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Lakeland, Fla.-based MidFlorida Credit Union has agreed to pay $2.375 million to settle a class-action lawsuit regarding its overdraft fee practices.

The settlement requires MidFlorida CU, which has $2.9 billion in assets and 271,000 members, to pay members for overdraft fees assessed between November 24, 2010, and January 15, 2016, if those fees occurred when the member had sufficient ledger balances but insufficient available balances. According to a database analyst hired by the plaintiffs, about 27,500 accounts were affected. 

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Tina Orem

 

Credit Union Times

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