If you’re a customer or former customer of Redstone Federal Credit Union and have been charged overdraft or nonsufficient funds (NSF) fees that were not refunded between May 5, 2014, and July 1, 2021, we’ve got news for you. Redstone Federal Credit Union has agreed to settle a class action lawsuit by paying a substantial $3.7 million. This means you could be entitled to a payment and the chance to reclaim some of those hard-earned dollars.
Understanding the Settlement
Redstone Federal Credit Union, one of America’s largest credit unions with over $7.5 billion in assets and a global membership base, recently faced two class action lawsuits. These lawsuits claimed that the credit union violated its own account agreements by charging overdraft fees based on available balances instead of actual balances. Additionally, Redstone Federal Credit Union was accused of charging multiple overdraft and NSF fees on transactions that had previously been rejected.
In response, Redstone Federal Credit Union has agreed to the $3.7 million settlement to resolve the allegations, although they have not admitted any wrongdoing. The settlement aims to compensate affected customers and address any harm caused by these practices.
What Does the Settlement Offer?
Under the terms of the settlement, eligible class members who were charged overdraft or NSF fees between May 5, 2014, and July 1, 2021, will have an opportunity to receive a monetary payment. The exact amount will vary based on the fees charged and the number of participants in the settlement. If you’re a current Redstone Federal Credit Union member, you will receive an account credit, while former members will receive their settlement payment by check.
Important Dates and Actions
To ensure you don’t miss out on your chance to participate in the settlement, take note of these key dates:
- Exclusion Deadline: July 14, 2023 – If you wish to exclude yourself from the settlement or raise any objections, this is the deadline to take action.
- Final Hearing: October 2, 2023 – The final approval hearing for the settlement will take place on this date. Once approved, payments will be processed accordingly.
It’s important to note that you don’t need to fill out a claim form to benefit from the settlement. As long as you meet the criteria as an eligible class member and don’t choose to exclude yourself, you will automatically receive a settlement payment.
Are You Eligible?
If you currently have or had a checking account with Redstone Federal Credit Union and were charged overdraft or NSF fees that were not refunded between May 5, 2014, and July 1, 2021, congratulations! You meet the eligibility criteria to participate in the settlement and potentially receive a financial award.
Stay Informed and Take Action
For the latest updates, important details, and contact information, visit the official settlement website at LeslieMaconSettlement.com. This website will provide you with all the necessary information you need to stay informed and take the appropriate steps to receive your payment.
If you have any questions or concerns, reach out to the claims administrator at the following address:
Kroll Settlement Administration LLC P.O. Box 225391 New York, NY 10150-5391 Phone: 833-747-6793
Don’t Miss Out on Your Share
This settlement presents a unique opportunity for Redstone Federal Credit Union customers and former customers to reclaim money from