Consumers across the country are being hammered with overdraft fees from banks or credit unions, to which many complain accumulate too fast and puts them in greater financial turmoil.

Specialized lawyers have recently launched an investigation into the overdraft protection of financial institutions, after recent federal requirements required consumers’ consent before getting charged overdraft fees at all.

One of the credit unions that may be under investigation soon could be DFCU (Dearborn Federal Credit Union) Financial Credit Union, based out of Ann Arbor, Mich.

Established in 1950 by seven Ford engineers, DFCU Financial Credit Union was specifically created for Ford engineering employees looking for strong financial security.

DFCU Financial Credit Union has since grown into multiple branches with over 200,000 customers; its website states that it is “one of the top performing credit unions in the nation.” DFCU Financial Credit Union is also one of top ten peer credit unions for Return on Assets (ROA), which indicates how profitable a company is in regards to its total assets.

In addition, DFCU Financial Credit Union awards various sponsorships and grants to local businesses and student projects to help develop surrounding communities.

Even with these many positive points, however, DFCU Financial Credit Union still has many policies its members have to follow including its overdraft protection services.

Overview of DFCU Financial Credit Union Overdraft Protection

Like other financial institutions, DFCU Financial Credit Union has to gain permission from its members before enrolling them in their overdraft protection programs.

Their overdraft protection offers the typical benefits a customer can expect, including covering a small transaction when their primary account becomes insufficient.

According to DFCU Financial Credit Union’s website, their overdraft protection can cover any sale purchases made by the consumer’s debit card.

However the credit union’s website specifically states that “there is no limit to the total fees we can charge you for overdrawing your account.”

With the growing tension of rising overdraft fees, it can be quite daunting to consumers who are worried over this issue.

Considering that overdraft fees typically occur with financially strained customers to begin with, the incurring fees associated with overdraft protection could potentially put them in an even worse position.

The problem of rising overdraft fees has been an issue for the past several years, with consumers primarily associating this problem with big banks.

But when the recent recession began affecting everyone and more consumers became careful from overdrawing their accounts, credit unions also began increasing their overdraft fees.

Consumers have also alleged that their transactions were indexed by amount rather than date, so banks and credit unions could maximize overdraft fees.

Consumers who believe they were improperly charged overdraft fees may be eligible for an overdraft fee lawsuit, and should consult a specialized lawyer to determine if they have a claim.

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