USAA agrees to pay $64.2 million to settle a lawsuit over bank fees, but its banking units continue to deny allegations of breaching their duties to customers.
has agreed to pay about $64.2 million to settle allegations that its banks wrongfully imposed fees on military members and veterans for products that were not requested or useless. Papers filed Friday in a federal court in North Carolina show San Antonio -based
customers filed the proposed class-action lawsuit in 2021, alleging that the banks breached their duties to “America’s fighting forces by charging interest rates that were too high, allowing unlawful charges to improperly inflate service members’ principal balances” and charging interest on those balances.
spokesman said the company strongly disagrees with the lawsuit’s allegations, but he said the settlement is in the “best interest of our membership” and enables the company to avoid “lengthy and expensive litigation.” “ Federal Savings Bank is an arm of ’s proprietary fee and interest reduction program. Instead, their amended complaint said, the banks overcharged some customers during and after their active duty, “illegally” raised rates on veterans, and imposed numerous wrongful finance charges and fees. The complaint also said that
Federal Savings Bank Savings Bank MLA Comptroller Office Of The Comptroller Of The Currency Bank Of America Corp. Jpmorgan Chase Bank Roger Wildermuth North Carolina San Antonio America Bulverde Extended Vehicle Protection Debt Protection Truth In Lending Act SCRA Military Lending Act Chase
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