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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.
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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.
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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.
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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? ]

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