FAIRFAX, Va.—The $4.6-billion Apple Federal Credit Union has agreed to a $2.5-million class action lawsuit settlement to resolve claims it charged unfair overdraft fees on ATM withdrawals and transfers and debit card payments, Top Class Actions reported.
The settlement benefits individuals who have or had a checking account with Apple Federal Credit Union and were charged an overdraft fee between Jan. 7, 2021, and March 31, 2024, Top Class Actions said.
According to the lawsuit, Apple Federal charged overdraft fees on transactions that were “authorized positive but settled negative.” The credit union allegedly charged these fees despite promising not to do so in its account agreements, Top Class Actions explained.
Under the terms of the settlement, class members can receive a cash payment based on the amount they were charged in overdraft fees. Class members who were charged $100 or less in fees will receive a proportional share of the net settlement fund, while those who were charged more than $100 in fees will receive a proportional share, up to a maximum payment of $100, Top Class Actions said.