Risk Alert: ACH Transfer Fee Class Action Lawsuit

As more members take advantage of new service offerings by credit unions, such as
ACH transfer services or account-to-account (A2A) / external transfer service, credit
unions may charge fees in order to support these services. However, charging for
these services could lead to litigation.

A class-action lawsuit was filed against Bank of America earlier this year on behalf of
customers who were assessed fees for automated clearinghouse (ACH) transfers.
Bank of America charged $3 to $10 for ACH credit transfers depending on the timing
of the transfer and the type of account involved. Plaintiffs’ attorneys assert that these
fees are improper and should be refunded.

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