If you were provided a personal loan from Navy Federal Credit Union, you could be entitled to compensation from a proposed class action settlement, with the deadline to submit a claim quickly approaching.
According to settlement information, the lawsuit alleges that the credit union failed to "prevent third parties from opening unauthorized personal loan accounts in members' names" as well as failing to cancel the loans after customers transferred loan funds to unknown third parties.
Navy Federal Credit Union denies the claims and any liability.
How do I know if I'm in the Navy Federal Credit Union class action?
The settlement involves customers who received personal loans between Jan. 1, 2023 and Jan. 31, 2025 and fit the following criteria:
- The loan application was submitted on an unfamiliar device to the NFCU
- Loan funds were deposited by the NFCU into the member's account
- A claim was submitted to the NFCU by the member disputing or reporting the loan as fraudulent
- The NFCU denied member claims
- The NFCU has not yet fully recovered the personal loan funds
How do I claim the Navy Federal Credit Union class action?
If
you believe you are impacted, you can submit a claim form via thesettlement website.
The deadline to submit is Nov. 29.
What do I get from the Navy Federal Credit Union class action?
In addition to three relief categories for NFCU members that were issued eligible personal loans, members that submit a claim form will receive $250 from the proposed settlement.
The proposed settlement automatically benefits eligible members by canceling their personal loans, requesting the deletion of related credit reporting and reimbursing payments made to the personal loans.
Kaitlyn McCormick is a Philadelphia-based reporter writing all things cost of living related for USA TODAY.
This article originally appeared on USA TODAY: Do I get a Navy Federal Credit Union settlement check? What to know
