$1.7M Navy Federal Credit Union EFTA class action settlement
Navy Federal Credit Union has agreed to a $1.7 million class action lawsuit settlement to resolve claims it violated the Electronic Funds Transfer Act (EFTA) by denying claims for unauthorized electronic fund transfers.
The settlement benefits a Written Explanation Settlement Class of Navy Federal Credit Union account holders whose claims of unauthorized electronic fund transfers were denied between Oct. 10, 2022, and Aug. 20, 2025.
The settlement also benefits a Document Request Settlement Subclass of account holders in the Written Explanation Settlement Class who requested documents Navy Federal relied on to deny their claims and did not receive them.
Navy Federal Credit Union is a financial institution that serves members of the military, veterans and their families. According to the Navy Federal website, the credit union has over 12 million members and $162 billion in assets.
Navy Federal is accused of violating EFTA by denying claims for unauthorized electronic fund transfers. Plaintiffs in the class action lawsuit say the credit union failed to provide sufficient explanation for these denials and failed to provide documents when requested.
The EFTA protects consumers by requiring financial institutions to follow certain rules when handling electronic fund transfers. Under the EFTA, financial institutions are required to investigate and resolve errors in electronic fund transfers, including unauthorized transactions.
Navy Federal has not admitted any wrongdoing but agreed to a $1.7 million class action settlement to resolve the allegations.
Under the terms of the Navy Federal settlement, class members can receive a cash payment. Exact payment amounts will vary depending on the number of claims filed with the settlement. No payment estimates are available at this time.