Fiserv Inc., a financial technology firm, has been informed by federal regulators that they must hand over data regarding credit union overdraft fees. This mandate is part of a larger, ongoing federal evaluation of credit unions’ overdraft fees.
Overdraft Fee Investigation
During a brief interview in the wake of the annual Fiserv shareholders meeting on May 20, the company’s CEO Jeff Yabuki stated that the CFPB (Consumer Financial Protection Bureau) has requested that Fiserv anonymously supply data on overdraft fees charged by U.S. credit unions that employ Fiserv’s financial technology. “What [the CFPB] trying to understand is what are the fees that are being charged and do they make sense,” according to Yabuki.
Overdrafts occur when a credit union, bank, or other financial institution covers the amount of a transaction when the consumer’s account has insufficient funds. An overdraft fee is the charge a credit union assesses for their overdraft service.
CFPB spokeswoman Moira Vahey states that the Federal Bureau has looked into overdraft fees and practices before, though targeting larger financial institutions. “This more recent information request will enable us to observe whether and how overdraft programs differ at different types of depository institutions, including small institutions and credit unions,” states Vahey. Although Fiserv has some rather large financial institutions as clients, the company also provides its technology to many credit unions.
Yabuki is concerned that a new federal regulation may be in the works. He states: “We [Fiserv] have absolutely no problem making sure that the fee structure makes sense, but what we worry about is that this kind of research could end up with a unilateral ‘We think this is bad,’ without understanding how these fees are appropriate.”
Credit unions have already remarked that having to comply with new federal and state rules that govern credit unions has made it too expensive for smaller financial institutions to stay in business without merging with larger companies.
In early May, Credit Union Times reported that besides Fiserv, FIS Global also received a CFPB request to turn over overdraft fee data.
Overdraft Fee Litigation
The recent interest in overdraft fees stems from the fact that some credit unions are overcharging members for overdraft services. The CFPB has taken action, and just a few months ago in April fined Regions Bank $7.5 million for allegedly charging illegal overdraft fees to their consumers’ accounts. Regions was also ordered by the Bureau to refund the overdraft fees to all affected Regions Bank consumers.
Attorneys are currently looking into the possibility of filing lawsuits or class action lawsuits against credit unions who impose illegal overdraft fees on their consumers or practice unfair overdraft practices. If you believe your credit union has charged you illegal overdraft fees, you should contact an attorney to see if you have a legal claim.
Do YOU have a legal claim? Fill out the form on this page now for a free, immediate, and confidential case evaluation. The attorneys who work with Top Class Actions will contact you if you qualify to let you know if an individual lawsuit or class action lawsuit is best for you. Hurry — statutes of limitations may apply.
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What happened to the good old days when you were able to say NO do not let my account get charged overdraft fees!! Just decline anything that tries to go through!!! I would much rather have something declined than get charged the high rates they are charging, you end up getting charged $35.00 per item that hits the bank for that $1.50 that went over when your husband swiped his card during the day a couple of times that you werent aware of and you swiped the card and neither of you transfered money from one bank to another! Whoops!!! Yep, that can end up costing you over a hundred dollars these days, not back a few decades, you werent allowed to do it!!!!!