The overall structure of credit unions is designed to give customers a much bigger say in how the financial institution is run.
Consumers also tend to be attracted to credit unions for having fewer fees and lower fees than traditional banks.
In fact, credit union customers were reportedly aware that they would probably be charged overdraft fees, but the expectation was that the fees would be significantly lower than what they would encounter at a bank.
According to Bankrate’s 2015 Credit Union Checking Survey, 72 percent of checking accounts at credit unions are free with no minimum balance requirement or monthly maintenance fee. In contrast, only 37 percent of banks offer free checking accounts, with a higher overdraft fee average.
The survey also showed that the average overdraft fee for banks is $33.07, while credit unions charged $26.78 on average for overdraft fees.
Overview of Credit Unions Overdraft Protection
Credit unions sometimes offer different overdraft protection options, which are designed to be of convenience to the customers. For example, Star One Credit Union’s overdraft protection policy states that money from the consumer’s saving account will be transferred to their checking account, but the credit union offers different setups for the overdraft coverage.
One of Star One Credit Union’s options is the Savings Overdraft Coverage, which is advertised to transfer funds in sets of $100 for free until money runs out of the savings account where the money is transferred from.
Another Star One Credit Union option is Credit Line Loan Overdraft Coverage, which automatically links the customer’s loan to his or her account. While there is no cash advance or transfer fee for this service, interest does begin to incur from the date of the advance.
There are more options for overdraft protection on the One Star Credit Union website, while advising consumers to try and avoid falling into overdraft territory to begin with.
In the case of First Technology Federal Credit Union, their website emphasizes the importance of financial management rather than overdraft protection itself.
The First Technology Federal Credit Union website walks customers through opening a checking account, explaining what overdraft protection is, and how to maintain a balanced checking account.
To note, First Technology Federal Credit Union does not disclose its overdraft protection options outright, but consumers who choose this credit union will definitely have that option.
As of Aug. 15, 2010, the federal government prohibits financial institutions from charging consumers overdraft fees unless the consumers opts into the overdraft protection program. If you were charged an overdraft fee by your credit union and did not opt into an overdraft program, legal options may be available to you.
Do YOU have a legal claim? Fill out the form on this page now for a free, immediate, and confidential case evaluation. Some of the credit unions being investigated include, but are not limited to:
State Employees Credit Union
Pentagon Federal Credit Union
Boeing Employees Credit Union
Alliant Credit Union
Star One Credit Union
First Technology Federal Credit Union
America First Federal Credit Union
Randolph Brooks Federal Credit Union
Suncoast Credit Union
The attorneys who work with Top Class Actions will contact you if you qualify to let you know if an individual lawsuit or class action lawsuit is best for you. Hurry — statutes of limitations may apply.
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2016 Top Class Actions® LLC
Various Trademarks held by their respective owners
Get Help – It’s Free
Join a Free Credit Union Overdraft Fee Class Action Lawsuit Investigation
If your credit union charged you overdraft fees, you may have a legal claim. Fill out the form on this page now to find out if you qualify!
An attorney will contact you if you qualify to discuss the details of your potential case.
- First Name*
- Last Name*
- Street Address*
- Apt. #
- City*
- State*
AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific
- Zip Code*
- Phone*
- Email*
- What is the name of the credit union(s) that charged you an overdraft fee?*
- How long ago did you incur an overdraft fee(s)?*
-
Less than 1 year
-
1-3 years
-
4+ years
-
- Do you have account statements showing your overdraft fees, or can you retrieve them from your credit union?
- Yes
- No
- ¿Necesita un orador español?
- Yes
- No
- Please enter any additional details you would like the staff reviewing your submission to know.*
- I understand and agree that submitting this form does not create an attorney-client relationship and that the information I submit is not confidential or privileged and may be shared.*
-
Yes
The attorney in charge of this advertisement is T.Kick of The Kick Law Firm, APC. -
-
if(typeof gf_global == ‘undefined’) var gf_global = {“gf_currency_config”:{“name”:”U.S. Dollar”,”symbol_left”:”$”,”symbol_right”:””,”symbol_padding”:””,”thousand_separator”:”,”,”decimal_separator”:”.”,”decimals”:2},”base_url”:”http:\/\/topclassactions.com\/wp-content\/plugins\/gravityforms”,”number_formats”:[],”spinnerUrl”:”http:\/\/topclassactions.com\/wp-content\/plugins\/gravityforms\/images\/spinner.gif”};jQuery(document).bind(‘gform_post_render’, function(event, formId, currentPage){if(formId == 148) {gformInitChosenFields(‘#input_148_5′,’No results matched’);if(!/(android)/i.test(navigator.userAgent)){jQuery(‘#input_148_7’).mask(‘(999) 999-9999’).bind(‘keypress’, function(e){if(e.which == 13){jQuery(this).blur();} } );}} } );jQuery(document).bind(‘gform_post_conditional_logic’, function(event, formId, fields, isInit){gformInitChosenFields(‘#input_148_5′,’No results matched’);} ); jQuery(document).ready(function(){jQuery(document).trigger(‘gform_post_render’, [148, 1]) } );
ATTORNEY ADVERTISING
The choice of a lawyer is an important decision and should not be based solely on advertisements.
E-mail any problems with this form to Staff@TopClassActions.com
PAID ATTORNEY ADVERTISEMENT: THIS WEB PAGE IS AN ADVERTISEMENT AND THE PARTICIPATING ATTORNEY(S) ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. The attorney in charge of this advertisement is T.Kick. It is not a lawyer referral service or prepaid legal services plan. Top Class Actions is not a law firm. Top Class Actions does not endorse or recommend any lawyer or law firm who participates in the network, nor does it analyze a person’s legal situation when determining which participating lawyers receive a person’s inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Top Class Actions does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys.
The post Are Customers Better Off With Credit Union Overdraft Programs? appeared first on Top Class Actions.
No comments:
Post a Comment