Questions about the Community Savings Credit Union settlement

No. This is a class action settlement approved by the Supreme Court of British Columbia. You can check it two ways. The Court's decision approving the settlement, Bodnar v. Community Savings Credit Union, 2023 BCSC 934 (April 13, 2023), is on the Court's website. And Community Savings Credit Union posts this same notice on its own website: www.comsavings.com/legal/class-action. Making a claim is free: we will never ask you to pay a fee, or for your online banking password or PIN.

An overdraft fee is charged when a credit union allows you to withdraw more money than you have available either in your account or on your authorized line of credit. An overdraft fee is different from an NSF (non-sufficient funds) fee, which is charged when payment of a cheque or other withdrawal is refused because the account has insufficient funds to cover the payment. NSF fees are not included in the settlement.

All who are or were members of Community Savings Credit Union and who were charged one or more overdraft administration fees exceeding $5 between November 20, 1997 and March 1, 2003. If you are uncertain whether you are included, please complete the Claim Form.

You can still claim. Without a Claim ID, the Claim Form asks for the location of your branch, your address between November 20, 1997 and March 1, 2003, your account number (if known) and your date of birth, so that we can find you in the credit union's records.

Yes. Membership in IWA Credit Union and Community Credit Union, the predecessors of Community Savings Credit Union, counts.

Your confirmation on the Claim Form that you believe you paid overdraft fees, and the years of account-holding you state, are sufficient evidence that you are in the class and of the years claimed, unless the credit union's records affirmatively contradict your claim.

Yes. Leave the Claim ID blank and fill in the rest of the Claim Form.

No. You are not required to provide any documents in support of your claim. However, if you have account statements from prior to April 2003 with the Community Savings Credit Union you can attach them as they may assist us in validating your claim.

No. There is no charge for making a claim.

$96.36 for each year (prorated by day for part of a year) that you believe you held an account at Community Savings Credit Union between November 20, 1997, and March 1, 2003, up to $508.73, plus interest. The membership dates you give on the Claim Form are used to count the years. Interest is calculated at 5% a year, compounded twice a year, up to the Claims Deadline, January 27, 2027. If the total of all approved claims is more than the money available in the settlement fund, every claimant receives a proportional (pro rata) share.

Every claimant will be told whether their claim is approved, and the amount, by March 1, 2027. Payments are expected from April 27, 2027, if no appeal affects them. Payment is by Interac e-Transfer to the email address on your Claim Form or, if you chose it, by cheque to your mailing address. A cheque can be deposited only to an account in the claimant's name.

Once the refunds are claimed and expenses are paid, any money remaining in the fund will be donated to the Community Savings Community Foundation. An e-Transfer or cheque that is not cashed within 6 months also goes to the Community Savings Community Foundation.

You may appeal by March 30, 2027. See Appeals.

You may opt out by mail. See Opting out.

Each credit union has its own settlement, fund and Claim Form. Make a claim in each. See all eight settlements.

No. Please do not contact the Supreme Court of B.C. as its administrative structures are not designed to address any inquiries about this settlement. Call toll-free 1-855-573-3770 instead.