Stueve Siegel Hanson, Gray Ritter & Graham, and Tycko & Zavareei have filed a lawsuit against Commerce Bank, N.A. and Commerce Bancshares, Inc. (Commerce), alleging that the plaintiff, and other Commerce customers who are citizens of Missouri, were charged overdraft fees because of Commerce's unfair and deceptive overdraft fee practices. The lawsuit alleges that these practices violate Missouri's consumer protection law and Commerce's contracts with its customers.

According to the lawsuit, banks charge an estimated $27 billion annually in overdraft fees. The plaintiff alleges that Commerce engages in a systematic policy of re-ordering debit card transactions from highest dollar amount to lowest dollar amount so as to deplete the customer's available funds as quickly as possible while maximizing the number of overdraft fees. Further, the plaintiff alleges that Commerce charges overdraft fees even in situations where Commerce in fact did not pay out more funds than were in the customer's checking account, and fails to provide accurate account balance information on the bank's website or at the point of sale.

The plaintiff alleges, for example, that through these practices Commerce charged him hundreds of dollars in overdraft fees, even when Commerce did not have to pay out more funds than were actually in his account. The plaintiff further alleges that Commerce's manipulation and re-ordering of transactions improperly caused multiple $35 overdraft fees, even for purchases much smaller than the amount of the assessed fee.

Click Here to view the Commerce Bank Overdraft Fees Petition.

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Media Coverage 

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