Some consumer advocates are concerned that Alliant Credit Union overdraft fees may not comply with applicable laws, resulting in unfair losses for credit union members.

Banks and credit unions get a large portion of their revenue from fees they charge for services like overdraft protection. However, fewer and fewer customers are overdrawing their accounts, possibly because it is so easy to check account balances on a smartphone or through other technology. So, to make up for this lost income, some institutions may be improperly charging overdraft fees to customers.

Overdraft protection is a service that enables customers to make transactions even if their account does not have the funds to cover it. These services come with a fee, so each time this happens a customer is charged a fixed amount each time they overdraft their account.

However, to increase the fees they can charge, some banks may engage in deceitful or misleading practices to increase the number of times consumers overdraft their accounts. Alliant Credit Union overdraft fees and those at other institutions are under investigation for possibly harming consumers.

In some cases, banks might process transactions out of order to maximize the number of transactions that send an account into overdraft. For instance, if a person as $100 in their account, and they make one purchase for $35 and another purchase for $110, only the second purchase should send their account into overdraft. However, if the transaction were processed in reverse order, both purchases would send the account into overdraft, and the customer would be charged a fee for both.

On average, overdraft fees are $35 each. These fees can pile up fast if a customer is charged each time they overdraft their account, especially if they don’t have the funds to cover their purchases in the first place. So, in many cases, these fees can pile up an put a significant financial strain on individuals.

In other cases, customers might just not know that they are over drafting their account. This can happen if someone does not check their account abalone for a few days, or if a large purchase hit their account when they didn’t expect. If you bank with Alliant Credit Union and incurred Alliant Credit Union overdraft fees that are unexpected, you may have been subjected to unlawful overdraft fees practices.

Because overdraft protection enables people to spend money even when they have overdrawn their account and can have a lot of risks, banks are only allowed to enroll customers in overdraft protection with their consent. However, some consumers might have been unlawfully enrolled in overdraft protection without their consent or knowledge.

Banks and credit unions that are a part of the investigation into overdraft fees include:

• Alliant Credit Union
• Astoria Bank
• State Employees Federal Credit Union (SEFCU – New York)
• Sterling Bank

Consumers can file lawsuits against banks for failing to disclose fee structures, mismanaging funds, or using other improper methods to maximize the fees they can charge.

If you bank with Alliant Credit Union or another bank or credit union and you believe you are being improperly charged overdraft fees, you may have a legal claim. Joining an Alliant Credit Union overdraft fees lawsuit investigation could help you gain compensation for the financial injury you suffered as a result of your bank or credit union’s practices.

You may have a legal claim if your were charged excessive overdraft fees by one of these banks or credit unions:

• Alliant Credit Union
• Astoria Bank
• BECU (Boeing Employees Credit Union)
• Nationwide Pacific Western
• State Employees Federal Credit Union (SEFCU – New York)
• Sterling Bank

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