Customers of both banks and credit unions like Boeing Employees Credit Union are typically charged high overdraft fees, even when they may not have knowingly opted in to such a program.

A credit union customer who overdraws their checking account from Boeing Employees Credit Union or another institution may be charged overdraft fees.

Overdraft protection can often sound like a good deal, especially when customers don’t have all the information about what these kinds of programs entail.

The law requires that banks and credit unions have customers voluntarily opt in to overdraft fees through an overdraft protection program. In some cases, customers may have opted in without being given all the information about the credit union’s overdraft fee practices.

Boeing Employees Credit Union and other financial institutions often charge their customers excessive overdraft fees when they overdraw their checking accounts. Customers may not even know that the fees are so high. According to reports, banks and credit unions across the country rake in billions each year in money from overdraft fees.

While institutions like Boeing Employees Credit Union may claim that their overdraft fee practices are put in place to protect their customers, they may be misrepresenting the benefits of the program or even failing to adequately explain how their overdraft fees program works.

This can lead to customers paying more money than they would have if they had been fully aware of overdraft fee practices.

Overdraft Fee Practices

Overdraft fees from Boeing Employees Credit Union or another institution are incurred after a customer has overdrawn their account. In order to move money from another account to cover this transaction, an overdraft fee is incurred.

Overdraft fees are high across the nation, and are only expected to increase over time.

According to reports, some financial institutions have been taking advantage of their customers through their overdraft fee practices, and have begun reordering transactions in order to get the most money out of their customers.

Banks and credit unions may do this by deliberately procession a customer’s transactions out of order so that larger purchases are processed first, which means that more payments are likely to overdraw the account.

Because bank customers who routinely have less in their accounts are more likely to overdraw their bank accounts, much of this overdraft money is taken from the Americans who can least afford to pay these overdraft fees. Being routinely hit with these excessive fees can make already difficult financial situations even harder.

Some disappointed bank and credit union customers who have been affected by overdraft fee practices have responded by filing lawsuits against Boeing Employees Credit Union and other institutions.

These lawsuits often claim that financial institutions use excessive and manipulative overdraft fee practices, causing their customers to pay more money than they expect.

If you or someone you love has been subjected to unfair overdraft fee practices such as reordering transactions by Boeing Employees Credit Union or another financial institution, you may be able to join a class action overdraft fees lawsuit.

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