Chase Bank Military Member Fees Class Action Settlement

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

CLICK HERE TO FILE A CLAIM »

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

ChaseBankClassAction.com

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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