$750K iQ Credit Union Overdraft and NSF Fee Settlement, Check If You Qualify — Thompson v. iQ Credit Union, No. 24-2-04242-06

You don’t have to file anything for this one. If iQ Credit Union charged you an overdraft fee on a debit card purchase that actually had enough money in the account, or a second or third NSF fee on the same returned payment, between December 12, 2018 and July 31, 2023 — a check or account credit is coming automatically. Here’s what the $750,000 settlement actually covers.

iQ Credit Union Overdraft & NSF Settlement — Key Facts

Settlement Amount	$750,000 cash, plus $58,947 in forgiven (unpaid, charged-off) fees
Claim Deadline	None — payment is automatic, no claim form required
Who Qualifies	Anyone charged an APSN overdraft fee or a Retry NSF fee by iQ Credit Union, Dec. 12, 2018–July 31, 2023
Estimated Payout	Pro rata share of your Challenged Fees against the Net Settlement Fund
Proof Required	No — iQ Credit Union’s own records determine who qualifies
Settlement Status	Preliminarily approved; final approval hearing pending
Court & Case Number	Clark County Washington Superior Court — No. 24-2-04242-06
Law Alleged	Breach of contract / improper fee assessment claims
Administrator	Verita
Official Claim Site	ThompsonFeesSettlement.com
Last Updated	July 23, 2026

Who Is iQ Credit Union and Why Is It Being Sued Over Fees?

iQ Credit Union is a Vancouver, Washington-based credit union. Like a lot of banks and credit unions sued over the last several years, it’s accused of charging overdraft and NSF fees in situations where account holders argue there wasn’t actually an overdraft in the first place — or where the same declined payment got charged a fee more than once. iQ Credit Union denies doing anything wrong and says its fees followed its account agreements and the law.

What Did iQ Credit Union Allegedly Do to Members Between 2018 and 2023?

The lawsuit, brought by class representative Jennifer Thompson, challenges two specific fee types. The first — called an APSN fee, short for “Authorize Positive, Settle Negative” — is an overdraft fee charged on a signature debit card purchase that was approved because there was enough money in the account at checkout, but that later settled for an amount that technically dipped the balance negative. The argument here is simple: if the purchase was authorized on sufficient funds, charging an overdraft fee later doesn’t match what the member reasonably expected.

The second is a Retry Fee — an NSF fee charged when the same payment gets resubmitted a second or third time after already being returned once for insufficient funds. Members are effectively charged multiple fees for one declined transaction, not three separate ones.

Here’s the part that’s easy to miss: you don’t need to prove either of these happened to you. iQ Credit Union’s own transaction records are what determine who’s in the class — the credit union already knows who was charged these fees, because it charged them.

Are You Part of the iQ Credit Union Settlement?

Here’s exactly how to know if this case includes you.

• Members who paid an APSN overdraft fee on a signature debit transaction that was authorized on sufficient funds, Dec. 12, 2018–July 31, 2023
• Members who paid a Retry Fee — an NSF fee charged on the second or third presentment of an already-returned item, during that same window
• If you received a postcard or email notice about this case, you’re already confirmed as a Class Member
• If you’re not sure, call the settlement hotline at 1-888-808-6292 to check your status directly

You do not need to have a specific dollar amount in mind, and you do not need to submit any documentation — this isn’t a self-reported claim.

Members Outside Washington State — Are You Still Covered?

Yes. This class isn’t limited by where you live now — it’s based on where you held your iQ Credit Union account and were charged the fee during the class period, regardless of your current address. As long as your address on file is current with the settlement administrator, your payment will follow you.

Not sure if a fee you were charged matches either category? A free consultation with a consumer rights attorney can help you understand your options, including whether excluding yourself makes sense in your situation.

Related article: $2.4M Live Nation Wage and Hour Settlement, Check If You Qualify — Knowles v. Live Nation Worldwide, Inc., No. 23CV014270

How Much Can iQ Credit Union Settlement Class Members Get?

There’s no flat number here — everything is pro rata, based on what you actually paid in Challenged Fees relative to the entire class. The formula is straightforward: your total Challenged Fees paid, divided by the Challenged Fees paid by everyone in the class, multiplied by the Net Settlement Fund. If you paid $100 in these fees, you get twice what someone who paid $50 gets.

You will not receive more than the actual fees you paid, and you’re likely to get less, since attorneys’ fees (up to one-third of the settlement value), administration costs, and a $5,000 service award to the class representative all come out of the fund first.

Payment arrives as a check or a direct credit to your account — whichever the settlement administrator determines applies to you. Payments over $600 may appear on a 1099. Check with a tax professional.

What Do You Need to Do to Get Paid?

Nothing. That’s the whole point of this settlement — as long as you don’t exclude yourself, a check or account credit shows up automatically once the settlement is final. The one thing worth doing: if you’ve moved since your iQ Credit Union account was open, call 1-888-808-6292 and update your address with the settlement administrator so your payment doesn’t get lost.

Deadline urgency: there isn’t one for getting paid. The only deadlines that matter are for opting out or objecting — both fall on August 19, 2026.

Should iQ Credit Union Class Members Opt Out or Object Before August 19, 2026?

What Opting Out of the iQ Credit Union Settlement Actually Means

Opting out means you get no payment and no account credit, but you keep the right to sue iQ Credit Union yourself over these same fees. Most people shouldn’t opt out without talking to a lawyer first — an individual case over a few hundred dollars in fees rarely makes financial sense on its own. To opt out, you need to mail a signed letter to the exclusion address by August 19, 2026 — phone and email requests don’t count.

How to Object to the iQ Credit Union Settlement

Objecting keeps your payment while telling the court you don’t like something about the deal — the amount, the attorneys’ fees, or anything else. Objections must be mailed, not emailed, to the same P.O. Box in Los Angeles, postmarked no later than August 19, 2026, and must include your name, address, phone number, signature, and your specific reasons.

Talk to a class action lawsuit attorney before August 19, 2026 if you’re weighing either option.

iQ Credit Union Settlement — Frequently Asked Questions, No. 24-2-04242-06

Do I need to file a claim to get money from the iQ Credit Union settlement? 

No. This settlement pays automatically. If you’re a Class Member and don’t exclude yourself, a check or account credit is sent once the settlement receives final approval — there’s no claim form anywhere in this process.

Is the iQ Credit Union settlement legitimate?

 Yes. It’s overseen by the Clark County Washington Superior Court, and administered by Verita, an independent settlement administrator — not iQ Credit Union itself.

When will iQ Credit Union settlement payments be sent?

 No exact date yet. The final approval hearing is September 25, 2026. After that, if there are no appeals, distribution could still take several months and possibly more than a year, according to the settlement notice itself.

What if I never got a notice about this settlement?

 If iQ Credit Union’s records show you were charged an APSN or Retry Fee during the class period, you’re a Class Member regardless of whether a notice reached you. Call 1-888-808-6292 to confirm your status.

Will my iQ Credit Union settlement payment be taxed?

 Possibly, if it’s over $600. Talk to a tax professional about how to report it.

How much of the settlement goes to attorneys?

 Class Counsel can request up to one-third of the settlement’s total value in fees, plus expenses, and a $5,000 service award for the class representative — all subject to court approval.

What specific fees does this settlement cover?

 Two types only: APSN overdraft fees on signature debit transactions authorized on sufficient funds, and Retry Fees charged on the second or third presentment of an already-returned item. It doesn’t cover every overdraft or NSF fee iQ Credit Union has ever charged.

Sources Used in This Article

• Notice of Class Action Settlement, Thompson v. iQ Credit Union, No. 24-2-04242-06: https://thompsonfeessettlement.com/media/7172903/iqct_notice.pdf
• Official Settlement FAQ Page: https://thompsonfeessettlement.com/frequently-asked-questions.aspx
• Settlement Agreement: https://thompsonfeessettlement.com/media/7172407/iqct_settlement_agreement.pdf

Researched and written by Israr Ahmad, legal content researcher and founder of AllAboutLawyer.com. All facts verified against the official Notice, FAQ page, and Settlement Agreement on July 23, 2026. Last Updated: July 23, 2026.

This article is for informational purposes only and does not constitute legal advice. Laws vary by state and individual circumstances differ. For advice about your specific situation, consult a qualified attorney.