Updated
November 20, 2023
USAA members charged a fee after depositing a check that bounced may be able to join an investigation into whether the bank unlawfully charged returned-check fees.
How Do I Get Reimbursed for USAA Bounced Check Fees?
Did USAA charge you a fee for a bounced check? You may be owed compensation. Bounced check fees, also known as Non-Sufficient Funds (NSF) fees or returned item fees, are charges levied by banks if you attempt to make a payment or withdrawal, but your account, or the payee's account lacks the necessary funds to cover the transaction. These fees typically range from $25 to $50 per bounced check, and these bounced check fees can very quickly add up, causing financial strain for those who are already trying hard to reasonably make ends meet. As of November 2023, USAA lists the bounced check fee at $29.00 per returned check transaction.
Status
Active Investigation
attorneys are investigating whether USAA unlawfully charged returned-check fees
Claim Deadline
Ongoing
no settlement or claim form yet — this is an active investigation
Estimated Payout
Varies
depends on the facts of each case
Proof Required
Yes
statements or documents showing the bounced-check fee you were charged
How Do USAA's Fees Stack Up Against Other Banks?
USAA charges at or below other bank rates for returned check fees. There are several issues with bounced check fees. Many consumers are unaware of the specific circumstances that trigger bounced check fees or the exact amount they will be charged. This lack of transparency makes it difficult for individuals to make informed financial decisions and budget effectively. The fees can also build up and add up, even when no action is taken by a consumer. The fees vary widely, and the information below may have been updated since this article was written as of October 2023:| Bank | Bounced Check Fee |
|---|---|
| USAA | $29 |
| Chase Bank | $12 |
| Wells Fargo | $35 |
| Bank of America | $10 - $35 |
| Citibank | $38 |
| U.S. Bank | $35 |
| TD Bank | $35 |
| Capital One | $35 |
| Truist Bank | $36 |
It's not only paper checks that can cause bounced check fees. Electronic payments can also be subject to these fees if there are insufficient funds in the linked account. This can catch consumers off guard and result in unexpected charges.
Bounced check fees have long been defended by banks as a necessary measure to deter irresponsible financial behavior and cover administrative costs. However, the impact of these fees on consumers, particularly low-income individuals, raises serious concerns about their fairness.
What is USAA and How Is It Different From Other Banks?
USAA was founded in 1922 by a group of Army officers to provide insurance to military members, and it has since expanded its offerings to include various financial services. While USAA is not a publicly traded company, it is not strictly privately funded in the traditional sense. It operates as a member-owned association, and its services are primarily available to its members, who are typically current and former military personnel and their families.How Do I Qualify?
Did you deposit a check at USAA (a check that someone else gave you) in the past 5 years only to find that it bounced, and YOU were charged a fee? If yes, you may be owed compensation.USAA Texas Residents Bounced Check Fees
If you are a Texas resident and you deposited a check at USAA Bank in the past 5 years that bounced resulting in fees, you may be qualified for compensation. Join Class Actions is investigating whether USAA Bank may have unlawfully charged USAA customers returned or bounced check fees. If Join Class Action's investigation is correct, you may be owed substantial compensation! File a claim below at one of these links:Free settlement alerts
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