Banking Law News

Navy Federal Will Pay Up to $25M in Overdraft Fee Settlement (1)

Oct. 23, 2018, 4:23 PMUpdated: Oct. 23, 2018, 9:44 PM

The country’s largest credit union will pay up to $25 million for improper optional overdraft protection fees under a class action settlement that a federal judge in San Diego preliminarily approved on Oct. 22.

Judge Cynthia Bashant of the U.S. District Court for the Southern District of California gave her initial sign off on a deal that will see Navy Federal Credit Union pay $24.5 million to settle claims that it charged improper overdraft protection fees on debit card charges. Navy Fed will also pay up to $500,000 to cover the settlement’s administrative costs.

Incorrect Charges

The initial complaint, filed...

To read the full article log in. To learn more about a subscription click here.