Questions about the Vernon & District 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 VantageOne Credit Union posts this same notice on its own website: www.vantageone.net. 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 Vernon & District Credit Union and who were charged one or more overdraft administration fees exceeding $5 between September 2, 1994 and February 20, 2003. If you are uncertain whether you are included, please complete the Claim Form.

Yes. VantageOne Credit Union was formerly known as Vernon & District Credit Union. This settlement is for people who were members of Vernon & District Credit Union and paid overdraft fees between September 2, 1994, and February 20, 2003.

Your confirmation on the Claim Form that you believe you paid an overdraft charge of more than $5 between September 2, 1994, and February 20, 2003 is sufficient evidence that you are in the class, unless Vernon & District 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 March 2003 with Vernon & District Credit Union you can attach them as they may assist us in validating your claim.

No. There is no charge for making a claim.

$1 for each overdraft fee that you paid to Vernon & District Credit Union between September 2, 1994, and February 20, 2003. For years where the credit union's records do not show your account's overdraft transactions, an estimated amount is calculated under the plan from the years you held an account (the "Deemed Overdraft Fees"). Plus interest. The Website Notice estimates refunds of up to approximately $49.55 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 North Okanagan Neurological Association. An e-Transfer or cheque that is not cashed within 6 months also goes to the North Okanagan Neurological Association.

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 1-855-573-8816 instead.