Legal Question in Banking Law in New Jersey

My daughter who was 17 at the time, had an overdraft due to a debit card purchase of $18.71. The bank is charging her $5.00 per day until she pays the balance and the balance is now $150.00, however she is now away at college and has no income. Is there a limit to the amount the bank can charge? Also since she was only 17 when the account was opened and no parent was present what is the bank's responsibility as far as disclosure. I think handing a 17 year old a stack of papers in "fine print" and expecting them to read and understand it is a little unrealistic.


Asked on 9/28/09, 1:16 pm

1 Answer from Attorneys
Gary Moore Gary Moore Attorney At Law

Call the credit card company and explain all of this and offer the original $18.71 to settle the account and then close the account because she can not afford to have such an account. If they refuse sue the credit card company in small claims court.

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Answered on 10/04/09, 4:19 pm


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