US Consumer Watchdog Scraps $95 Million 'Illegal Fees' Settlement With Navy Federal Credit Union

Ally6770 | Jul 2, 2025 | 4,324 posts since 2010

WASHINGTON (Reuters) -The top U.S. watchdog agency for consumer finance this week canceled a $95 million settlement reached last year with Navy Federal Credit Union, a lender officials in the prior administration had accused of illegally charging surprise overdraft fees, according to an order published on Tuesday.

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belko | Jul 2, 2025 | 170 posts since 2021

Well, in spite of being a Navy customer for many years I've never experienced a “surprise overdraft fee” from Navy. (Perhaps that's because I've never bounced a check on my Navy accounts? Just sayin'.) So therefore, I hope that this unexpected $95M “windfall” ends up being internally allocated by Navy to increase the APYs of their short-to-mid term CDs, especially add-on CDs. Currently I have some of these at 4.70% that mature 12/31/25, but of course I'd always be interested in a better rate.

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