Until Recently,Enya Did All of Her Banking at the Bank

question 60

Essay

Until recently,Enya did all of her banking at the Bank of the Prairies (BOP).She transferred her business to a different bank when she discovered that BOP had been systematically overcharging for a number of services.Enya was,for instance,charged excessive amounts every time that she wrote a cheque or withdrew money at an ATM.She knows that friends and relatives were similarly overcharged when,for example,they paid bills by telephone or received payment by way of direct deposit.Enya suspects that she personally was overcharged about $750.While that represents a substantial amount for her,she also realizes that litigation against BOP might involve a great deal of time and expense.She consequently wonders if her case might be a suitable candidate for a class action.She would like to participate in a class action alongside all (or many)of the other people who have been overcharged by BOP.What requirements must be satisfied before a court will grant certification to a class action?

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Definitions:

Budget Variance

The difference between budgeted amounts and actual amounts for revenues, expenses, or other financial metrics.

April

The month that comes fourth in the year according to the Gregorian calendar system.

Predetermined Overhead Rate

A rate used to apply manufacturing overhead costs to products, calculated before the production period based on estimated costs and activity levels.

Variable Overhead

Costs that fluctuate with the level of production activity, such as utilities or raw materials.