iQ Credit Union Overdraft and NSF Fee Class Action Settlement
iQ Credit Union Overdraft and NSF Fee Class Action Settlement
iQ Credit Union agreed to pay $750,000 into a Settlement Fund and forgive $58,947 in unpaid fees to resolve claims that it charged overdraft fees on debit card transactions authorized on sufficient funds and repeat NSF fees when a returned item was presented again. Members charged these fees between December 12, 2018 and July 31, 2023 do not need to file a claim; they receive a pro rata payment automatically as an account credit or a check.
Settlement fund
$750K
Cash fund, plus $58,947 in fee forgiveness
Top payout
Automatic
Account credit or check, no claim form
Claim form
No claim form
Automatic credit or check
No claim form needed
Former iQ Credit Union members should make sure the Settlement Administrator has their current mailing address so their check reaches them.
Do you qualify?
You are a Class Member if ALL of the following apply:
- You were charged an overdraft fee on a signature-based debit card transaction that was authorized on sufficient funds and settled in the authorized amount (an "APSN Fee") by iQ Credit Union, or
- You were charged a non-sufficient funds fee on the second or third presentment of an item that had already been returned for insufficient funds (a "Retry Fee").
- The fee was charged between December 12, 2018 and July 31, 2023. No claim form and no proof needed.
- Excluded: Anyone who submitted a valid request for exclusion postmarked by August 19, 2026.
Not sure if you qualify? Call the Settlement Administrator at (888) 808-6292, write to Thompson v. iQ Credit Union Settlement Administrator, P.O. Box 301130, Los Angeles, CA 90030-1130, or visit ThompsonFeesSettlement.com.
What happened
Plaintiff Jennifer Thompson sued iQ Credit Union in the Superior Court of Washington for Clark County. The lawsuit alleges that iQ Credit Union improperly charged overdraft fees on debit card transactions that were authorized when the account had enough money (APSN Fees) and charged additional non-sufficient funds fees when a previously returned item was presented again (Retry Fees).
iQ Credit Union denies any wrongdoing, and the Court has not decided who is right. The parties agreed to settle to avoid the cost, risk, and delay of continued litigation. As part of the settlement, iQ Credit Union agreed to stop assessing APSN Fees and Retry Fees for at least three years after final approval and to forgive $58,947 in challenged fees that were charged off when accounts closed.
How to file a claim
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1. Confirm you are a Class Member
You are a Class Member if iQ Credit Union charged you an APSN Fee or a Retry Fee between December 12, 2018 and July 31, 2023. Class Members are identified from iQ Credit Union's records. If you are unsure, call the Settlement Administrator at (888) 808-6292.
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2. Understand how your payment is calculated
After Court-approved attorneys' fees, expenses, the service award, and administration costs are deducted, the Net Settlement Fund is divided pro rata based on the challenged fees each Class Member paid. No one will receive more than the fees they paid, and most will likely receive less. A second distribution may follow if enough money remains.
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3. No claim form: keep your address current
You do not need to file a claim. Current members receive a credit to their iQ account and former members receive a paper check. If you are a former member and your mailing address has changed, contact the Settlement Administrator at (888) 808-6292 or Thompson v. iQ Credit Union Settlement Administrator, P.O. Box 301130, Los Angeles, CA 90030-1130. The Notice and Settlement Agreement are posted on the case documents page of ThompsonFeesSettlement.com.
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4. Receive your payment
Payments come only after the Court grants final approval and the settlement becomes effective. Under the Settlement Agreement, account credits are applied about 21 days and checks are mailed about 35 days after the Effective Date. Checks must be cashed within 120 days.
Key dates
- Aug 19, 2026 Opt-out & objection deadline Passed
- None No claim form required Automatic
- Sep 25, 2026 Final Fairness Hearing (9:00 a.m. PT) Passed
- TBD after final approval Payments issued to claimants Pending
The Final Approval Hearing was scheduled for September 25, 2026 at 9:00 a.m. at the Clark County Courthouse, 1200 Franklin Street, Vancouver, WA 98660, with telephone or video attendance available. The exclusion and objection deadline was August 19, 2026. No claim form is required. Check ThompsonFeesSettlement.com for the final approval ruling and payment updates.
Where the money is going
iQ Credit Union agreed to pay $750,000 into a Settlement Fund and to forgive $58,947 in challenged fees that were charged off when accounts closed. Attorneys' fees and expenses, a service award, and notice and administration costs are paid from the fund, and the rest is divided pro rata among Class Members. No money returns to iQ Credit Union. Any money left after distribution goes in equal shares to the Ridgefield School District Foundation and the Legal Foundation of Washington.
All amounts listed above are pending and subject to final court approval. The Court may award less than the amounts requested. The Settlement Agreement also values iQ Credit Union's agreement to stop charging APSN and Retry Fees for three years at $195,000. Residual funds go to the cy pres recipients, the Ridgefield School District Foundation and the Legal Foundation of Washington, in equal shares.
Common questions
How much money will I receive?
Individual amounts are not fixed. Each Class Member receives a pro rata share of the Net Settlement Fund based on the APSN and Retry Fees they paid. No one receives more than the fees they paid, and most will likely receive less.
Do I need to submit proof of purchase?
No proof or claim form is needed. Class Members and their fees are identified from iQ Credit Union's records, and payment is automatic.
What if I didn’t receive a notice?
Notice went to Class Members identified in iQ Credit Union's records. If you think you qualify but did not get a notice, or your address has changed, contact the Settlement Administrator at (888) 808-6292 or P.O. Box 301130, Los Angeles, CA 90030-1130.
Does staying in the class affect my right to sue later?
Class Members who did not opt out by August 19, 2026 release their claims against iQ Credit Union relating to the APSN and Retry Fees charged during the Class Period. Outstanding loans and other debts owed to iQ Credit Union are not affected by the release.
When will payments be sent out?
Payments come after the Court grants final approval and the Effective Date passes, which is at least 30 days after the Final Approval Order and later if there is an appeal. Account credits are applied about 21 days and checks mailed about 35 days after the Effective Date.
Dapeer Law, P.A.
Consumer class action attorneys based in South Florida. We track settlements so you don’t have to.
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This page is for informational purposes only and does not constitute legal advice. Dapeer Law, P.A. is not the administrator of this settlement and is not affiliated with iQ Credit Union, Verita Global, LLC (the Settlement Administrator), or Class Counsel Lynn A. Toops of Cohen & Malad, LLP, Marty Schubert of Stranch, Jennings & Garvey, PLLC, and attorneys of Gibbs Mura, A Law Group. The case is Thompson v. iQ Credit Union, Case No. 24-2-04242-06, pending in the Superior Court of Washington for Clark County. Class representatives are Jennifer Thompson. iQ Credit Union denies wrongdoing. This website is attorney advertising. Past results do not guarantee future outcomes.