Credit Union Must Face Suit Over Misleading Overdraft Policy
Law360 (November 8, 2018, 6:06 PM EST) -- The largest credit union in New England must face a proposed class action by customers who say its overdraft policies are unclear, a Massachusetts federal judge ruled Thursday, upholding breach of contract claims while tossing other claims for equitable relief.
Digital Federal Credit Union, which has $8 billion in assets and 700,000 members, allegedly charged overdraft fees for a named plaintiff who overdrew the "available balance" in her account, even though she still had funds left in her "ledger" or "actual balance," which includes pending transactions. U.S. District Judge Timothy S. Hillman wrote that, based on DCU's policies, the overdraft terms were confusing....
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