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UPDATE 4.26.13: The Court entered Final Approval to the Chase overdraft class action settlement. All settlement funds will be distributed before May 17, 2013.
UPDATE 1.4.13: The Court approved the Chase overdraft fee class action lawsuit settlement on December 19, 2012. Payments will be made after any appeals have been resolved. At this time no appeal has been filed.
JPMorgan Chase & Co. has reached a class action lawsuit settlement of $110 million to resolve claims it gouged checking account customers with overdraft fees by manipulating the order debit card transactions were posted. If you held a Chase, Bank One or Bank of New York checking account between 2003 and 2010 and were charged more than one overdraft fee in a single day, you may be eligible to receive a payment from the Chase overdraft fee class action settlement.
The Chase overdraft settlement is the latest settlement to be reached in the massive class action lawsuit In re Checking Account Overdraft Litigation. The litigation involves more than 30 banks sued over their overdraft-fee policies, in which customers say the banks reordered debit card transactions in order to maximize overdraft fees. The Chase overdraft fee class action lawsuit also claims that, instead of declining transactions when an account had insufficient funds to cover a purchase, Chase authorized the transactions and then processed them in highest to lowest dollar order, which had the effect of increasing the number of overdraft fees the bank charged its customers.
Chase denies any wrongdoing but has agreed to a $110 million class action lawsuit settlement to resolve the litigation. Chase has also agreed that, for a period of at least two years, it will not charge overdraft fees on individual debit card transactions of $5.00 or less.
Class Members of the Chase overdraft fee class action settlement include anyone who (A) held a Chase, Bank One, or Bank of New York consumer deposit account accessible with a Chase debit card anytime between January 1, 2003 and March 29, 2010; and (B) were charged one or more overdraft fees as a result of Chase’s practice of posting debit card transactions from highest to lower dollar amount.
To be included in the Class, you must have had two or more overdraft fees on a single day during the time period listed above.
Some Class Members will automatically receive their payments from the Chase overdraft class action settlement, either as account credits (if you still have a Chase account) or in the form of a check (if you no longer have a Chase account). These “automatic” Class Members include all Chase accounts (except former BoNY accounts) who incurred an overdraft fee during the time period January 1, 2005 through March 29, 2010, and Chase accounts that formerly were BoNY accounts and incurred an overdraft fee between April 1, 2007 and March 29, 2010.
Other Class Members will need to file a Claim Form by the deadline of February 8, 2013 in order to receive a payment. These “non-automatic” Class Members include Chase account holders who incurred an overdraft fee between January 1, 2003 and December 31, 2004. It also includes holders of Chase accounts that formerly were Bank of New York accounts and incurred an overdraft fee from October 2, 2006 through April 1, 2007.
The amount of money you will receive from the Chase overdraft settlement will depend on the number of overdraft fees charged to your Chase account during the Class Period. Payments will be distributed after the Court grants final approval to the settlement and any appeals are resolved. A Final Approval Hearing is set for December 10, 2012.
Claim Forms and more information on your rights in the Chase Overdraft Fee Class Action Lawsuit Settlement can be found at www.ChaseOverdraftSettlement.com. Detailed claims filing instructions can be found in our Open Lawsuit Settlements section.
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90 thoughts onChase Overdraft Fee Class Action Settlement
My husband had an account with Chase and literally went into the bank and told the teller that he was not paying $790.00 in overdraft fees because they allowed one debit charge to keep being applied on the same day. While he was in the bank it got tapped 2 more times. They put a stop on it and put the money back into our account. The following week his pay went into the account direct deposit and the bank authorities decided in their favor and pulled all of his check. Needless to say we went without any money for two weeks. Not happy!
Just read the settlement update….credits coming after April 18th
WHAT’S UP CHASE I PUT MY CLAIM IN ON TUESDAY SEPTEMBER 12, 2012. AT 6;00 A.M. I WROTE A LETTER TO GOLOMB AND HONIK, P.C. BARON AND BUDD P.C. GROSSMAN ROTH, PA. PODHURST ORSECK, PA. AND BRUCE S. ROGOW.PA. I AM DISABLED, AND I NEED MY MONEY AN DUE TO CHASE NEGLIGENCE OF OVERDRAFT FEES ON MY CHASE CHECKING ACCOUNT I WAS HOMELESS FOR 7 YEARS. I’M UNABLE O WORK AS A SECURITY OFFI CER ANYMORE. I DON’T HAVE INSURACNCE. I NEED NEW TEETH FROM CLEAR CHOICE DENISTRY FIXED AND THEY ONLY TAKE CASH. PLEASE HELP ME IN JESUS NAME! I HAVE 6 KIDS AND 15 GRANDKIDS. I NEED TO HELP THEM. SO PLEASE JP MORGAN AND CHASE HELP ME. AND ALSO I PUT A LETTER TO JAMES LAWRENCE KING FEDERALJUSTICE BUILDING AT 99 NORTHEAST FOURTH STREET, 11TH FLOOR IN MIAMI FLORIDA 33132 AND I ALSO PUT ALETTER IN TO CHASEOVER DRAFT SETTLEMENT AT P.O. BOX 8041 FAIRBAULT MN. 55021-9441 THE PHONE NUMBER IS 1877-552-1296. THANK YOU VERY MUCH FROM MR. JAMES TOWNER JR.
I just waded through the final settlement agreement document and saw that no claims could be paid until after the “effective date”, which can be no sooner than 120 days after approval … ye gads! We’re looking at mid-April at least, maybe even longer of the lawyers can’t agree on how their fees are going to be allocated. Feels like we’re getting it from both sides now … Chase AND the lawyers.
Clearly we would all like to receive some money back, but if you don’t know facts, PLEASE stop making up false information when you have nothing to base it on.
Has anyone received a refund yet?
How are you getting your checking account/ credit card info from 10 years ago?
ive had chase accounts since 2004 to 2010
now they have my email address. just wondering when
checks will go out after the settlement..
I HAD TO DROP CHASE BECAUSE THEY TOOK THE MERCHANTS SIDE. I THOUGHT I WAS THEIR CUSTOMER. THEY REFUSED TO REVERSE OVERDRAFT FEES FOR UNAUTHORIZED CHARGES. I TELL EVERYONE HOW HORRIBLE CHASE BANK IS B/C OF THE WAY THEY TREAT THEIR CUSTOMERS. i WAS TOLD TO NOT CONTACT CHASE BANK, BUT HOW DO I GET MY ACCOUNT INFORMATION/ STATEMENTS FROM 6-10 YEARS AGO?
I think that Chase has to wait for the window for appeals to close before they can make any distribution(s). I believe it’s 60 days after the approval, but I’m not 100% certain about that. No telling how long after the appeal window closes before they make the distribution, but one would hope they won’t drag their feet; they’ve had enough bad publicity already! I’d be curious once the distributions are made to find out if any of you received the amount you were hoping for (don’t expect a 100% return of the fees).