Fort Smith businessmen challenge overdraft fees as usurious.
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TWO FORT SMITH BUSINESSmen are going to court to determine if the overdraft fees they paid the Bank of Arkansas were usurious. Lance Beaty and Stephen Nelson said the bank was supposed to use a “sweep” account, in which the daily deposits from their various companies are taken to cover shortages in other company accounts. But the Bank of Arkansas didn’t follow the instructions, which resulted in $161,288 in overdraft charges between October 2000 and May 2001, Beaty and Nelson claim in a lawsuit filed in Washington Circuit Court on July 29. The case has since been moved to U.S. District Court…. |