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Overdraft Fee Lawsuits Target CUs

Thu, Apr 30, 2015

Columbia, Maryland

Plaintiff attorneys are aggressively pursuing class-action suits against credit unions with overdraft fee programs, initially targeting larger credit unions in California. These cases are alleging that fees are being improperly assessed on the available balance, the fee structure is not clearly communicated, and members are not being provided with accurate available balance information. The potential uninsurable damages in these cases are typically in the millions of dollars. Read full RISK Alert.