Apple Federal Credit Union Overdraft Fee Settlement

If you held a checking account with Apple Federal Credit Union and incurred an overdraft fee between January 7, 2021, and March 31, 2024, you may qualify to receive a payment from a class action settlement.

Apple Federal Credit Union has agreed to pay $2,500,000 to settle a class action lawsuit for allegedly improperly assessing overdraft fees known as ASPN fees, on debit card payments and ATM withdrawals.

Who qualifies for a credit union overdraft payment?

• You have or had a checking account with Apple Federal Credit Union.
• You were charged an overdraft fee or fees between January 7, 2021 and March 31, 2024.
• The overdraft fee was on a debit card transaction or an ATM withdrawal or transfer.
• The ATM or debit card transaction was authorized on sufficient funds and settled on negative funds in the same amount for which the transaction was authorized.
• You received an email or postcard notice informing you that credit union records indicate you are a class member.

How much is the class action settlement payout?

• Individual payment amounts will be determined by the total of the overdraft fees paid by the class member.
• Apple Federal Credit Union has also agreed to forgive certain uncollected fees totaling $35,530.

No claim form required

Class members do not need to take any action to receive compensation.

Do I have to provide proof?

No, Apple Federal Credit Union has provided account documents to the settlement administrator.

Payment options

• Current account holders will receive their settlement payment credited to their checking account.
• Former account holders will have a check mailed to the address the notice was sent to.

$2.5 Million overdraft fee settlement fund

The settlement fund of $2,500,000 will include:

• Settlement administration costs: To be submitted to the court at a later date
• Attorneys' fees: Up to $833,333
• Attorneys' expenses: To be determined
• Service awards to class representatives: Up to $15,000 each
• Payments to class members: Remaining settlement funds after deductions

Important dates

• Opt-out Deadline: April 20, 2025
• Fairness Hearing: June 17, 2025

When is the Apple Fed. Credit Union overdraft fee payout date?

• The court will hold a final approval hearing on June 17, 2025.
• Current account holders will have their credits issued approximately 40 days after the court grants approval.
• Checks will be mailed to former account holders approximately 50 days after final approval.

Why is there a class action settlement?

The lawsuit claims Apple Federal Credit Union improperly assessed overdraft fees on certain debit card transactions and ATM withdrawals. The settlement avoids the risks and costs of ongoing litigation and a possible trial.

Sources

1] [Settlement Website FAQ Page