Wachovia, BofA, Citibank Sued Over ‘Bad-Faith’ Overdraft Fees

Wachovia, Bank of America and Citibank have been named as defendants in multidistrict litigation challenging bank overdraft fee policies -- and plaintiffs attorneys predict that other financial institutions will also be brought in. One such complaint claims that Wachovia "routinely enforces a policy" under which incurred charges are posted to consumers' accounts in nonchronological order to maximize overdraft fees.