Friday, September 21, 2018

Potential Class Action Suit Filed Against Apple FCU over OD Practices

Apple Federal Credit Union (Fairfax, VA) sued over its overdraft (OD) practices in a potential class action lawsuit.

According to the complaint, the plaintiff alleges that Apple FCU assessed unlawful OD fees for accounts that were never actually overdrawn and for accounts from which non-recurring debit card transactions were made.

The complaint notes that Apple FCU's account opening documents do not describe the transaction posting order used by the credit union. The complaint states that Apple FCU posts transaction in an order so as to maximize its OD revenues.

The plaintiff claims that over a four year period, "Apple FCU has siphoned over $8,000 out of the Plaintiff's checking account, one $29 OD Fee at a time."

The lawsuit seeks class action status.

Read the lawsuit.

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