Los Angeles Unfair Bank & Lender Practices Attorneys
Many consumers and businesses rely on banks and other financial institutions to protect their money or to obtain loans. Unfortunately, this trust can be sometimes violated, as banks and other financial entities may sometimes put their own profits and interests above those of their account holders.
When it happens, these entities can be in violation of the law, and compensation can be available to the affected parties.
Bank Fraud and Other Unfair Bank & Lender Practices
Banks and other financial institutions use a variety of unfair and fraudulent tactics to maximize profits to the detriment of their customers, including:
- Charging hidden fees, which can include undisclosed fees for making balance transfers, maintaining accounts, taking out cash advances or making other transactions
- Assessing unauthorized charges, which may involve charging account holders for services or products they did not request or approve (A common example is adding charges for payment protection plans.)
- Misrepresenting the interest rate, which occurs when institutions fail to disclose the actual annual percent rate (APR)
- Illegally increasing the interest rate, which occurs when institutions change APRs without adequate notification or otherwise in violation of the law
- Failing to post payments or deposits to accounts, which occurs when payments are not being posted on time, resulting in late fees
- Slamming, which occurs when account holders’ money is transferred between accounts without their approval or knowledge
- Running bait-and-switch schemes, which can take place when banks or lenders lure customers in with an offer for credit or a service and then switch out that offer/service for an inferior or pricier one when customers are ready to make a purchase
It is important to point out here that these unfair and fraudulent actions can be committed by not only traditional banks, but also by other entities such as credit card companies and investment firms.
If you have been the victim of unfair practices by banks, credit companies, or other financial institutions, contact the Los Angeles class action & consumer attorneys at Broslavsky & Weinman, LLP to find out more about your rights and potential legal claims. Call us at (310) 575-2550 or email us using the contact form on this page for a quick response.