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    Johnny Love's Avatar
    Johnny Love Posts: 1, Reputation: 1
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    #1

    Jun 12, 2008, 11:16 AM
    Bank fees
    Can I just go into small claims court and sue my bank for fees, the reason loan sharking is illegal is because of the usury law, it seems to me bank fees fall under this law.:confused:
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jun 12, 2008, 11:31 AM
    Quote Originally Posted by Johnny Love
    can i just go into small claims court and sue my bank for fees, the reason loan sharking is illegal is because of the usury law, it seems to me bank fees fall under this law.:confused:

    You can file against anybody just about any time - it's the winning that becomes problematical.

    Sure - maybe you'll win and we'll all get our bank fees reduced. They are set by State Law (and often Federal Law) so you'll also have to sue the State and the Feds.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #3

    Jun 12, 2008, 11:43 AM
    I don't think you can successfully sue your bank. Your bank is a business whether you realize this or not. It is in the business of not only making money but serving as a convenience to you so you don't have to carry around cash and personally visit every debtor that you owe money to, i.e. your car payment in another state, your electric bill two towns over, your phone bill three states over, etc. I for one think that bank fees for say a checking account are rather reasonable considering the alternative out there.
    froggy7's Avatar
    froggy7 Posts: 1,801, Reputation: 242
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    #4

    Jun 12, 2008, 01:12 PM
    Usury applies to interest. Bank fees aren't interest. If you don't like what your bank is charging, sop around for a better deal. I can tell you, if you do sue your bank, be prepared for them to tell you to take your business elsewhere. Which will probably be their defense in court, as well.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Jun 12, 2008, 02:27 PM
    Banks are actually free to set their fees, late charges, fees for printing checks, check cancelling

    That is why you need to shop around for a bank with the best fee.

    This exact isssue just discussed on a national radio talk show this week, completely legal, since it is not interest rates and they post their charges.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #6

    Jun 12, 2008, 02:46 PM
    Quote Originally Posted by Fr_Chuck
    Banks are actually free to set thier fees, late charges, fees for printing checks, check cancelling

    That is why you need to shop around for a bank with the best fee.

    This exact isssue just discussed on a national radio talk show this week, completely legal, since it is not interest rates and they post thier charges.


    You are absolutely correct - I was thinking interest, not fees.

    Wrong, wrong Judy -
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