The Court held the Final Approval Hearing on September 24, 2021 at 11:00 a.m., before the Honorable Ken Schubert of the Superior Court of the State of Washington for King County. At the hearing, the Court considered whether the Settlement is fair, reasonable and adequate. The Court granted final approval of the Settlement on September 27, 2021.
What is the lawsuit about?
The lawsuit alleges that BECU violated Washington law by imposing overdraft and NSF fees at times when a member had a ledger balance—but not an available balance—sufficient to cover the transaction. It also involves allegations that BECU violated Washington law by charging more than one NSF fee based on the same member transaction.
Who is included?
You are in the Settlement Class if you resided in Washington, were a BECU member, and at any point from August 2, 2015 through July 1, 2020 incurred an overdraft fee or an NSF fee for a transaction when the amount of the ledger balance shown in BECU’s record of your account was equal to or greater than the amount of the transaction, or at any point from August 2, 2013 through July 1, 2020 were charged an NSF fee on a transaction for which you had already been charged an NSF fee.
What does the Settlement provide?
The proposed Settlement provides for a fund totaling $6,000,000.00, which will be used to make payments to the class members after first making deductions for notice and administration costs, a Service Award to the Class Representative, and attorneys’ fees for Class Counsel. If you do not exclude yourself from this Settlement and the settlement is approved by the court and becomes final, you will receive a check (or a direct deposit if you currently hold a BECU checking account) reflecting your share of the Settlement.