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Chase Bank Check Loan Class Action Certified
By Mike Holter
A federal judge has certified a 2009 class action lawsuit against Chase Bank over allegations the company promised consumers permanent low interest rates on “check loans” but later forced them to make increased minimum payments or accept higher interest rates.
The newly certified Chase Bank check loan class action lawsuit now allows any consumer who accepted the Chase promotional offer that promised a “fixed APR until the balance is paid in full” join the class action lawsuit. U.S. District Judge Maxine Chesney estimates the class could encompass more than 1 million account holders whose minimum payment was increased by Chase.
According to the Chase Bank class action lawsuit, Chase tricked consumers into accepting “check loan” promotional offers which promised a fixed APR for the life of the loans, and then changed the terms when the loans were no longer a profitable investment for Chase. The class action lawsuit alleges that in November 2008 and June 2009, Chase increased minimum monthly payments from 2 percent to 5 percent of the account balance and offered to keep the lower minimum payments for those consumers who agreed to higher interest rates.
A class notice for the Chase check loan class action lawsuit will be mailed to class members by June 17. The case is In re: Chase Bank USA, N.A. “Check Loan” Contract Litigation, Case No. 3:09-md-2032 MMC, United States District Court for the Northern District of California.
Updated May 18th, 2011
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2 thoughts onChase Bank Check Loan Class Action Certified
Chase Bank Check Loan Class Action Certified
I had a Chase account that they were charging me $100 or more in interest fees each month.