Tuesday, September 22, 2015

Lawsuit Accuses Los Angeles FCU of Violating Federal Overdraft Regulations

Reuters is reporting that Los Angeles Federal Credit Union has been hit with a proposed class action lawsuit accusing the credit union of violating federal regulations by not properly obtaining customers' consent before charging overdraft fees for its checking accounts.

The lawsuit, which was filed last week, also stated that the credit union charged overdraft fees based on an internally calculated "available balance," not the actual funds in the customers' accounts.

Read the story.
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