Chicago-based Alliant Credit Union this week was named in a class-action suit related to overdraft fees.
The complaint, filed earlier this week in federal court, alleges Alliant charged overdraft or NSF fees when members’ accounts had enough money in them to cover the transactions, violated federal law by misrepresenting its opt-in clause for overdraft protection and violated the Electronic Funds Transfer Act (Reg E), among other grievances.
Plaintiffs’ attorneys are seeking an unspecified amount of money, including compensation (paid with interest), damages, legal costs and more.
In a statement emailed to Credit Union Journal, Alliant VP of Marketing and Digital Strategy Michelle Spellerberg said the $10.3 billion credit union is “aware of the allegations, and we’re currently gathering more information and looking into the case. At Alliant, our members have always come first.”
The complaint was filed just weeks after credit union trade groups raised the specter of potential class action suits targeting credit unions and overdraft fees. As Credit Union Journal has reported, at least one law firm is using targeted social media ads in its quest to identify potential plaintiffs, but it is unknown if that strategy was used in this instance.
Attorneys representing the plaintiff in the complaint have not returned Credit Union Journal’s calls for comment.