Over the past several years, credit unions have been charging more and more overdraft fees -penalties imposed by institutions when there is not enough money in the account to pay for a transaction. There have been reports that to increase their revenue from the overdraft fees, many credit unions have engaged in illegal practices, including:
- Charging overdraft fees to consumers who had not opted-in for, i.e consented to, overdraft coverage.
- Charging overdraft fees based on the so-called “available balance,” even though there are sufficient funds in the actual balance.
- Charging overdraft and non-sufficient funds fees for products/accounts for which they claimed they would not.
If your credit union engaged in any of the above practices, or you otherwise believe that you have been an unfairly charged an overdraft fee, contact us for a consultation.