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. Read more
