that you could change you acct? Really? How old are you? How many bank acct's have you had in your adult life?
     
  3. adjusterjack

    adjusterjack Super Moderator

    Messages:
    10,971
    Likes Received:
    4,164
    Trophy Points:
    113

    You're not going to like this but you are supposed to figure out what you are getting into before you get into it.

    Those account agreements are available for the asking before you sign up.

    And if you read them and your reaction is "I don't understand this" then you don't sign up for it.

    Nobody did anything illegal to you. If the people at the bank can credit you the fees, then fine. If not, then you'll know better for the future.
     
    justblue likes this.
  4. army judge

    army judge Super Moderator

    Messages:
    35,137
    Likes Received:
    6,117
    Trophy Points:
    113

    justblue likes this.
  5. zddoodah

    zddoodah Well-Known Member

    Messages:
    5,717
    Likes Received:
    1,748
    Trophy Points:
    113

    Like every other person, you have dozens of legal rights, and it would serve no useful purpose to try and create a list.

    What is your real question?
     
  6. adjusterjack

    adjusterjack Super Moderator

    Messages:
    10,971
    Likes Received:
    4,164
    Trophy Points:
    113

    Can I sue the bank for all the fees?
     
    justblue likes this.
  7. justblue

    justblue Well-Known Member

    Messages:
    2,812
    Likes Received:
    1,307
    Trophy Points:
    113

    No.

    ;)
     
  8. Michael Wechsler

    Michael Wechsler Administrator Staff Member

    Messages:
    9,209
    Likes Received:
    643
    Trophy Points:
    113

    If you have a private banker (which many banks offer), they should have responsibility for advising clients on their accounts and you should certainly follow up with the bank since it doesn't reflect well on the bank. I think most people would believe what their private bankers tell them about their accounts and I'm not sure it's fair to blame people for not going over paperwork which may have been years old and superseded when bank employees are making representations.

    Banks also may not specifically identify the fees that they charge, which may be rolled into existing fees and be misleading. For example, when you choose to receive paper bank statements, banks such as Chase may charge you a fee ($3 just to receive paper statements.) Changing your preferences online (or being prompted whether you wish digital statements) may not indicate to you that you're actually being charged a fee.

    While some banks may portray themselves as looking out for its clients (such as "wealth management services") you will unfortunately have to watch them as if they are only looking out for themselves.
     

Share This Page