Saturday, April 4, 2020

Apple FCU to Pay $2.7 Million to Settle Overdraft Class Action

Apple Federal Credit Union (Fairfax, VA) settled a class action lawsuit regarding its overdraft practices.

The credit union agreed to pay $2.7 million.

In addition, Apple FCU issued revised disclosures for consumer checking Account holders further clarifying Apple FCU’s policy with respect to the authorization/settlement procedures relating to debit transactions, including non-recurring debit card transactions, that policy’s potential impact on overdraft transactions and the manner and method by which Apple FCU assesses Overdraft Fees.

As part of the settlement agreement, Apple FCU maintained that there was nothing wrong with the transaction processing practices it used and that it complied, at all times, with applicable laws and regulations and the terms of the account agreements with its customers.

The judge approved the final settlement on December 6, 2019.

Read the settlement agreement.

Read the order approving the settlement.

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