Class Action Targets Bank Of The Ozarks' Overdraft Fees

Law360, New York (November 26, 2012, 7:43 PM EST) -- A consumer hit Bank of the Ozarks with a nationwide class action in Florida on Wednesday, claiming the bank engages in numerous practices to maximize the amount of overdraft fees it collects, including the intentional manipulation of customer transaction records.

Plaintiff Michael Arnold alleges that, in addition to using sophisticated software that illegally manipulates customer account information in order to boost income from overdraft charges, the bank violates the Electronic Funds Transfer Act by failing to inform consumers of its overdraft fee policy when they open...
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