Overdraft Fees at Navy Federal Credit Union

May 2019: A federal judge granted final approval of a settlement agreement that would provide class members with a cash award in an amount that depends on the number of overdraft fees they paid. Current accountholders will receive their award as a credit to their account and past accountholders will receive a check in the mail. In addition, the credit union changed the disclosures about overdraft fees in November 2017.

June 2017: A class-action lawsuit was filed against Navy Federal Credit Union for allegedly misleadingly promising that it only charges Optional Overdraft Protection Fees on transactions if an account does not have enough funds to cover a transaction when, according to plaintiffs, the credit union charges such fees on transaction even when there is enough money in an account to cover the transaction. (Plaintiffs filed an amended complaint in May 2018.) (Lloyd et al v. Navy Federal Credit Union, Case No. 17-cv-1280, S.D. Cal.)

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