Navy Federal Told to Pay $95 Million Over Illegal Overdraft Fees

Navy Federal Credit Union was ordered to pay more than $95 million in refunds and penalties after a US regulator accused the firm of charging customers illegal overdraft fees.

The Consumer Financial Protection Bureau told the Vienna, Virginia-based not-for-profit firm — the largest credit union in the US, with more than $180 billion of assets and 14 million members — to refund more than $80 million to consumers and pay a $15 million civil penalty to the CFPB’s victims relief fund, according to a statement Thursday.

From 2017 to 2022, Navy Federal charged customers unexpected overdraft fees on some ATM ...