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A federal court has granted final approval to the Chase Bank overdraft class action lawsuit settlement, making the Effective Date of the settlement April 18, 2013. Eligible Class Members who have not already received their settlement award can expect to see an account credit or check in the mail on or before May 17, 2013.
The court order marks an end to Chase Bank customers’ allegations that they were charged improper overdraft fees between 2003 and 2010. The $110 million settlement also marks the latest from a long list of U.S. banks that have settled similar claims in the consolidated class action case In re: Checking Account Overdraft Litigation.
The amount of money Class Members will receive from the Chase overdraft settlement will depend on the number of improper overdraft fees they incurred. Most of these Class Members will receive – or have already received – account credits. Others will receive their settlement checks in the mail before May 17, according to the Settlement Administrator.
The deadline to file a claim was February 8, 2013.
The case is In re: Checking Account Overdraft Fee Litigation, Case No. 9-md-2036-JLK, U.S. District Court, Southern District of Florida.
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155 thoughts onChase Bank Overdraft Settlement Payments On the Way!
I would advice everyone not to get too excited about getting a check or credit on your account. As it usually happens, us the affected parties will end up receiving $100 checks while most of this moneybeing paid out is going towards attorney fees and court fees and so on and so on. Basically we’ll remain being the affected regardless because that’s how this cr@P works, attorneys are in it for the large sums of money they will receive, not to protect our rights or fight for us either, so just don’t get your hopes up too high.
Goto: chaseoverdraftsettlement.com
One of the FAQ’s
9. How much will my payment be?
ANSWER:
Any payment you are eligible to receive will be based on the number of overdraft fees charged to your Chase consumer deposit account as a result of posting debit card transactions high to low between January 1, 2003 and March 29, 2010. It is not possible to know at this point how much any Settlement Class Member’s payment from the Settlement will be. Only a small percentage of all overdraft fees that were charged by Chase were affected by high to low posting. So, not every overdraft fee that was charged is eligible for payment under this Settlement.
The lawsuit was an opt out situation. If you had overdrafts during the timeframe noted in the lawsuit then you are automatically part of the settlement. You didn’t need to fill out any forms. Please keep in mind that the settlement is a set amount and they are using a formula to figure out what each person will receive. So though you think you will get $1000, you may get $50 just based on sheer math (settlement divided by number of people in the settlement and illegal overdrafts). The settlement amount most likely does not cover the actual amount people were taken for. I read all of the court documents and final judgement and it gives the formula that will be used. I have been emailing with the bank and they have no information of course of what the account holders will receive. But thought I would give it a shot. Not sure how an individual mentioned above found out what their amount would be. If you call the number at Rust Consulting you get a message discussing the settlement and no way to talk to a human. Probably because the poor undertrained call center is taking all of the calls for the Independent Foreclosure Review settlement that is being paid out this month. That is another nightmare.
To Al number 6. Theres a web site for chase overdraft.It states refunds will post on or before 5/17/2013.or you can try emaiing one gy already knknows how much hes getting.
Is there any way to find out if I will be receiving a refund ither than waiting..like a search query?
I would like to know if I have a check coming and if so how much?
Too bad it probably won’t be all the money they took from us…
I WANT TO KNOW WHEN WILL I RECIEVE MY CHECK AND THE AMOUNT
Finally we get justice in this matter,this bank steals so much money from their clients.Ive dealt with this issue for years with Chase,if you have multiple pending payments they will pay starting from the highest amount to lowest even if the lowest payment was in the system days before,this way the money you had in your account wont be enough to cover the payments and thats when they hit you with multiple overdraft fees.I just found out about this Lawsuit and I hope it’s not to late for me to put in a claim because they did this tactic many times for like 6-7 years.
I would like to know if my check has been sent out ye and if possible, the amount. Thank you