Caddell & Chapman is investigating a potential class action lawsuit against Arvest Bank for charging excessive and unauthorized overdraft fees to its customers. According to Caddell & Chapman’s preliminary research, Arvest is engaging in a tactic commonly used by banks known as “high-low” posting of transactions, without disclosing that method to its customers. That is, the bank does not post a transaction to a customer’s account in the chronological order in which the customer makes it, but instead posts it in the order of the highest dollar amount to the lowest. This deceptive practice causes a customer, thinking she has enough money in her account to complete a transaction, to overdraw her account and therefore incur an unwarranted overdraft charge.
If you or someone you know has an account with Arvest Bank and think you have been the victim of these practices, please contact us using the form below. Our consultations are completely free of charge, and we will keep all of your information confidential.