Illegal overdraft fees have become quite a common complaint among credit union customers. The number of complaints has grown to such an extent that several overdraft attorneys are currently building class-action suits against prominent credit unions.
Taking advantage of consumers
Credit unions offer overdraft facilities as a useful safety net for their customers. However, they often charge hefty fees for this convenience. These fees are charged any time a credit union advances funds to cover a shortfall in a customer’s account. In some cases, financial institutions charge around $35. This is an especially significant amount of money when you consider that multiple overdraft fees can be charged to a consumer, who then accumulates a considerable negative balance. So, while overdrafts do have their uses, credit unions may actually be taking advantage of their customers when charging them the fees associated with these facilities.
Possible overdraft fee class action
In light of the many reports of exploitative overdraft fees, Shamis & Gentile, P.A. are currently investigating credit union practices in preparation for a possible class-action lawsuit. We are calling upon any credit union customers, who feel they have been hit with unfair overdraft fees, to speak to one of our overdraft lawyers and see if their experience makes them eligible to seek compensation.
Do you think you have a case against a credit union regarding illegal overdraft fees? Contact us to discuss your situation.