The overdraft fees at Digital Credit Union, a financial institution with branches in New Hampshire and Massachusetts, may not be entirely fair and may not have the best interest of customers in mind.
Digital Credit Union, or DCU, calls itself a not-for-profit financial institution owned and operated by its members. Digital Credit Union opened in 1979 and now serves 500,000 members in all 50 states.
The credit union provides a variety of services including personal and business customer banking and lending services, financial planning, insurance services and real estate services.
Digital Credit Union, as part of its banking services, offers customers overdraft protection. However, consumer advocates are asking questions about the fairness of the overdraft fees at Digital Credit Union.
Under law, bank and credit union customers must opt-in to certain types of overdraft protection. What this means is that the bank or credit union will pay the amount of a purchase if the customer does not have enough money in his or her bank account to cover it. Often, banks and credit unions charge their members a fee for this service. Sometimes, fees for overdraft protection can add up and become unmanageable for customers.
According to the Digital Credit Union website, its Standard Overdraft Practices come with a checking account if the customer qualifies. The DCU Overdraft Payment Service is meant to cover “unintentional overdrafts and emergencies.”
They state that this is not a line of credit and the overdrawn balances must be repaid as soon as possible.
There is no limit to the overdraft fees at Digital Credit Union, according to their website. They may authorize up to $1,500 at any one time but will charge a fee of $30 for each transaction that overdraws the account.
In fact, for nonsufficient funds, whether the charge or check was paid or returned, there is a $30 fee. Also, for uncollected funds whether returned or paid, there is a $30 fee.
Essentially, the way overdraft fees at Digital Credit Union work is that for every charge that overdraws an account, the credit union will charge the customer an extra $30.
If multiple charges in a day post to the customer’s account when it is overdrawn, each charge will earn an extra overdraft fee of $30.
For overdraft charges under $10, the fee won’t apply. But if it is more than that, Digital Credit Union charges $30 on top of what the customer already needs to pay back to his or her account for the overdrawn charge.
This can quickly add up and can prove to be quite a problem for those whose paychecks come only once a month. Most people, it has been found, that utilize overdraft protection, make less than the national median income of $54,000 a year.
If you believe you have been unfairly charged for overdraft fees at Digital Credit Union, you may benefit from speaking to an attorney.
Do YOU have a legal claim? Fill out the form on this page now for a free, immediate, and confidential case evaluation. Some of the banks and credit unions being investigated include, but are not limited to:
- HSBC Bank
- UMB Bank
- State Employees Credit Union
- Pentagon Federal Credit Union
- Boeing Employees Credit Union
- Alliant Credit Union
- Star One Credit Union
- First Technology Federal Credit Union
- America First Credit Union
- American Airlines Federal Credit Union
- Alaska USA Federal Credit Union
- Vystar Credit Union
- Citizens Equity First Credit Union
- Teachers Federal Credit Union
- ESL Federal Credit Union
- Patelco Credit Union
- DFCU Financial Credit Union
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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