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Overdraft Fees

Bank of America Sign on Building

Bank of America Corporation and Bank of America, NA are paying just under $5 million to settle a class action about overdraft fees. The complaint claims that account agreements specified that transactions that are not “recurring” would be rejected if account funds were insufficient, thus avoiding overdraft fees.

Digital Federal Credit Union Branch

Digital Federal Credit Union is settling a class action alleging that it charged customers overdraft fees when it should not have. The complaint alleged that customers were charged when they had enough in their ledger balances, but not in their available balances.

TD Bank Logo

A $70 million payment will be used to settle more than one class action against TD Bank and two other banks it owns, Carolina First Bank and Mercantile bank, claiming they charged improper overdraft fees. The complaints alleged the banks charged overdraft fees in a manner inconsistent with customer account agreements and state laws.

Boeing Employees Credit Union Logo

The complaint for this class action names Boeing Employees’ Credit Union (BECU) as defendant. The allegations? That BECU charges members fees for overdrafts created by the use of debit cards and ATM transactions without first obtaining their assent to this in their agreements.

Branch of Liberty Bank

Plaintiff Mary Quirk says she has paid $2,000 in overdraft (OD) fees to Liberty Bank in 2018. This is because, the complaint for this class action says, Liberty charges OD fees on items that do not actually overdraw customer accounts.

JPMorgan Chase Skyscraper, Looking Up

The plaintiffs in this class action, James and Darryl Ellis, previously filed a class action against their new mortgage servicer for making mortgage deductions on the wrong days, causing them financial difficulties and costing them overdraft fees. Now, they bring suit under the Electronic Funds Transfer Act (EFTA) against JPMorgan Chase Bank, NA, the bank that permitted the incorrect withdrawals from their account and then charged them overdraft fees.

Mr. Cooper Logo

The Electronic Funds Transfer Act (EFTA) governs preauthorized transfers from bank accounts. The complaint for this class action claims that Nationstar Mortgage, LLC, which does business now as Mr. Cooper, violated both EFTA and the Real Estate Settlement Procedures Act (RESPA) in its incorrect handling of preauthorized mortgage payments from customer accounts.

Building with Navy Federal Sign

Navy Federal Credit Union is settling a class action alleging that it improperly charged certain members overdraft fees. The complaint alleged that Navy Federal charged overdraft fees on transactions that were properly authorized and approved into a positive available balance. 

Building of United Federal Credit Union

United Federal Credit Union (UFCU) is settling a class action alleging that it improperly charged overdraft fees for certain transactions. The complaint alleged, first, that UFCU did not properly opt members in to the overdraft program.

Ocean Financial Branch Building

This is another case pertaining to overdraft fees assessed for debit card transactions that did not overdraw the account when they were made. The complaint alleges that Ocean Financial Federal Credit Union (OFFCU) violates its own agreements by not properly determining when a transaction has caused an overdraft.