Wednesday, December 19, 2018

WSECU Pays Almost $3 Million to Settle OD Fee Lawsuit

Another credit union settled an overdraft fee class action lawsuit in 2018.

Washington State Employees Credit Union (WSECU), headquartered in Tacoma, Washington, agreed to pay $2.99 million to settle a class action lawsuit over the credit union's overdraft (OD) practices.

The lawsuit claims that WSECU charged overdraft fees for transactions for which there were funds in the checking account to cover the transaction.

The class action includes any member who was charged an overdraft privilege fee for non-recurring debit card or ATM transactions at any time from October 1, 2009 through December 31, 2016, and, at the time such fee was imposed, that person had sufficient funds in the ledger balance but not the available balance in his or her account to complete the transaction.

The $2.99 million settlement fund was approximately 47 percent of identified sufficient fund damages of $6,363,771.

Payments to eligible class members were mailed around October 20, 2018.

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