$2.5M Apple Federal Credit Union Settlement Ends Class Action Lawsuit Over Overdraft Fees

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A $2.5 million settlement has been reached to resolve a proposed class action lawsuit that alleged Apple Federal Credit Union (Apple FCU) unlawfully charged members overdraft fees on debit card transactions that were authorized positive but settled negative (APSN).

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The court-approved website for the Apple Federal Credit Union class action settlement can be found at MoversFeeSettlement.com.

The $2,500,000 settlement agreement with Apple FCU covers two classes of consumers who have or had a checking account with the company. The APSN fee class covers current or former members who were assessed overdraft fees that Apple FCU charged and did not refund on debit card transactions that posted to the consumer’s account between January 7, 2021 and March 31, 2024, where there was a sufficient available balance at the time the payment was authorized but an insufficient balance by the time it was paid.

The Regulation E class covers those who were assessed overdraft fees that Apple FCU charged and did not refund between April 28, 2022 and March 31, 2024 for debit card payments and ATM withdrawals or transfers.

Related Reading: Apple Federal Credit Union Charged Unlawful Overdraft Fees on Non-Overdrawn Accounts, Lawsuit Claims

According to the official Apple FCU settlement website, class members who received a notice by mail or email informing them about the deal will be entitled to a cash payout, a credit to their account or forgiveness of certain uncollected fees.

Consumers do not have to do anything to receive Apple FCU settlement benefits, the site says.

Per the website, payments will be credited to the accounts of current Apple FCU members, while former members will receive a check in the mail.

In addition, Apple FCU has agreed to forgive approximately $35,530 in qualifying fees that were assessed but not paid because they were charged off, the site shares. Current and former members who incurred these uncollected fees will have them waived automatically, the website adds.

The settlement agreement relays that individual payments to class members will be based on the total amount of fees they paid. Because APSN fees are also Regulation E fees, certain customers may receive an Apple FCU settlement payout for both types of charges, the document points out.

The lawsuit against Apple FCU claimed the company violated Regulation E of the federal Electronic Fund Transfer Act by assessing members $29 overdraft fees on debit card transactions that were authorized on sufficient funds but settled negative, and other debit card payments and ATM withdrawals and transfers.

The deal with Apple FCU was preliminarily approved by the court on February 19, 2025. It is now up to the court to decide whether to grant final approval to the terms of the deal at a hearing set for June 17, 2025.

If the settlement is ultimately approved, payments or credits will be issued within 40 to 60 days of the date the deal goes into effect, the website states. However, this process may be prolonged by appeals that must be resolved before benefits are distributed.

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