Corporate Law News

USAA to Face Overdraft Class Action in Federal Court (1)

Aug. 26, 2019, 2:54 PMUpdated: Aug. 26, 2019, 6:32 PM

USAA Federal Savings Bank will have to defend its overdraft practices in court after a federal judge in California ruled that a portion of a class action challenging those fees could move forward outside of arbitration.

Judge Edward M. Chen of the U.S. District Court for the Northern District of California on Aug. 23 ruled that the San Antonio-based bank would have to face class action claims that it improperly assessed multiple nonsufficient fund charges on the same attempted transaction in violation of its deposit agreement, an online banking agreement and a publicly available fee schedule.

However, the class will...

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