Saturday, May 12, 2018

Summit CU Sued over Overdraft Practices

A lawsuit filed on March 9 in federal court accuses Summit Credit Union (Madison, WI) of charging unlawful overdraft fees.

The plaintiff, Matthew Dooman, alleges the credit union charged overdraft fees when there was sufficient funds to cover the transaction.

For example, the plaintiff claimed that he was charged an overdraft fee of $25 on a debit card purchase of $4.63. Plaintiff stated that he had a positive balance of $85.51 in his checking account.

According to the complaint, the credit union's practice of charging overdraft fees is not consistent with how Summit CU describes the circumstances under which overdraft fees are assessed.

The complaint seeks class certification.

Read the complaint.

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