|Event Name:||Overdraft Services: 10 High-Risk Issues|
|Date:||January 13, 2021 10:00 AM - 12:00 PM|
Overdraft Services: 10 High-Risk Issues
The Credit Union Times reports that Navy Federal Credit Union will settle a class-action suit for $16 million that will reimburse an estimated 700,000 current and former members charged fees for overdrafts.
An Alexandria, Virginia, U.S. District Court judge has issued a preliminary approval for the settlement in Lambert v. Navy Federal Credit Union, with final approval expected in March. Ruby Lambert brought the suit in January 2019 after being charged a second $29 NSF fee when a $96 check on her account was presented a second time after it was bounced to her insurance company. Although Lambert acknowledged that Navy Federal was allowed to charge her a single NSF fee, she argued in court documents that the credit union breached terms of member account agreements when it charged her a second NSF fee for the same insurance check payment.
This lawsuit and the TD Bank are just a few of the issues that you have to worry about with your overdraft services deposit programs.
During this webinar, we'll discuss these issues, including:
Who should attend?
Compliance Officers, Operations, Call Centers, Branch Managers, Branch Staff, and New Member Representatives
About Your Instructor
Deborah Crawford is the President of Gettechnical Inc., a Baton Rouge-based firm specializing in the education of financial institutions across the nation. Her 30+ years of experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor's and master's degrees.
Debbie specializes in the education of financial institution employees and officers in deposit account laws, new account documentation, insurance, complex compliance regulations, and IRAs.
Hosted by the Mississippi Credit Union Association