SUMMARY OF YOUR OPTIONS AND THE LEGAL EFFECT OF EACH OPTION APPROVE THE

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1 Manwaring v. The Golden 1 Credit Union NOTICE OF PENDING CLASS ACTION AND PROPOSED SETTLEMENT READ THIS NOTICE FULLY AND CAREFULLY; THE PROPOSED SETTLEMENT MAY AFFECT YOUR RIGHTS! IF YOU HAD A CHECKING ACCOUNT WITH THE GOLDEN 1 CREDIT UNION AND YOU WERE CHARGED A COURTESY PAY OVERDRAFT FEE BETWEEN APRIL 2, 2009 AND APRIL 30, 2015, THEN YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT The Superior Court of the State of California for the County of Sacramento has authorized this Notice; it is not a solicitation from a lawyer. SUMMARY OF YOUR OPTIONS AND THE LEGAL EFFECT OF EACH OPTION APPROVE THE Unless you exclude yourself from the Settlement (see the next paragraph), then you SETTLEMENT AND RECEIVE may be entitled to receive a full or partial refund of the courtesy pay (overdraft) fees A PAYMENT that you paid that are covered by this Settlement (less payments the Court awards to obtain this Settlement as discussed in Section 9). As explained in greater detail in Section 9, the Golden 1 Credit Union (sometimes hereinafter Golden 1 or Credit Union ) has agreed to create a Settlement Fund of $5,000,000 ( Settlement Fund ). Attorneys fees, litigation costs, a service payment to the Named Plaintiff, and the costs paid to a third party Claims Administrator to administer the Settlement, including mailing this Notice (sometimes hereinafter Litigation Fees and Costs ) will be paid out of this amount (the Settlement Fund less the Litigation Fees and Costs is sometimes hereinafter referred to as the Net Settlement Fund ). To ensure that you will receive a settlement payment, you should make a timely claim for each of your eligible checking accounts at the Credit Union. If you make a timely claim for eligible overdraft fees, you will receive a refund of up to ten (10) eligible overdraft fees, less your pro rata share of Litigation Fees and Costs, for each of your checking account(s) unless the claims made by all Class Members exceed the amount in the Net Settlement Fund. If you make a timely claim for eligible overdraft fees and the claims made by all Class Members exceed the amount in the Net Settlement Fund, you would receive a pro rata share of the Net Settlement Fund. If you do not make a timely claim, you will receive a settlement payment only if there are funds remaining in the Net Settlement Fund after all Class Members who made claims are paid. If you do not make a timely claim and there are funds remaining after the payment to Class Members who made claims, you will receive a pro rata share of the funds available in the Net Settlement Fund, after allocation for claims made, to a maximum of ten (10) eligible overdraft charges. If you currently are a Golden 1 Credit Union member the payment will be credited to your account by the Claims Administrator. If you are no longer a Golden 1 Credit Union member the payment will be mailed to you. EXCLUDE YOURSELF FROM THE SETTLEMENT; RECEIVE NO PAYMENT BUT RELEASE NO CLAIMS OBJECT TO THE SETTLEMENT You can choose to exclude yourself from the Settlement or opt out. This means you keep your individual claims against the Credit Union, but you will not receive a payment from the Settlement. To recover against the Credit Union, you will have to file a separate case. You can file an objection with the Court explaining why you do not like the Settlement. You may both object to the Settlement and make a claim. If your objection is overruled by the Court, you will have the same ability to receive settlement payments as anyone else who did not opt out (which will vary depending upon whether you also make a timely claim), but you will not be able to sue the Credit Union for the claims asserted in this litigation. If the Court agrees with your objection, then the Settlement may not be approved or may have to be modified. These rights and options and the deadlines to exercise them along with the material terms of the Settlement are explained in this Notice. 1. What is this lawsuit about? BASIC INFORMATION The lawsuit that is being settled is entitled Manwaring v. Golden 1 Credit Union, Sacramento County Superior Court, Case No The case is a class action. That means that the Named Plaintiff, Isabel Manwaring, is an 1

2 individual who is acting on behalf of all members of The Golden 1 Credit Union ( Defendant ) who are part of the classes described in this Notice. There are two claims being resolved with this Settlement. The first claim is for those Golden 1 Credit Union members who, between April 2, 2009 and April 30, 2015, incurred an overdraft fee for a debit card, check, or ACH transaction when they had a positive ledger balance in their checking account that was sufficient to cover the transaction, despite an insufficient available balance, and such overdraft charges exceed the eligible overdraft credits they received within thirty days of the transaction. The second claim is for those Golden 1 members who opted-in through Defendant s website to the Courtesy Pay for Everyday Debit Card Transactions program on the relevant dates, and who incurred overdraft fees for debit card transactions on or after the date on which the opt in occurred and before the date of any subsequent opt out, up to April 30, 2015, whose overdraft charges exceed the eligible overdraft credits they previously received within thirty days of the transaction. The relevant dates are: November 13, 2011, December 14, 2011, December 15, 2011, May 11, 2012, May 12, 2012, May 13, 2012, May 14, 2012, May 15, 2012, May 16, 2012, May 17, 2012, May 18, 2012, May 19, 2012, June 12, 2012, June 13, 2012, June 14, 2012, June 15, 2012, June 16, 2012, June 17, 2012, June 18, 2012, June 19, 2012, June 20, 2012 and June 21, Together, the members who are in the first claim and/or second claim group are called the Class Members. In the lawsuit, Ms. Manwaring claims that she and all other Class Members have been improperly charged courtesy pay overdraft fees in such circumstances. Relating to the first claim, Ms. Manwaring claims that it was not proper for Defendant to charge courtesy pay overdraft fees on transactions when there was a positive ledger balance in her checking account sufficient to cover the transaction, even though she had a negative available balance for her account. Relating to the second claim, she claims that Defendant used a process to enroll members on the relevant dates in the Courtesy Pay for Everyday Debit Card Transactions overdraft program that violated federal regulations which require affirmative consent to enrolling in an overdraft program. She is asserting claims for violations of the California Unfair Competition Law, Breach of Contract, Negligent Misrepresentation, Unjust Enrichment, and Money Had and Received. She seeks a refund of any improper overdraft fees charged to Class Member accounts. The Credit Union denies all of Ms. Manwaring s claims. 2. Why did I receive this Notice of this lawsuit? You received this Notice because the Credit Union s records indicate you are a Class Member because you were charged courtesy pay overdraft fees by Golden 1 under one or both of the claims discussed above. The Court directed that this Notice be sent to all Class Members because each Class Member has a right to know about the proposed Settlement and the options available to him or her before the Court decides whether to approve the Settlement. If you have more than one checking account with Golden 1 covered by this Settlement, then you will receive a separate Notice for each account. 3. Why did the parties settle? In any lawsuit, there are risks and potential benefits that come with a trial versus settling at an earlier stage. It is the Named Plaintiff s lawyers job to identify when a proposed settlement offer is good enough that it justifies recommending settling the case instead of continuing to trial. In a class action, these lawyers, known as Class Counsel, make this recommendation to the Named Plaintiff. The Named Plaintiff has the duty to act in the best interests of the class as a whole, and in this case, it is her belief, as well as Class Counsel s opinion, that this Settlement is in the best interest of all Class Members for at least the following reasons: There is uncertainty about whether the Credit Union s disclosures were in fact misleading and even if they were, there is uncertainty about whether the claims asserted in this case are subject to other defenses that might result in no recovery to Class Members. There is also uncertainty about whether the Credit Union s online enrollment process violated federal regulations. Even if the Named Plaintiff were to win at trial, there is no assurance that the Class Members would be awarded more than the current settlement amount and it may take years before a payment is made. By settling, the Class Members will avoid these and other risks and the delays associated with continued litigation. 4. How do I know if I am part of the Settlement? WHO IS IN THE SETTLEMENT If you received this Notice, then the Credit Union s records indicate that you are a Class Member who is entitled to receive a payment or credit to your account. YOUR OPTIONS 5. What options do I have with respect to the Settlement? You have these four options: (1) complete and submit the enclosed Claim Form to the Claims Administrator and thereby participate in the Settlement if you are eligible; (2) do nothing and automatically participate in the Settlement to the pro rata extent any funds remain in the Net Settlement Fund after allocation to those who made timely claims; (3) exclude yourself 2

3 from the Settlement ( opt out of it); or (4) object to the Settlement (but participate in it if your objection is overruled, in which event your right to receive a settlement payment will vary depending upon whether or not you have also made a timely claim). You may both object to the Settlement and submit a claim. Each of these options is described below. 6. What are the critical deadlines? To participate in the Settlement, you may submit the completed Claim Form to the Claims Administrator. If you do this you will receive payment of up to ten (10) eligible overdraft fees you were charged, less the amount of any overdraft fees the Credit Union credited back to you within 30 days of the date you were assessed an eligible overdraft fee, and less your pro rata share of Litigation Fees and Costs described above, either by crediting your account if you are still a member of the Credit Union or by mailing a check to you at the last address on file with the Credit Union (or any other address you provide). If you make a timely claim and the claims made by all Class Members exceed the amount of the Net Settlement Fund, you will receive a pro rata share of the Net Settlement Fund. If you do nothing, and the timely claims made by all Class Members equals or exceeds the Net Settlement Fund, you will receive nothing. If you do nothing, and the timely claims made by all Class Members does not equal or exceed the Net Settlement Fund, so long as you do not opt out or exclude yourself (described in Questions 13 through 15, below), a payment will be made to you, either by crediting your account if you are still a member of the Credit Union or by mailing a check to you at the last address on file with the Credit Union (or any other address you provide), from whatever moneys remain in the Net Settlement Fund, if any, in a pro rata amount of up to ten (10) eligible overdraft charges, to be distributed after allocation for those who submitted accepted claims for eligible overdraft fees. The deadline to make a claim is November 9, The deadline to opt out or to file an objection with the Court is November 25, How do I decide which option to choose? If you do not like the Settlement and you believe that you can hire a lawyer to pursue your claims separately, and you are comfortable with the risk that you might lose your case or get less than you would in this Settlement, then you may want to consider opting out. If you believe the Settlement is unreasonable, unfair, or inadequate, you can object to the Settlement terms. The Court will decide if your objection is valid. If the Court agrees, then the Settlement will not be approved and no payments will be made to you or any other Class Member. If your objection (and any other objection) is overruled, and the Settlement is approved, you will still have the same right to payments as other Class Members (which will vary depending upon whether or not you also make a timely claim). If you wish to ensure that you receive a settlement payment, you should make a timely claim. 8. What has to happen for the Settlement to be approved? The Court has to decide that the Settlement is fair, reasonable, and adequate before the Court will approve it. The Court already has decided that the Settlement is within the range of potential final approval, which is why you received this Notice. The Court will make a final decision regarding the Settlement at a Fairness Hearing or Final Approval Hearing, which is currently scheduled for December 9, How much is the Settlement? THE SETTLEMENT PAYMENT The Credit Union has agreed to create a Settlement Fund of $5,000,000. Attorneys fees, litigation costs, a service payment to the Named Plaintiff, and the costs paid to a third party Claims Administrator to administer the Settlement, including mailing this Notice (these fees and expenses were previously defined as Litigation Fees and Costs ) will be paid out of this amount (the Settlement Fund less the Litigation Fees and Costs was previously defined as the Net Settlement Fund ). The attorneys fees being requested are one-third of the Settlement Fund. The Net Settlement Fund will be divided pro rata among all Class Members based on the amount of courtesy pay overdraft fees they paid, with a maximum of ten (10) eligible overdraft fees for any Class Member checking account in excess of the amount of any overdraft fees the Credit Union credited back to you within 30 days of the date you were assessed an eligible overdraft fee (less a pro rata share of the Litigation Fees and Costs), with those who make a timely claim getting allocation from the Net Settlement Fund before those who do not make a timely claim. Any amount remaining from uncashed checks or other reasons is proposed to go to cy pres recipient Public Citizen Foundation. 10. How much will my payment be if I make a timely claim? Based on the records of The Golden 1 Credit Union, you are eligible to make a claim of «NumOD» overdraft fees for the account for which you received this Notice. However, the actual amount you will receive will be affected by the amount of attorneys fees and costs of litigation, the service payment to the Named Plaintiff, the costs of the Claims Administrator, the 3

4 number of Class Members who make a claim, and the number of eligible overdraft fees partially refunded to you. If you do not make a timely claim, you might receive nothing. Class Members who do not make a timely claim will receive a pro rata share of the Net Settlement Fund of up to ten (10) eligible overdraft fees, if any, available in the Net Settlement Fund after payment to members who submitted claims. If you have more than one checking account with Golden 1 covered by this Settlement, then you will receive a separate Notice for each account, and must submit a claim for each account. 11. How will Litigation Fees and Costs be shared by the Class Members? Litigation Fees and Costs will be allocated among the Class Members in proportion to the amount for which each Class Member would be entitled to make a claim (whether or not all Class Members make claims). 12. Do I have to do anything if I want to participate in the Settlement? No, but to ensure you receive a settlement payment, you must submit a timely claim. If you do nothing, you will receive a payment only if there are funds available in the Net Settlement Fund after payment to Class Members who made timely claims. As long as you do not opt out and do not make a timely claim, a credit will be issued to your checking account by the Claims Administrator if you are an existing member, or a check will be mailed to you at the last known address the Credit Union has for you if you are not an existing Credit Union member, to the extent any funds remain to be distributed in the Net Settlement Fund after allocation to those Class Members who made timely claims. If your address has changed, you should provide your current address to the Claims Administrator at the address set forth in Question 13, below. Whether or not you receive a settlement payment, however, unless you remove yourself from the Settlement, you will be considered a part of the class, and you will give up claims against the Credit Union for the conduct alleged in this lawsuit. 13. When will I receive my payment? The Court will hold a Fairness Hearing (explained below in Questions 19-21) on December 9, 2015, to consider whether the Settlement should be approved. If the Court approves the Settlement and no objections are made to the Settlement, then payments should be made within 40 days of that date. However, if someone objects to the Settlement, and the objection is sustained, then the Settlement might have to be modified and the entire approval process may have to be repeated. Even if all objections are overruled, an objector could appeal and it might take months or even years to have the appeal resolved, which would delay any payment. 14. How do I exclude myself from the Settlement? EXCLUDING YOURSELF FROM THE SETTLEMENT If you do not want to receive a payment, or if you want to keep any right you may have to sue the Credit Union for the claims alleged in this lawsuit, then you must exclude yourself or opt out. To opt out, you must send a letter that you want to be excluded. Your letter can simply say I hereby elect to be excluded from the Settlement in the Manwaring v. Golden 1 Credit Union class action. Be sure to include your name, address, account number, telephone number, and address. Your exclusion or opt out request must be postmarked by November 25, 2015, and sent to: 15. What happens if I opt out of the Settlement? Manwaring v. Golden 1 Credit Union P.O. Box 8060 San Rafael, CA If you opt out of the Settlement, you will preserve and not give up any of your rights to sue the Credit Union for the claims alleged in this case. However, you will not be entitled to receive a payment from this Settlement. 16. If I exclude myself, can I obtain a payment? No. If you exclude yourself, you will not be entitled to a payment from this Settlement. OBJECTING TO THE SETTLEMENT 17. How do I notify the Court that I do not like the Settlement? You can object to the Settlement or any part of it that you do not like if you do not exclude yourself or opt out from the Settlement. People who exclude themselves from the Settlement have no right to object to how other Class Members are treated. To object, you must file a written document with the Court at the address below. You must also send one copy of your objection to the Claims Administrator at the address listed below. Your objection should say that you are a Class Member; that you object to the Settlement; and the reasons why you object. In your objection, you must include your name, address, telephone number, address (if applicable) and your signature. 4

5 The following is the form you should use to file your objection with the Court: Your name Your address (not a post office box) Your telephone number Your address Isabel Manwaring, vs. Golden 1 Credit Union Date: SUPERIOR COURT OF THE STATE OF CALIFORNIA FOR THE COUNTY OF SACRAMENTO Case No Objection to Class Settlement by Your Name: Date [Final Approval Hearing]: Time: Dept.: 53 Reason(s) For Your Objection Signature: All objections must be post-marked no later than November 25, 2015, and must be mailed as follows: COURT Sacramento County Superior Court, Department th Street Sacramento, CA CLAIMS ADMINISTRATOR Manwaring v. Golden 1 Credit Union P.O. Box 8060 San Rafael, CA What is the difference between objecting and requesting exclusion from the Settlement? Objecting is telling the Court that you do not believe the Settlement is fair, reasonable, and adequate for the class, and asking the Court to stop it. You can object only if you do not exclude yourself from the Settlement. If you are in the Settlement and do not exclude yourself, then you are entitled to a payment if the Settlement is approved the same as any other Class Member who did not exclude themselves. In contrast, excluding yourself or opting out is telling the Court that you do not want to be part of the Settlement, and do not want to receive a payment from the Settlement for the claims alleged in this lawsuit. 19. May I object to the Settlement and make a claim? Yes, you may object to the Settlement and make a claim. 20. What happens if I object to the Settlement? If the Court sustains your objection, or the objection of any other Class Member, then the Settlement will not proceed unless it is changed to resolve the objection. If you object, but the Court overrules your objection and any other objection(s), then you will be part of the Settlement (and your right to receive a settlement payment will vary depending upon whether or not you also make a timely claim). THE COURT S FAIRNESS HEARING 21. When and where will the Court decide whether to approve the Settlement? The Court will hold a Final Approval or Fairness Hearing at 2:00 p.m. on December 9, 2015, in Department 53 of the Sacramento County Superior Court, th Street, Sacramento, CA At this hearing, the Court will consider whether the Settlement is fair, reasonable and adequate. If there are objections, the Court will consider them. The Court may also decide how much to award Class Counsel for attorneys fees and expenses and how much Ms. Manwaring should get as a service payment for acting as the class representative. 22. Do I have to come to the hearing? No. Class Counsel will answer any questions the Court may have. You may attend and speak at the hearing if you desire to do so. If you have submitted an objection, then you may want to attend. 5

6 23. What do I need to do if I want to speak at the hearing? If you have objected, you may ask the Court for permission to speak at the Final Approval Hearing. To do so, you should include with your objection, described in Question 17, above, the statement, I hereby give notice that I intend to appear at the Final Approval Hearing. If you intend to have any witnesses testify or to introduce any evidence at the Final Approval Hearing, then you must list the witnesses and evidence in your objection. 24. What happens if I do nothing at all? IF YOU DO NOTHING If you do nothing at all, and if the Settlement is approved, then you might receive nothing. If you do nothing at all, and if the Settlement is approved, then you will receive a payment only if the timely claims made by Class Members do not equal or exceed the amount in the Net Settlement Fund. In that event, you will receive a payment that represents your pro rata share of the Net Settlement Fund remaining, if any, after that allocated to those Class Members who made timely claims. You will be considered a part of the class, and you will give up claims against the Credit Union for the conduct alleged in this lawsuit. You will not give up any other claims you might have against the Credit Union that are not part of this lawsuit. 25. Do I have a lawyer in this case? THE LAWYERS REPRESENTING YOU The Court ordered that the lawyers and their law firms referred to in this Notice as Class Counsel will represent you and the other Class Members. 26. Do I have to pay the lawyer for accomplishing this result? No. Class Counsel will be paid directly from the Settlement Fund. 27. Who determines what the attorneys fees will be? The Court will be asked to approve the amount of attorneys fees at the Fairness Hearing. Class Counsel will file an application for fees and costs which the Court will review. You may review the fee application at the Office of the Clerk of the Sacramento County Superior Court, which is located at th Street, Sacramento, CA or it will be posted on on or before November 10, GETTING MORE INFORMATION This Notice only summarizes the proposed Settlement. More details are contained in the Settlement Agreement, which can be accessed at or viewed/obtained at the Office of the Clerk of the Sacramento County Superior Court, which is located at th Street, Sacramento, CA by asking for the Court File containing the Motion For Preliminary Approval of Class Settlement (the agreement is attached to the motion). For additional information about the Settlement and/or to obtain copies of the Settlement Agreement you can contact Class Counsel as follows: Richard D. McCune Taras Kick Jae (Eddie) K. Kim The Kick Law Firm, APC McCuneWright LLP 201 Wilshire Boulevard, Suite Orange Tree Lane, Suite 216 Santa Monica, CA Redlands, CA Telephone: (310) Telephone: (909) Taras@kicklawfirm.com rdm@mccunewright.com jkk@mccunewright.com To change your address for purposes of receiving a payment, you should contact the Claims Administrator by at info@golden1overdraftsettlement.com, by phone at , or write to: Manwaring v. Golden 1 Credit Union P.O. Box 8060 San Rafael, CA PLEASE DO NOT CONTACT THE COURT OR ANY REPRESENTATIVE OF THE CREDIT UNION CONCERNING THIS NOTICE OR THE SETTLEMENT 6