LAWSUITS NEWS & LEGAL INFORMATION
Credit Union Excessive Overdraft Fees Legal News Articles & Interviews
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.
February 15, 2019. By Anne Wallace.
Read [ Washington State Employees Credit Union Settles Excessive Overdraft Fees Lawsuit for $2.99 Million ]
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.
January 24, 2019. By Anne Wallace.
Read [ Credit Unions – A Case of Shutdown Shame? ]
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.
December 21, 2018. By Anne Wallace.
Read [ Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit ]
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.
November 23, 2018. By Anne Wallace.
Read [ Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss ]
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.
- 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)