Questions about the Kootenay 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 Kootenay Savings Credit Union posts this same notice in the news section of its website: www.kscu.com. 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 Kootenay Savings Credit Union and who were charged one or more overdraft administration fees exceeding $5 between August 1, 1995 and July 1, 2003. If you are uncertain whether you are included, please complete the Claim Form.

Count each month in which you paid one or more overdraft fees. An approximate number is fine. At most 35 months can be counted for August 1, 1995 to June 30, 1998, and at most 60 months for July 1, 1998 to June 30, 2003; any months above those numbers are not counted.

The months you give on the Claim Form govern the calculation of your refund and are sufficient evidence that you are in the class, unless Kootenay Savings Credit Union's records affirmatively contradict them.

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 Kootenay Savings Credit Union prior to July 2003 you can attach them as they may assist us in validating your claim.

No. There is no charge for making a claim.

$2.75 for each month that you paid overdraft fees between August 1, 1995, and June 30, 1998, and $3.17 for each month that you paid overdraft fees between July 1, 1998, and June 30, 2003, plus interest. The most that can be claimed is $286.45 plus interest. 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 Kootenay Savings Community Foundation. An e-Transfer or cheque that is not cashed within 6 months also goes to the Kootenay 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 1-855-573-5756 instead.