Tuesday, May 26, 2015

Orange County's CU to Pay $1.8 Million Settlement for Illegal Overdraft Fees

As part of a preliminary class action settlement, Orange County's Credit Union (OCCU) has agreed to pay $1.8 million and change and clarify its disclosures of its overdraft practice.

According to the complaint in Cynthia Casey v. Orange County’s Credit Union, it was alleged that OCCU breached its customer account agreement by unlawfully charging overdraft fees for debit transactions when customers had sufficient money in their accounts to cover these transactions.

Affected OCCU customers will receive approximately $28.00 for each improper $29.00 overdraft fee imposed.

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