Week Adjourned: 7.9.10

Top Class Actions

And the Winner is… It’s nice to know that in these tumultuous times wracked with financial uncertainty that some things remain constant. That we can rely on our institutions to proudly defend their position as looking out for our best interests, when in fact they are looking out for their own. Business as usual. As usual.

This week, the Business as Usual unofficial award goes to City National Bank of Charleston WV. They are facing a class action lawsuit based on allegations that they manipulate debit card transactions so as to maximize overdraft fees.

Now, I realize that this practice is hardly original practice, but it’s reassuring to see that smaller institutions are taking up the larger banks business strategies, following their lead so-to-speak. After all, shareholders may benefit.

So, I’m going to assume that the fellow who filed the lawsuit is not a shareholder. Correct me if I’m wrong. Here’s his beef:

“The plaintiff alleges, among other things, that City National: (a) engages in a systematic policy of re-ordering debit card transactions from highest dollar amount to lowest dollar Continue reading “Week Adjourned: 7.9.10”