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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
UPDATE: The Chase Bank Military Member Fees Class Action Settlement was granted final approval on October 1, 2020. Keep checking back and let us know when you receive a check in the comments section below or on our Facebook page.
Chase Bank has reached a $62,461,938 settlement with service members who claimed that the financial giant failed to reduce their credit card interest rates in compliance with the Servicemembers Civil Relief Act and other laws.
Chase Bank credit card class action settlement Class Members include those service members who had a credit card account with Chase Bank since Jan. 1, 2005, and received a reduced interest rate and/or fee benefits. These individuals include those who received a Remediation Payment Check or whose Calculated Refund Amount was negative, zero or under $10. The Class excludes all individuals who have released the rights claimed in the Chase Bank servicemembers credit card class action lawsuit.
The servicemembers first filed their Chase Bank credit card interest rate class action lawsuit in 2016.
According to the servicemembers, Chase Bank had a duty to reduce the interest rates on service members’ credit card accounts, as required by the SCRA and Chase Bank’s own policy. The servicemembers explain that the SCRA ensures that debts taken on by a servicemember before they go into active duty are reduced to a 6% interest rate while they are in active duty.
The law also requires financial institutions to permanently forgive interest charged above 6%, the service members state.
In their Chase Bank credit card SCRA class action lawsuit, the servicemembers assert that the bank failed to do so. Allegedly, the bank violated not only the SCRA itself and Chase’s service terms, but also violated the Truth in Lending Act and the Delaware Consumer Fraud Act.
Allegedly, Chase Bank offered more benefits than those required by the SCRA in order to attract servicemembers’ business, but failed to follow through on the legally-required benefits.
Chase Bank denies the allegations, but has agreed to settle the Chase Bank fees SCRA violation class action lawsuit in the interest of avoiding the continued costs and risks of litigation.
Per the terms of the settlement, Class Members are eligible to receive between $75 and $500, or an amount previously determined. Up to 30% of the settlement amount will go to covering attorneys’ fees and costs.
Class Members who were eligible to receive but did not receive or did not successfully deposit a Calculated Refund Amount will receive a minimum payment of $75. After this money has been distributed, Class Members who also had a Calculated Refund Amount more than $166 may be eligible for an additional distribution of funds.
The Chase Bank credit card settlement website explains that Class Members are not required to take any action to receive a settlement payment. They will be automatically distributed. However, Class Members who wish to take advantage of a “credit reporting relief” benefit must submit a claim form by Aug. 31, 2020.
Though Class Members do not need to take action to receive benefits, Class Members should be aware that their rights are automatically affected by the settlement. All Class Members who remain in the Class will give up their rights to pursue independent ligation against Chase Bank over the claims at issue.
If Chase Bank credit card Class Members wish to retain their rights to pursue independent litigation, they must opt out of the Class. Class Members can opt out by mail by Aug. 31, 2020.
Class Members are invited but not required to attend a final approval hearing for the Chase Bank fees class action settlement on Oct. 1, 2020.
Who’s Eligible
Chase Bank credit card class action settlement Class Members include those servicemembers who had a credit card account with Chase Bank since Jan. 1, 2005, and received a reduced interest rate and/or fee benefits. These individuals include those who received a Remediation Payment Check or whose Calculated Refund Amount was negative, zero or under $10. The Class excludes all individuals who have released the rights claimed in the Chase Bank servicemembers credit card class action lawsuit.
Potential Award
Per the terms of the settlement, Class Members are eligible to receive between $75 and $500, or an amount previously determined.
Class Members who were eligible to receive but did not receive or did not successfully deposit a Calculated Refund Amount will receive a minimum payment of $75. After this money has been distributed, Class Members who also had a Calculated Refund Amount more than $166 may be eligible for an additional distribution of funds.
The settlement also provides a benefit in which Chase Bank has agreed to ask credit reporting agencies to correct credit report inaccuracies related to the allegedly improper interest fees. Class Members who wish to take advantage of the credit reporting relief benefit must submit a claim form by Aug. 31, 2020.
Proof of Purchase
N/A
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
8/31/2020 (for credit reporting benefit)
Case Name
Gary and Anne Childress, et al. v. JP Morgan Chase & Co., et al., Case No. 5:16-cv-298, in U.S. District Court for the Eastern District of North Carolina
Final Hearing
10/1/2020
Settlement Website
Claims Administrator
Childress Settlement Administrator — 7002
c/o Rust Consulting
PO Box 0171
Minneapolis, MN 55440-0171
info@chasebankclassaction.com
1-866-403-6561
Class Counsel
SHANAHAN LAW GROUP PLLC
SMITH & LOWNEY PLLC
KELLER ROHRBACK LLP
Defense Counsel
Unlisted
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41 thoughts onChase Bank Military Member Fees Class Action Settlement
Any updates if this is a scam or not. I see the back to the check does not have an area to sign the check nor any watermarks. I believe this is a scam. After speaking with USAA they said you an try to cash but if it does not clear then the funds will not appear. So if you try a mobile deposit, it may show that funds are available however those funds will get taken away once the check has or hasn’t been verified.
I called huntington national bank this morning and spoke to the check verification department. Supplied the account number, check number and the settlement name. They then told me the amount of said check and that it was valid.
The only thing that would explain this is that having an endorsement section on the back of this check would make it visible to anyone handling this check.
Jose,
Did your check clear USAA? I’m in the same boat as you and my only deposit option is mobile upload.
Is this real, a scam?
Received a postcard looking check today 11/17.
I saw i was supposed to get one in the mail, but I never got it. I think my mailman put it in wrong box. How would I see about getting it reissued?
Recieved check on 16NOV for 75.00 and thought it was a scam. Check looks like a folded postcard and not a regular looking check. Guess I can cash in! I was charged above 6% but never sold applied for this.
I got one as well. Same format. However, mine was for 1576.43??
Did you receive this amount from the settlement or from Chase itself? I received a check around that amount back in 2015 from Chase (ten years after my deployment).
I read the settlement and it said that the check amounts would range from $75 to $500.
Received a check today 16 November for $75, not sure if this was a scam
Same here. Not sure if its a scam
I read some of the settlement agreement. The stated the amounts would range from $75 to $500.
My wife and I received checks today as well. I didn’t do anything to request the checks. We did get lower rates through SCRA back in 2005 and onward serving under operation enduring freedom. Should I keep the checks?
If you scroll down there is a link called class action settlement. It says you dont need to do anything to receive the money. You would have been identified before when you put your paperwork in asking for Servicemans.Relief Act. Still not sure if it’s a scam though
Is it real
Is it real do I cash it
I received my notice ( a postcard) back in September 2019 of this lawsuit. I also got the lower interest rate back in 2004 (had to call them twice). But I received a refund check from Chase in 2015 after notifying me that they reviewed my accounts.
Being a class action lawsuit, everybody involved gets something in various amounts. The settlement said the amounts range from $75 to $500.
I got a check on the mail today
It’s extremely convenient that we are (7) seven days past final approval and there is nothing posted here for updates. Also convenient that the Facepalm link requires viewers to have a Facepalm account too. ::sarcasm::
I don’t have a Facepalm account (extreme security and data privacy risk that gets sold to the highest bidder. Where else may we receive updates?
It’s also amazing that neither Chase willingly nor the court by brute force were able to get exact dollar amounts out of Chase for the amount they screwed us over the timeframe covered in the lawsuit.
I received AN amount today through Paypal. It doesn’t fit the “three times the amount or $500” as outlined in the relief. I’m trying to figure out why.
If Chase didn’t want to admit to wrongdoing, at least they should have had to publish the amount they embezzled from us down to the last rotten cent – this should have been a public proclamation so they may be ridiculed in the court of public opinion.
Add me, if this pertains to Veterans as well
Add me