Overdraft fees at credit unions have drawn attention from federal regulators. Traditionally, credit unions have enjoyed a reputation for more individualized service and better fees and interest rates than traditional banks.
However, the recent economic upheavals have generated intense financial pressure, and some credit union overdraft fees have begun to rival those of traditional banks.
According to the U.S. Government, credit unions have a different business model than regular banks. Credit unions are member owned, meaning they are not-for-profit organizations designed to serve their members instead of working to maximize profits. Theoretically, any gains go back to their members as better interest rates and lower fees, or even as payouts at some credit unions.
But like every financial sector in the United States, credit unions have felt pressure from economic woes, and this may manifest as overdraft fee schemes that may start to resemble traditional banks.
In response, the U.S. government has tightened rules about overdrafts at credit unions and overdraft fees. In 2010, new regulations tightened overdraft fee rules. As such, some banks and credit unions allowed people to “opt in” to special overdraft protection. In some cases, institutions may charge fees to transfer money in situations when banks and credit unions cannot legally charge overdraft fees.
According to the Consumer Financial Protection Bureau, a bank customer or credit union members can get opt out of such a program at any time and has grounds to file a complaint with the government if their bank or credit union charges for overdraft protection that was not authorized.
The Consumer Financial Protection Bureau was first created in 2010 to protect Americans engaged in consumer banking. The CFPB’s mission was to regulate the banking industry in response to perceived problems like overdraft fee abuses.
One credit union, Suncoast Credit Union, specifically states that they do not charge for overdraft transfer fees from a designated account. However, there are situations where Suncoast Credit Union may charge fees associated with overdrafts.
For example, in situations when checks or the Automatic Clearing House (ACH) cause the overdraft, there may be a fee of $29. However, Suncoast Credit Union typically does not charge when the overdraft is only $10.
Tightening regulations and increased scrutiny of overdraft fees at credit unions complicates the question of just how much credit unions can charge for overdraft fees. This has led to credit union overdraft fee lawsuit investigations to explore the issue as a potential civil matter.
Often, federal banking rules that would apply to credit union overdraft fees are designed to be partially enforced through civil action like credit union overdraft fee lawsuits. Credit union overdraft fee lawsuits could suddenly, drastically change the landscape of credit union overdraft fee laws.
A class action overdraft fee lawsuit investigation has been launched to look into allegations that credit unions have begun to gouge their members. Such an overdraft fee lawsuit could allege that credit unions have resorted to breaking regulations regarding overdraft fees. If filed, a credit union overdraft fee lawsuit could seek to recoup the cost of allegedly excessive overdraft fees.
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.
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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*
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