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Class Action Suit Against Nationwide Insurance, for Fees

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At a glance:

A class-action lawsuit against Nationwide Insurance has been launched in Ohio. The suit alleges that Nationwide collected excessive fees for its term life insurance policies and did not make adequate disclosures of this to its customers. 
 
Those who paid in installments, as opposed to annually, were charged more than the "maximum" premium according to the lawsuit. 
 
There are over 200,000 potential litigants in the class of Nationwide term life policyholders in the US.  
 
Nationwide says it behaved within the law.

Lawsuit accuses insurer of hiding fees

Columbus Dispatch - 6/16/2006 6:57 AM

Nationwide is the target of a class-action lawsuit alleging that customers paid excessive fees on term life-insurance policies.
 
The lawsuit, filed in Franklin County Common Pleas Court, says Nationwide collected payments that exceeded the guaranteed maximum annual premiums outlined in their policies.
 
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Comments On Life Insurance & Annuities News Articles:

bank of America has been wrongfully charging me overdraft fees
Comment On: Class Action Suit Against Nationwide Insurance, for Fees
Posted by chris fowler on 3/24/2007 | Filed Under: Life Insurance & Annuities

Search • Locations • Alerts • Mail • Help • Sign Off Accounts Bill Pay & e-Bills Transfer Funds Investments Customer Service Read Mail Subj: Re: CHECKING Inquire about a Transaction (KMM57136313I7486L0KM) Dear Christopher A. Fowler, Thank you for your inquiry dated 3/23/07 regarding the overdraft fees. We will be happy to assist you. Please be advised that we process all transactions together, highest to lowest according to amount. If funds are insufficient to cover all the items presented, this may enable us to pay more important items, such as mortgage payments. For example, we process ATM withdrawals, automatic payments, Check Card purchases and personal checks from highest to lowest dollar amount. Based on our experience, we believe that many customers prefer that we place priority on their largest transactions when the balance in their account cannot cover all their transactions. Please be advised that funds must be in the account before items are presented in order to avoid overdraft fees. Unfortunately, making a deposit or transfer after items have overdrawn your account will not prevent the items from being returned or fees being assessed. Items pending due to insufficient funds are either paid, creating an overdraft on the account, or returned. In either case, an overdraft fee is charged. Our research indicates the charge was applied correctly and no error occurred. Unfortunately, we are unable to provide you with a refund. We apologize for any inconvenience this may cause. If we may be of further assistance, please contact us again by e-mail. Thank you for choosing Bank of America. Sincerely, Peter Johnson Bank of America


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