Bank Sued Over Late Fees, Interest Rates

First USA Bank, a unit of Bank One Corp., was sued by customers who claim the bank wrongfully charges late fees and raises interest rates on their accounts.

In the suit filed in federal court in Dallas, plaintiffs claim First USA takes too long to post their credit card payments, allowing the company to charge a fee of $25 to $35.

Customers have had payments posted up to nine days after they were mailed, according to the suit. After repeated late-payment charges, the company then raises customers’ interest rates, the plaintiffs allege.