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Credit Union Excessive Overdraft Fees Articles

Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss

Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss November 23, 2018. By Anne Wallace.
Boston, MA Brandi Salls’ excessive overdraft fees lawsuit against Digital Federal Credit Union (DFCU) has survived the credit union’s Motion to Dismiss. This is good news, but it was a near thing, at least with respect to some of the counts. Claimants in similar credit union lawsuits should take away five important lessons.
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Digital Federal Credit Union Snared in Excessive Overdraft Fees Lawsuit

Digital Federal Credit Union Snared in Excessive Overdraft Fees Lawsuit October 3, 2018. By Anne Wallace.
Boston, MAThe allegations in the latest excessive overdraft fees lawsuit against Digital Federal Credit Union (DFCU) may seem familiar by now. It is about two different ways of calculating an account balance – one which the consumer saw, and the other, lower number, which DFCU kept much closer to the vest. Similar lawsuits have been filed against Landmark Credit Union, Summit Credit Union, Pentagon Federal Credit Union and Boeing Employees Credit Union.
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Landmark Credit Union Settles Overdraft Fees Lawsuit

Landmark Credit Union Settles Overdraft Fees Lawsuit August 15, 2018. By Jane Mundy.
New Berlin, WI: Danell Behrens filed a proposed class action overdraft fees lawsuit in February 2017 against Landmark Credit Union (LCU), alleging the not-for-profit financial institution charged its members more than $2 million in overdraft fees, in violation of the Electronic Fund Transfer Act (ETFA) and LCU’s own overdraft program contract. LCU has agreed to refund some of those fees and change its overdraft practices as part of the settlement agreement.
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Credit Union Lawsuit Cites Excessive Overdraft Fees

Credit Union Lawsuit Cites Excessive Overdraft Fees June 20, 2018. By Anne Wallace.
Madison, WI: In March 2018, Matthew Domann filed a class action lawsuit against Summit Credit Union alleging that since 2010, SCU has wrongfully charged overdraft fees to checking account customers throughout Wisconsin. The credit union lawsuit details a practice of placing “holds” on pending debit card transactions and deposits to artificially depress the account balances and then reordering the transactions to maximize the number of overdraft fees assessed.
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Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future

Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future May 22, 2018. By Anne Wallace.
Washington, DC On May 10, 2018, the Consumer Financial Protection Bureau (CFPB) quietly scuttled proposed consumer overdraft protection regulations, moving them to the inactive list until some undefined, unknown day in the future when a permanent director is named. Meanwhile, banks and credit unions continue to rake in fees through questionable practices, including some arguably strained definitions of phrases like “not enough money.” Fortunately for consumers, the plaintiffs’ bar soldiers on, pursuing excessive overdraft fees lawsuits on their behalf.
Read [ Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future ]

Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue

Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue July 19, 2017. By Deb Hipp.
Washington, DC: A consumer protection report has found a correlation between the banks that customers complain about most and the amount of revenue from overdraft fees and insufficient funds (NSF) those banks collect.
Read [ Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue ]

Excessive Bank Fees: Did We Learn Anything From the $7.8 Million UMB Settlement?

Excessive Bank Fees: Did We Learn Anything From the $7.8 Million UMB Settlement? August 22, 2016. By Gordon Gibb.
Kansas City, MO: Insomuch as banks and credit unions do whatever they can in order to attract, and keep customers, various practices inherent with the industry have nonetheless proven to frustrate their clientele. Excessive bank overdraft fees are but one example.
Read [ Excessive Bank Fees: Did We Learn Anything From the $7.8 Million UMB Settlement? ]

Bank Faces $10 Million Fine Linked to Overdraft Fees

Bank Faces $10 Million Fine Linked to Overdraft Fees August 11, 2016. By Heidi Turner.
Boston, MA: Santander Bank reportedly faces $10 million in fines after the Consumer Financial Protection Bureau found the company misled customers about its overdraft protection program. Banks and credit unions have faced increasing scrutiny in recent years over excessive overdraft fees and other unethical practices, and consumers have fought back, in some cases filing lawsuits against financial institutions for egregious activities.
Read [ Bank Faces $10 Million Fine Linked to Overdraft Fees ]

Proposed New Rules a Boon for Consumers Facing Excessive Credit Union Fees

Proposed New Rules a Boon for Consumers Facing Excessive Credit Union Fees July 13, 2016. By Gordon Gibb.
Washington, DC: Of interest to anyone thinking of bringing a Credit Union Overdraft Fees lawsuit are potential changes to existing arbitration agreements that would allow for the possibility and potential of a class action.
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Overdraft Fees Still a Big Payday for Financial Institutions

Overdraft Fees Still a Big Payday for Financial Institutions June 18, 2016. By Heidi Turner.
Washington, DC: Despite rules meant to curb excessive overdraft fees, according to information from the Federal Deposit Insurance Corporation (FDIC), some consumers are still having a difficult time getting out of overdraft, given the high fees charged for each overdraft transaction. According to the FDIC report (as cited by The Washington Post; 6/13/16), the approximately 600 banks included in the data collected $2.7 billion in overdraft fees in the first quarter.
Read [ Overdraft Fees Still a Big Payday for Financial Institutions ]

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