Notice of Settlement of the Vernon & District Credit Union (Vernon CU) Overdraft Administration Fee Class Action

To Current and Former Vernon CU Members:

What is the purpose of this notice?

This notice explains the settlement of a class action lawsuit against Vernon CU concerning overdraft administration fees paid by some members between September 2, 1994, and February 20, 2003. The settlement was approved by the Honourable Mr. Justice Brundrett of the B.C. Supreme Court on April 13, 2023.

What is an overdraft fee?

An overdraft fee is charged when Vernon CU 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 Agreement.

How do I know if I am considered part of this settlement?

The class includes current and former Vernon CU members who were charged one or more overdraft administration fees exceeding $5 between September 2, 1994, and February 20, 2003. If you are unsure whether you are included, complete the Claim Form. Your eligibility will be determined using Vernon CU’s records.

What are the terms of the settlement?

If you are a member of the class, you may be entitled to a refund of a portion of the fees you paid, if you have not already received one. Eligible members may receive up to approximately $49.55 plus interest. A settlement fund has been established to pay the refunds and related expenses. After all refunds are claimed and expenses are paid, any money remaining in the fund will be donated to the North Okanagan Neurological Association. The complete terms and conditions are set out in the Settlement Agreement and Settlement Administration Plan. These documents and the Court Order approving them are available at: www.creditunionclassaction.com.

Will it cost me anything to make a claim?

No. There will be no charge for making the claim. The deadline to submit your claim is January 27, 2027.

How do I make a claim?

Submit your Claim Form at www.creditunionclassaction.com no later than January 27, 2027.

What if I do not want to participate in this settlement?

Unless you opt out, all members of the class are bound by the terms of the settlement. If you wish, you may elect not to participate in this settlement, or “opt out,” in which case you will not receive any settlement benefits and any claim you make will have to be made independently. If you want to opt out of the settlement, you must provide written notice to CFM Lawyers LLP by mail by January 27, 2027 at 400 – 856 Homer Street, Vancouver, B.C., V6B 2W5.

For additional information on opting out and online opt-out forms, please go to www.creditunionclassaction.com or call CFM Lawyers LLP at 1-855-573-8816.

Who do I contact if I have questions?

If you have questions, call CFM Lawyers LLP at 1-855-573-8816. Please do not contact the Supreme Court of B.C. because its administrative offices cannot respond to inquiries about this settlement.

Looking for a way to support those impacted by the local fires? Consider a donation through Community Foundation North Okanagan.

A message from CFNO: Multiple wildfires are burning across the North Okanagan and neighbouring areas this season. The Wildfire Response 2026 Fund is a trusted, local place to give — supporting evacuees and families across our region, including Okanagan Indian Band community members, through relief now and as we respond to whatever this season brings.

Real relationships make life’s big moments feel easier.  

Support feels different when it comes from people you trust.  

Hey Neighbour,  

We recently took to the streets of Vernon to ask people about neighbours, trust, and community. Their answers were honest, familiar, and a reminder that people still care about feeling connected to the people around them.  

The neighbour who checks in after a storm. The familiar face you stop and chat with while grabbing coffee. The person who shows up when you need a hand without making it feel like a burden. Those kinds of relationships matter, and honestly, we think banking should feel a little more like that, too.  

For some people, it’s sitting down with someone to talk through buying their first home. For others, it’s getting advice before opening a small business, saving for retirement, or figuring out the next step during a difficult season of life.  

Big financial decisions can feel overwhelming. Having someone who listens, explains things clearly, and genuinely wants to help can make those moments feel a whole lot easier. Because people don’t just want services. They want support they can trust.  

There’s comfort in walking into a branch and being greeted by someone who remembers you. Comfort in picking up the phone and speaking with a real person instead of navigating endless menus and automated responses.  

Sometimes people just want honest conversations. Guidance without pressure. A place where asking questions feels comfortable instead of intimidating. That’s the kind of banking experience we believe people deserve.  

Life moves quickly. Families grow, priorities shift, and opportunities appear when you least expect them to. Through all of it, having a financial partner who genuinely cares about helping people through life’s important moments can make all the difference. That’s what being Your Financial Neighbour is really about.  

Good neighbours have a way of making people feel supported. 

Life brings many important financial moments, some exciting, some stressful, and some that leave people wondering what the right next step is supposed to be. Buying a first home, growing a business, planning for retirement, supporting your family, or navigating unexpected changes along the way all feel a little easier when you have someone you can actually talk to.  

Someone who listens before giving advice, takes the time to explain things clearly, and understands the community you call home because they’re part of it too. That’s the kind of relationship we believe people deserve from their financial institution: real conversations, honest guidance, and genuine support from people who care about helping their neighbours move forward with confidence.  

Stop By, Say Hello, and See What Personal Banking Feels Like!

Visit us today

We’re Making Improvements!

Our Arrow Branch will be temporarily closed for renovations from July 6 to July 17, re-opening on July 21.

We’re investing in your branch to create a better banking experience for our members and neighbours!

While the branch is closed:

• Connect with our Solutions Centre Call Centre
• Visit us in Vernon or Armstrong
• Utilize our online banking and Personal: Mobile Banking App available 24/7

We are pleased to share that Rodney Goodchild and Juliette Cunningham have been acclaimed to the board of directors for another three-year term.