Class Action Suit vs Voluntary Compensation? (1 Viewer)

Around the first of the year, my credit union was breached.  As a result, they disabled all ATM cards and were to issue new ones.  They decided to fold in the new EMV capability but had repeated issues (not sure of the specifics) that have caused continual delays in getting cards sent out.

My wife goes to a local branch a couple times a week to get a status/complain/make a pest of herself and she gets basically blown off, with vague responses like “soon”.  She has been told a few times that the credit union will be compensating members, with an amount based on how long the member had to go without a card.

Yesterday, she is informed that some members have filed a class action lawsuit against the credit union.  Our options are to join the suit or accept the compensation.  She has tried to get an estimate of the compensation range, but was not successful.  

I am generally leery of class action suits, but I am also skeptical of this mystery compensation.  Who is to say they won’t cut a check for $5 and consider the matter closed?  I suppose if I have to make a blind choice, my distrust of the class action will outweigh my distrust of the credit union and I’d take their compensation but not without some severe misgivings.

Any advice or shtick would be appreciated. 
 

I don't understand why this is a situation you need to resolve now. You're already in the putative class. You don't have to opt-in. You're only out if you affirmatively opt out. And nobody would do that on some undefined promise of compensation down the road. 

Ramsay Hunt Experience said:

I don't understand why this is a situation you need to resolve now. You're already in the putative class. You don't have to opt-in. You're only out if you affirmatively opt out. And nobody would do that on some undefined promise of compensation down the road. 

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Ok. Very possible that I misunderstood what my wife said or that she misunderstood what she was told.  I will try to press for more specifics over the weekend.  Thanks!

You could just take your money out and go to a different bank?

the moops said:

You could just take your money out and go to a different bank?

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But this bank is harming them and a possible pay day of tens of dollars is at stake.  

A lot of times class action means the lawyer makes 37,000,000 and the class of people each gets $8.92.  That's what happened to me when my privacy was breached by Chase.

the moops said:

You could just take your money out and go to a different bank?

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This seems way to obvious.  Curious why the OP doesn't just do this.  You'd have a new card in couple days (probably expedite if you asked) and all you have to do is change our checking, direct deposit, etc.  Why bank at a place like this?  The reward checking can't be that good. 

You say this is a credit union, not a bank.  Credit Unions are owned by the account holders.  A Class Action Lawsuit seems counter-productive.  Nobody's going to see any significant  windfall on this

I agree with the others, move your money somewhere else for the time being.  You can keep a nominal amount on deposit just to stay in the loop on the circus that's yet to play out.  

Bucks said:

You say this is a credit union, not a bank.  Credit Unions are owned by the account holders.  A Class Action Lawsuit seems counter-productive.  Nobody's going to see any significant  windfall on this

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you're completely discounting the role of insurance money.

Is the class action lawsuit over the lack of cards? Seems silly to file a lawsuit over a minor inconvenience.