Arvest Bank Deposit Agreement

In Florida MDL, the court stated in its application for the release of the state`s complaint that the state`s law of the plaintiffs for breach of contract and violation of the alliance of trust and fair trade on the basis of the defendant banks` very low overdraft order “does not affect more than incidentally the exercise of the banking performance of their deposit exercise and is therefore not anticipated.” In Re Checking Account Overdraft Litig., 694 F.Supp.2d at 1313-14. The court partially stated that while 12 C.F.R. 7.4002 gives banks the right to collect overdraft fees, “it does not allow banks to ignore the general right of contract or disorder.” Id. to 1313. The court also stated that the OCC`s interpretation letter 997 does not authorize high or lower debit card bookings to increase fees, but “simply states that this does not go against the OCC`s requirement that banks set fees with informed bank judgment. A bank could meet both the requirements of an informed banking decision set out in [12 C.F.R. 7.4007] and good faith; These principles are not in irreconcilable conflict.¬†Finally, the court found that the complainants` allegations “are not that banks do not have the right to collect overdraft fees as part of their deposit guarantee powers.” Instead, the complainants are attacking the allegedly illegal way in which banks operate their overdraft programs in order to maximize costs at the expense of consumers.¬†Id. to 1313. The court reiterated its position in rejecting a request for reconsideration and noted an Eleventh Circuit decision that the NBA has limited a Florida statute that limits the right of banks to charge cash cheque fees, Baptista v. JP Morgan Chase Bank, N.A., 640 F.3d 1194 (11 cir.2011).

See In re Checking Account Overdraft Litig., 797 F.Supp.2d 1312, 1322 (M.D.Fla.2011) (The desire to limit a bank`s ability to pay fees does not equate to the desire to make a bank liable for the bad faith in which an account is set up to justify a larger overdraft fee”). The parties acknowledge that the documents attached to the applicants` submissions contain different pieces of legislation. An example of the filing agreement attached to the applicants` first amended complaint indicates that the agreement is governed by Arkansas law (see point 12-3). The filing agreements signed by Mr. Hanjy and J-J stipulate that the Missouri law applies (see point 121, point 12-2). However, at this stage of the litigation, the parties agree that the arkansas and Missouri laws are substantially identical with respect to the applicants` common law claims, and both parties cite both Arkansas law and missouri in their briefings. At this stage of the litigation, the court, like the parties, will analyze Arvest`s application and the plaintiffs` claims under Arkansas and Missouri law. The Court recognizes that, on the basis of the class proposed by the applicants, it may be necessary in the future to apply the law of a particular state to an applicant or a number of applicants. Arguments regarding certain applicants or states may be advanced at a later date upon request for class certification or summary assessment. In general, the courts must decide whether the state regulation “significantly prevents or affects the exercise of its powers by the National Bank” to rule on the issue of pre-emption power, in accordance with NBA and OCC rules. Barnett, 517 USA

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