SafeAmerica Credit Union $390,000 Fee Settlement

Consumers who had a checking account with SafeAmerica Credit Union and were charged certain overdraft or nonsufficient funds fees between Nov. 9, 2019, and Feb. 29, 2024, may qualify to claim a payment from a class action settlement.

SafeAmerica Credit Union agreed to pay $390,000 to settle a class action lawsuit for allegedly assessing improper authorize positive settle negative, retry and sufficient funds fees to its members.

Who are the SafeAmerica class members?

Class members must meet all of the following criteria:

• They had a checking account with SafeAmerica Credit Union at any time between Nov. 9, 2019, and Feb. 29, 2024.
• SafeAmerica charged them one or more of the following fees during that period: overdraft, nonsufficient funds, authorize positive settle negative, retry or sufficient funds fees.

How much can class members get?

Pro rata payment: The total settlement fund is $390,000. After deducting attorneys’ fees, litigation costs, the named plaintiff’s service award and the settlement administrator’s expenses, the remaining amount will be distributed to eligible class members.

The exact amount each class member receives depends on the number of qualifying fees SafeAmerica Credit Union charged and the total number of eligible class members.

Current SafeAmerica account holders will receive a credit to their account.

Former SafeAmerica account holders will receive a paper check mailed to their address.

No action needed to receive compensation

Class members do not need to file a claim to receive compensation. Those who received a settlement notice are already identified as eligible.

$390,000 fees settlement fund breakdown

The $390,000 settlement fund covers:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $130,000
• Attorneys' costs: To be determined
• Service award to named plaintiff: Up to $5,000
• Payments to eligible class members: Remainder of the fund (estimated $222,010)

Important dates

• Opt-out deadline: Sept. 2, 2025
• Final approval hearing: Nov. 13, 2025

When is the SafeAmerica Credit Union settlement payout date?

Payments will be issued to eligible class members approximately 40 days after the court grants final approval of the settlement and claim processing is complete.

Any funds remaining in the net settlement fund after payment distributions will be donated to the Alameda County Food Bank (50%) and Food Bank of Contra Costa and Solano (50%) (pending court approval).

Why is there a class action settlement?

The class action lawsuit alleges SafeAmerica Credit Union improperly assessed certain overdraft and nonsufficient funds fees in violation of its contracts and California’s Unfair Competition Law.

The defendant denies wrongdoing but agreed to settle to avoid the costs and uncertainty of further litigation.

Sources

1. Class notice
2. Settlement agreement
3. Settlement FAQ