Banks Can Process Transactions In Any Order, 9th Circ. Says

Law360, New York (January 3, 2013, 6:11 PM EST) -- The National Bank Act prevents use of California unfair competition law to dictate the order in which financial institutions process customers’ transactions, but it doesn’t bar consumers from bringing lawsuits arguing they were deceived about such practices, the Ninth Circuit ruled in a published opinion.

The appeals court’s Dec. 26 decision vacated a $203 million judgment against Wells Fargo Bank NA, which faces a class action accusing it of processing debits in a manner that maximized overdraft fees, but left open the possibility that the bank...
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