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- TCA viewers reported receiving settlement payments of $29 as of early June 2021.
- Congratulations to everyone who filed a claim and got paid!
- The Navy Federal NSF Fee Class Action Settlement was granted initial final approval on April 1, 2021.
- And Amended Final Approval was submitted on April 8, 2021.
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A $16 million Navy Federal fees settlement has been reached to resolve claims the credit union charged unfair non-sufficient funds (NSF) fees to its customers. The settlement will provide cash payments or account credits to consumers based on the number of eligible NSF fees they were charged.
The Navy Federal fees class action settlement benefits consumers who were charged two or three NSF fees on a single transaction by Navy Federal Credit Union between Jan. 28, 2014, and Oct. 27, 2020.
Eligible NSF fees were charged after a merchant re-presented a debit item or check for payment after the initial transaction was rejected due to insufficient funds. If additional NSF fees were charged after the initial rejection, they may be covered under this settlement.
Plaintiff Ruby Lambert filed her Navy Federal fees class action lawsuit in January 2019, arguing the credit union charged unfair NSF fees. Specifically, Lambert challenged the credit union’s practice of charging multiple NSF fees on a single transaction.
The multiple fees reportedly stemmed from merchants presenting transactions for payment several times after the initial rejection. Whenever these transactions were re-presented, Navy Federal Credit Union allegedly tried again to process them. If there were insufficient funds in a consumer’s account, this practice allegedly garnered additional NSF fees on top of the initial NSF fee.
Although this practice is fairly widespread, Lambert contended Navy Federal Credit Union’s account contracts don’t permit the financial institution to charge NSF fees in this way. As a result, the credit union allegedly violated the terms of its agreements.
Navy Federal Credit Union has not admitted any wrongdoing when it comes to its fees but has agreed to resolve the claims against it with a $16 million class action settlement. The deal allows both parties to put an end to the allegations while avoiding the costs and risks of future litigation.
The Navy Federal fees settlement will provide either cash payments or account credits to compensate Class Members for the re-presented NSF fees they were charged. Exact payment estimates are not available, but awards will depend on the number of NSF fees charged to each Class Member and the number of Class Members who choose to participate in the settlement deal.
No claim form is required to benefit from the Navy Federal fees class action settlement. Instead, cash payments or account credits will automatically be distributed to eligible Class Members.
Settlement Class Members have until Feb. 24, 2021, to exclude themselves or object to the settlement. Exclusion means a Class Member will not receive payments but will be able to retain their legal rights to file or participate in another Navy Federal fees lawsuit in the future.
Objections will be reviewed by the court at the final approval hearing March 26, 2021.
Consumers who were charged two or three NSF fees on a single transaction by Navy Federal Credit Union between Jan. 28, 2014, and Oct. 27, 2020.
Eligible NSF fees were charged after a merchant re-presented a debit item or check for payment after the initial transaction was rejected due to insufficient funds.
Cash payments or account credits for NSF fees.
Exact awards will depend on the number of NSF fees charged to each Class Member and the number of Class Members who choose to participate in the settlement deal.
Proof of Purchase
Ruby Lambert, et al. v. Navy Federal Credit Union, Case No. 1:19-cv-00103, in the U.S. District Court for the Eastern District of Virginia
Lambert Representment NSF Fee Settlement
c/o JND Legal Administration
P.O. Box 91190
Seattle, WA 98111
Jonathan M. Streisfeld
KOPELOWITZ OSTROW P.A.
TYCKO & ZAVAREEI LLP
DAVIS WRIGHT TREMAINE LLP
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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.