HSBC Hit With Class Action Over Overdraft Fees

Law360, New York (March 3, 2011, 1:33 PM EST) -- A proposed class action filed Tuesday in a New York court claims that HSBC Bank USA NA unfairly imposes excessive overdraft fees on debit card customers by failing to notify them when their accounts are overdrawn and manipulating transactions.

The suit, filed in the Supreme Court of the State of New York, County of New York, alleges that overdraft fees are a major source of revenue for the bank, so it has developed a series of deceptive practices to ensure that it can impose as many...
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