Checking account customers at banks and credit unions are taking action against their financial institutions for unfair and improper assessment and collection of overdraft fees according to recently filed lawsuits. In some cases the bank or credit union has charged overdraft fees to customers’ checking account even though the account was not overdrawn. In other cases the bank or credit union charged ‘extended’ overdraft fees to accounts that were overdrawn and remained in a negative balance for several days. Those lawsuits alleged the additional fees amounted to an interest charge and are illegal.
Cohen & Malad, LLP class action attorneys are investigating similar overdraft fee claims from members of State Farm Federal Credit Union who have been assessed overdraft fees. If you or someone you know has a State Farm Federal Credit Union checking account and has been assessed overdraft fees, contact us. Our class action attorneys would like to gather additional information about your transactions.