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Credit Union Excessive Overdraft Fees Legal News Articles & Interviews

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VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction

VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction August 8, 2019. By Anne Wallace.
Jacksonville, FL A class action lawsuit filed in Jacksonville Circuit Court claims that VyStar Credit Union routinely assessed multiple insufficient funds charges on the same transaction without authorization by the customer. In her excessive overdraft fee lawsuit, Heather Washington alleges that VyStar charged three separate $32 overdraft fees on a single transaction, in violation of the terms of her Deposit Agreement with the credit union.
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Forced Arbitration Threatens Class Action Excessive Overdraft Fees Lawsuits

Forced Arbitration Threatens Class Action Excessive Overdraft Fees Lawsuits July 18, 2019. By Anne Wallace.
Washington, DC JPMorgan Chase, the country’s largest bank, is moving to require credit card customers, and by extension, checking account customers with a linked debit card, to settle disputes through arbitration. It would, reportedly, preclude class action excessive overdraft fee lawsuits like one that in 2012 led JP Morgan to settle with checking account customers for $110 million.
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Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit

Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit June 7, 2019. By Anne Wallace.
Atlanta, GA In 2010, Jeff Bickerstaff Jr. filed a class action excessive overdraft fee lawsuit against SunTrust Bank, claiming that the $36 overdraft fees he paid when he overdrew his checking account violated Georgia state laws limiting interest charges. The Complaint claims that the fees amount to interest rates as high as 1,000 percent.
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Online Lender Settles with FTC for $3.85 Million

Online Lender Settles with FTC for $3.85 Million May 8, 2019. By Anne Wallace.
Chicago, IL Avant LLC, the online lending phenomenon which had previously been hailed as a “breakout financial success story,” has agreed to settle a lawsuit brought by the Federal Trade Commission (FTC) for $3.85 million. Although the lawsuit largely relied on a different federal statute, it shares much of the consumer financial protection zeal of the excessive overdraft fee lawsuits recently leveled against credit unions, banks and payday lenders. But it also reveals shortcomings in federal consumer protection laws.
Read [ Online Lender Settles with FTC for $3.85 Million ]

$24.5 Million Settlement in Navy Federal Credit Union Excessive Overdraft Fees Lawsuit

$24.5 Million Settlement in Navy Federal Credit Union Excessive Overdraft Fees Lawsuit April 23, 2019. By Anne Wallace.
San Diego, CA Navy Federal Credit Union has agreed to settle a class action excessive overdraft fee lawsuit for $24.5 million. Plaintiffs’ lawyers will reportedly seek fees of $6.1 million, approximately 25 percent of the total settlement amount. The settlement marks the end of a lawsuit filed in June 2017.
Read [ $24.5 Million Settlement in Navy Federal Credit Union Excessive Overdraft Fees Lawsuit ]

Cash Advance? There’s an App for That

Cash Advance? There’s an App for That March 25, 2019. By Anne Wallace.
Washington, DC What, you may ask, does the Pay feature of the new smartphone app, Branch, have to do with excessive overdraft fee lawsuits? The honest answer is maybe nothing. On the other hand, it may be next new frontier for an under-regulated cash advance/overdraft fee/ payday loan industry.
Read [ Cash Advance? There’s an App for That ]

Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million

Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million February 15, 2019. By Anne Wallace.
Tacoma, WA Washington State Employees Credit Union (“WSECU”) has agreed to pay $2.99 million to settle an excessive overdraft fees lawsuit. The class action lawsuit, Wodja v. Washington State Employees Credit Union, alleges that WSECU charged overdraft fees when members actually had enough money in their accounts. The settlement covers individuals affected by the credit union’s overdraft practices between 2009 and 2016.
Read [ Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million ]

Credit Unions – A Case of Shutdown Shame?

Credit Unions – A Case of Shutdown Shame? January 24, 2019. By Anne Wallace.
Washington, DC This is a good news/bad news story. The good news is that many banks and credit unions are offering financial relief to workers affected by the US government shutdown. The bad news is that the relief is designed to be temporary and limited. It also fails to address the widespread problem of excessive checking account overdraft charges that has been exposed through excessive overdraft fees lawsuits. These fees, like payday loan interest charges, cause great harm to the most vulnerable consumers.
Read [ Credit Unions – A Case of Shutdown Shame? ]

Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit

Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit December 21, 2018. By Anne Wallace.
Jackson, MS In the waning days of December 2018, Cryesha McDonald and Chantal Lewis filed an excessive overdraft fees lawsuit in the U.S. District Court for the Southern District of Mississippi. The lawsuit alleges that Trustmark National Bank assessed overdraft fees in violation of its contractual agreements with customers. Like similar lawsuits brought throughout the country, McDonald v. Trustmark National Bank claims that the bank charges fees on transactions that do not actually overdraft the account. Attorneys for the plaintiffs seek class action status for the lawsuit.
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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.
Read [ Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss ]

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