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Consumers who had a Stanford Federal Credit Union checking account between June 19, 2016, and Sept. 22, 2025, and whom the company charged two or more nonsufficient funds fees or an NSF fee followed by an overdraft fee on the same ACH transaction or check may be eligible to claim a cash payment from a class action settlement.
Stanford Federal Credit Union agreed to pay $450,000 to settle a class action lawsuit alleging it improperly assessed banking fees.
Who are the class members?
The class includes individuals who meet all of the following criteria:
- They had a checking account with Stanford Federal Credit Union at any time from June 19, 2016, through Sept. 22, 2025.
- SFCU charged two or more NSF fees on the same ACH transaction or check or an NSF fee followed by an overdraft fee on the same ACH transaction or check during the class period.
The settlement administrator used Stanford Federal Credit Union’s records to identify class members and notify them by mail or email. The settlement includes both current and former accountholders.
How much can class members receive?
The total settlement fund is $450,000. After deducting attorneys’ fees, litigation costs, service awards to the named plaintiffs and settlement administration expenses, the settlement administrator will distribute the remaining amount to class members on a proportional basis.
The administrator bases each class member’s payment on the number of allegedly improper NSF and/or overdraft fees they incurred during the class period. The more qualifying fees they paid, the larger their share of the settlement fund.
Each class member’s payment = (net settlement fund / total qualifying fees) x number of qualifying fees the class member paid
No action needed to receive compensation
Class members do not need to file a claim to receive a payment. Eligible class members will automatically receive their share of the settlement funds.
Class members who wish to exclude themselves from the settlement (opt out) must send a letter stating their intent to opt out and include their name, the last four digits of their account number or Social Security number, address, telephone number and email address.
Settlement administrator's mailing address: Saldivar, et al. v. Stanford Federal Credit Union, c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799
Payout options
- Current members: Direct credit to Stanford Federal Credit Union account
- Former members: Check mailed to last known address
$450,000 settlement fund breakdown
The $450,000 settlement fund will cover:
- Settlement administration costs: Up to $22,000
- Attorneys' fees: Up to $150,000
- Service awards to class representatives: Up to $10,000 each for two representatives and up to $7,500 for one other (Up to $27,500)
- Payments to approved class members: The remainder of the settlement fund
Important dates
- Opt-out deadline: Aug. 13, 2026
- Final approval (fairness) hearing: Dec. 10, 2026
When is the Saldivar v. Stanford Federal Credit Union payout date?
The settlement administrator will distribute payments to class members approximately 40 days after the court resolves any appeals and grants final approval of the settlement.
Why is there a class action settlement?
The class action lawsuit alleged Stanford Federal Credit Union improperly charged multiple NSF fees or an NSF fee followed by an overdraft fee on the same transaction or check. The plaintiffs claimed these practices violated the terms of their account agreements.
The credit union denies any wrongdoing but agreed to settle to avoid the costs and risks of continued litigation.
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