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.
The class-action suit was originally filed by plaintiff Tracy Fry in November 2015. Fry claimed the practice breached MidFlorida's opt-in agreement and was inconsistent with its disclosure materials. The case went to mediation in March 2017, and a U.S. District Court judge approved the settlement this week.
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