US Bank Class Action Lawsuit

A US Bank Class Action lawsuit challenges US Bank’s “Pay-to-Pay” fees, charged on borrowers who make a loan payment using online, phone or mail. The US Bank class action lawsuit is being filed by Theodore Casper, a New York City real estate investor who says in January 2014 he bought a house in New York, using a loan from the US Bank. He was told at closing that the loan would be paid automatically on his next mortgage payment, but when he asked about how the loan would be collected, the bank representative said it would be “pay to pay,” rather than on the due date.

In US Bank’s class action lawsuits, Casper says he was not happy with this answer because it appeared to him that he would have to pay fees without any way of knowing how much of an initial deposit he would have to pay, and that there was no way for him to learn how much the fees would cost him. But US Bank class actions also allege that the bank’s representatives did not tell Casper about these fees when he signed the mortgage documents.

According to the US Bank class actions, Casper has not settled his claims against the bank. Instead, he has initiated the lawsuits by filing the US Bank complaint against the bank and US Bank itself. Casper’s complaint is similar to others filed by other people who say they were misinformed about their mortgage payments by US Bank. Like other US Bank class actions, the Casper lawsuit says the bank’s “Pay-to-pay” fees violate the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Truth in Lending Act and other federal laws.

In the Casper class action, US Bank is accused of intentionally concealing from Casper the cost of the fees, and refusing to allow him to review this information. The bank also has not allowed Casper to review the fine print on the original loan documents and failed to give him enough notice to review the information that the fee would be applied to his account. and the terms of the fee.

Casper is seeking a jury trial on the charges against US Bank. US Bank does not admit liability in the Casper class action and instead is contesting the claims on behalf of its customers. rather than its customers’ attorneys, so the class action will not be settled in court.

Class action lawsuits are filed against companies that make loans or mortgages in violation of the federal Fair Debt Collection Practices Act. for breach of contract, unjust enrichment, or false and misleading statements. The FDCPA covers all types of unfair or deceptive practices, including those used by banks in processing and collecting mortgage payments. Any customer who is harmed by any of these practices can bring the lawsuit.

Casper says he has received several phone calls from customers who say they are similarly situated, and have received the same reaction from US Bank when seeking a settlement: “Pay to pay” or “pay-as-you-go.” Casper and the other US Bank class actions have also been denied class status. However, some classes have been approved.

If the US Bank class actions are allowed to proceed, there are three main points at stake here. The first is that US Bank should refund the cost of collection costs, which can amount to thousands of dollars for each customer. The second point is that US Bank should give clients reasonable notice of the collection costs, to the point where clients can avoid having to pay the fees. Finally, if the law firm wins its case, the bank must make the collection fees available to the class for free, rather than requiring plaintiffs to shell out any of their own money to pay the settlement costs.

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