LAWSUITS NEWS & LEGAL INFORMATION
Credit Union Excessive Overdraft Fees Legal News Articles & Interviews
December 13, 2019. By Anne Wallace.
Read [ Defendant 'Grateful' for Credit Union Overdraft Fee Lawsuit ]
Denver, CO Ent Credit Union has agreed to settle a class action credit union lawsuit concerning excessive overdraft fees. Its CEO has issued an apology and promises to refund all identified NSF fees and overdrafts. Here is what Ent CEO Chad Graves said, “We are truly sorry for the inconvenience this has caused our members and are grateful to both our members and their attorneys for bringing it to our attention.”
November 11, 2019. By Anne Wallace.
Read [ Philadelphia Federal Credit Union Accused of “Gouging” Consumers with Multiple NSF Fees ]
Philadelphia, PA “Gouging” is often implied, but rarely actually said excessive overdraft fee lawsuits. But there it is, in the class action lawsuit’s description of Philadelphia Federal Credit Union’s practice of charging multiple $28 insufficient fee charges for the same transaction and PFCU’s legal duty not to “[exercise] its discretion to enrich itself and gouge its customers.” It’s hot language, but a simple story.
October 16, 2019. By Anne Wallace.
Read [ United Federal Credit Union Settles Excessive Overdraft Fee Lawsuit for $1.75 Million ]
Reno, NV On July 23, 2015, Tonya Gunter had enough money in her checking account to cover her transactions. Nonetheless, United Federal Credit Union (UFCU) charged her eight $30 overdraft fees because her “available balance,” a different and arguably artificially defined number, was too low. Gunter sued. United Federal Credit Union has now agreed to settle Gunter’s class action excessive overdraft fee lawsuit for $1.75 million.
September 17, 2019. By Anne Wallace.
Read [ USAA Bank Forces Individual Arbitration of Excessive Overdraft Fee Claims ]
San Francisco, CA Elizabeth Eiess overdrew her USAA bank account when she tried to pay her Citibank credit card bill of $358.85.The payment was returned, and USAA bank assessed an overdraft charge of $29.00. USAA then charged her twice more – every time Citibank submitted the payment – ultimately for a total of $87.00. In her class action excessive overdraft fee lawsuit Eiess claims that this was a violation of her deposit agreement and that it was part of a widespread pattern of abusive conduct toward depositors.
August 8, 2019. By Anne Wallace.
Read [ VyStar Credit Union Accused of Assessing NSF Fees Multiple Times for Same Transaction ]
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.
July 18, 2019. By Anne Wallace.
Read [ Forced Arbitration Threatens Class Action Excessive Overdraft Fees Lawsuits ]
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.
June 7, 2019. By Anne Wallace.
Read [ Georgia Court of Appeals Affirms Class Action Status for Excessive Overdraft Fees Lawsuit ]
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.
May 8, 2019. By Anne Wallace.
Read [ Online Lender Settles with FTC for $3.85 Million ]
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.
April 23, 2019. By Anne Wallace.
Read [ $24.5 Million Settlement in Navy Federal Credit Union Excessive Overdraft Fees Lawsuit ]
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.
March 25, 2019. By Anne Wallace.
Read [ Cash Advance? There’s an App for That ]
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.
- Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million By Anne Wallace (Feb-15-19)
- Credit Unions – A Case of Shutdown Shame? By Anne Wallace (Jan-24-19)
- Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit By Anne Wallace (Dec-21-18)
- Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss By Anne Wallace (Nov-23-18)
- Digital Federal Credit Union Snared in Excessive Overdraft Fees Lawsuit By Anne Wallace (Oct-3-18)
- Landmark Credit Union Settles Overdraft Fees Lawsuit By Jane Mundy (Aug-15-18)
- Credit Union Lawsuit Cites Excessive Overdraft Fees By Anne Wallace (Jun-20-18)
- Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future By Anne Wallace (May-22-18)
- Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue By Deb Hipp (Jul-19-17)
- Excessive Bank Fees: Did We Learn Anything From the $7.8 Million UMB Settlement? By Gordon Gibb (Aug-22-16)
- Bank Faces $10 Million Fine Linked to Overdraft Fees By Heidi Turner (Aug-11-16)
- Proposed New Rules a Boon for Consumers Facing Excessive Credit Union Fees By Gordon Gibb (Jul-13-16)
- Overdraft Fees Still a Big Payday for Financial Institutions By Heidi Turner (Jun-18-16)
- Does Charging Excessive Overdraft Fees Violate Credit Union Non-profit Status? By Gordon Gibb (May-14-16)
- Wells Fargo Loses Overdraft Fee Appeal By Heidi Turner (Apr-13-16)
- Consumers Continue to Get Stung by Excessive Credit Union, Bank Overdraft Fees By Gordon Gibb (Mar-14-16)
- Panel Declines Consolidation of Credit Union Lawsuits By Heidi Turner (Feb-22-16)
- Credit Union Excessive Fees Lawsuits Could Be “Tip of the Iceberg” By Gordon Gibb (Jan-14-16)
- It’s Not Just the Banks Charging Excessive Overdraft Fees By Heidi Turner (Dec-18-15)
- “There Are Fees for Everything but Breathing the Air” By Gordon Gibb (Nov-25-15)
- Financial Institutions Told to Halt Overdraft Fees on College Cards By Heidi Turner (Oct-29-15)
- Los Angeles Credit Union Sued Over Lack of Consent, Overdraft Fees By Gordon Gibb (Sep-30-15)
- Credit Unions Not Immune to Charging Excessive Fees: Attorney By Gordon Gibb (Aug-22-15)
- Consumers Might Want to Take Note of Overdraft Fees By Heidi Turner (Jul-11-15)