Teh One Who Knocks
05-09-2012, 01:21 AM
By Todd Wallack, Globe Staff
Is Citizens Bank taking advantage of its customers’ math errors?
A class action suit filed in federal court in Illinois last week accuses Providence-based Citizens Bank of keeping any extra funds when customers’ accidentally undercount the amount of money they deposit.
For instance, the suit said Todd L. Bowers Inc., a chiropractic center in Downers Grove, Ill., deposited $1,475.07 in checks and cash into its Citizens account in November 2010, but made an error and listed only only $1,448.57. The bank credited the chiropractic firm with the lower amount and kept the extra $26.50.
Bank spokesman Jim Hughes said Citizens Bank is reviewing the complaint. “We are committed to ensuring the accuracy of our customers’ account information,” Hughes said. “We take any potential issue that a customer may raise very seriously.”
The suit didn’t name other customers who have been affected or cite evidence to show that the error was part of a wider pattern.
But David C. Thollander, the attorney who filed the suit, says he believes evidence will show that the practice “is occurring in every state where Citizens Bank operates.” The suit alleged that the practice involved more than $5 million.
Is Citizens Bank taking advantage of its customers’ math errors?
A class action suit filed in federal court in Illinois last week accuses Providence-based Citizens Bank of keeping any extra funds when customers’ accidentally undercount the amount of money they deposit.
For instance, the suit said Todd L. Bowers Inc., a chiropractic center in Downers Grove, Ill., deposited $1,475.07 in checks and cash into its Citizens account in November 2010, but made an error and listed only only $1,448.57. The bank credited the chiropractic firm with the lower amount and kept the extra $26.50.
Bank spokesman Jim Hughes said Citizens Bank is reviewing the complaint. “We are committed to ensuring the accuracy of our customers’ account information,” Hughes said. “We take any potential issue that a customer may raise very seriously.”
The suit didn’t name other customers who have been affected or cite evidence to show that the error was part of a wider pattern.
But David C. Thollander, the attorney who filed the suit, says he believes evidence will show that the practice “is occurring in every state where Citizens Bank operates.” The suit alleged that the practice involved more than $5 million.