HSBC Sued Over 'Deceptive' Overdraft System

Law360, Los Angeles (December 19, 2012, 3:53 PM EST) -- HSBC Bank USA NA was hit with a proposed class action in New York federal court Tuesday accusing it of deceiving customers by burying their costliest debit transactions on their statements and by not clearly telling them they had the right to opt out of its overdraft fee program.

The suit claims HSBC purposely lists debit transactions on customer statements in amounts from high to low so they are more likely to incur overdraft fees. HSBC also ignores Federal Reserve System rules requiring banks to give...
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