Questions about the Village 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 Vancity posts this same notice on its own website: support.vancity.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 Village Credit Union and who were charged one or more overdraft administration fees exceeding $5 between January 1, 1997 and February 22, 2003. If you are uncertain whether you are included, please complete the Claim Form.

Yes. Vancity acquired the business of Village Credit Union on July 1, 2005. This settlement is for people who were members of Village Credit Union and paid overdraft fees between January 1, 1997, and February 22, 2003.

Your confirmation on the Claim Form that you believe you paid overdraft fees between January 1, 1997, and February 22, 2003 is sufficient evidence that you are in the class, unless Village 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. Your eligibility will be determined using the banking records of Village Credit Union. However, if you have account statements from prior to March 2003 with Village Credit Union, you can attach them as they may assist us in validating your claim.

No. There is no charge for making a claim.

$20 for each overdraft fee that you paid to Village Credit Union between November 10, 2000, and February 22, 2003, plus an estimated amount for overdraft fees between January 1, 1997, and November 9, 2000, calculated under the plan (the "Deemed Overdraft Charges"), 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 Vancity Community Foundation. An e-Transfer or cheque that is not cashed within 6 months also goes to the Vancity 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 1-855-573-4780 instead.