Overdraft Fees at SEFCU

In June 2018, a class-action lawsuit was filed against the credit union SEFCU for, among other things, allegedly misrepresenting that it charges overdraft fees when customers do not have enough money in their account to cover a transaction without telling customers that the credit union does not base these charges on the actual amount in the account and instead uses an artificial balance that deducts amounts that have been put on hold for pending transactions. (Story et al v. SEFCU, Case No. 18-cv-764, N.D.N.Y.)