Overdraft Fees Not Interest, Citizens Bank Tells 1st Circ.

Law360, Boston (February 7, 2019, 2:27 PM EST) -- A ruling that fees charged by Citizens Bank NA to customers whose account balances stay in the red should be classified as illegal interest would mark a "dramatic change in the law," an attorney for the bank told a First Circuit panel Thursday.

Such a ruling would set up a split with the Eleventh Circuit, the lawyer said, and would go against an interpretive letter issued by the Office of the Comptroller of the Currency in 2007 that, according to the bank, should carry substantial weight.

"We think it's an open and shut case," said David J. Zimmer of Goodwin Procter...

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