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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
The whole thing sucks from the beginning. When I saw the little postcard saying that there was a class action lawsuit, I thought hallelujah, someone has taken them on! Yes, someone has…but now the lawyers will be taking the lion’s share of the refunds. Half the time you can’t even get on the website, it just shows that it is no longer a valid website. The fact that you cannot access your records from Jan ’03 to Dec ’04 tells me that I am not the only one who must have been f**ked a thousand times during that time, and they won’t just give you those statements…I couldn’t even figure out how to get them before February, and I stopped looking at how to do it, in January. So, I will just have to see how much I will get back for all the times I was screwed after Dec. ’04. How much I will get back AFTER the lawyers screw all of us, first. Wow, I never thought I wouldn’t like a good screw! Guess I must be getting old. haha…good luck to all of us, who use the banking system.
if you want to resolve things go to bbb.org and file a complaint. Then from there go to the FTC. Even the attorney general. one day these banks will fall. People will leave the banking system and remember how to store money at home go back to cash and purchase when you have it. Chase is a big corporation and a jew company ran by the bilderbergers, rothschild, freemasons. You will never win. Better not ot get involved.
It took me two weeks for Chase to close my account. Many reps said it couldn’t be done. Finally a young girl answered and processed an urgent close on my account. Took 5 minutes. Account was closed w/in 24 hours.
One of the reps was so rude, I informed her that I had been chosen for the survey. Afraid to hang up, she put me on hold for 12 minutes. When she finally picked up, she pretended that she didn’t know I was on the phone. She hung up and I gave her all ones.
I just read this on their website. Looks like there may be light at the end of the tunnel.
The Effective Date of the Settlement is expected to occur on April 18, 2013. The Settlement Fund proceeds will be distributed through the issuance of an account credit or by mailed check within 30 days of the Effective Date.
Just a plain and simple question for Chase and just looking for a plain and simple answer,”When will we see our settlement”? The sooner the better!
Thanks,
Chris
Well, while we’re all sitting here in this “wait” support group, I thought I’d share my favorite personal Chase horror story. A couple of years ago my Chase debit card was declined when I tried to buy lunch. When I got back to work, I checked the account on-line and saw that it was $600 overdrawn! A quick look at the activity showed that somewhere around 11PM on Palm Sunday, someone had used my card to pull cash from the account, not knowing that I only kept a small amount in there. They then made a bogus deposit and proceeded to withdraw that as well. You can imagine the mess and the fees. When I called Chase to get it straighted out, first they tried to tell me that I had made the transactions. When I was able to prove that I was about 80 miles away from the ATM in question at the time of the bogus transactions the rep then told me that I had loaned someone my card and given them my PIN. I responded by advising the rep that I would be contacting the PD in the city where this happened and filing a complaint, then requesting that DA subpoena their ATM camera footage for the time in question. Lo and behold, within the hour all of my funds were restored (including the fees). Turns out that someone had cloned a large number of debit cards and captured the PINs associated with them, and in the space of about 15 minutes had emptied the ATM of all of its cash. It was ridiculous that I had to justify myself to Chase when they knew all the time what had happened. If they were trying to trim their losses, they sure picked a lousy way to do it because the kind of response they initially gave me is guaranteed to erode customer loyalty rather than build it.
Approximately how much are those settlement checks Lisa and Shelby? I have been hit pretty big over the that time frame and just curious if it amounted to anything that might pay for a dinner or two..
Just got off the phone with Chase. They closed my account for inactivity, I only had it open waiting on the settlement and had been out of the country for a couple of months. Got a paypal payment and found account closed. They are soooo not in a position to be fooling around. Anyways, Chase has cancelled my debit card when they changed from MC to Visa and I was on vacation, with the new card waiting for me at home Once they misplaced $900 that was sent to me for an emergency for 2 months and charged me overdrafts for it. Never an apology,and when it comes to holding us accountable for “irresponsible finance habits” they are so righteous. The country is changing, credit scores will soon not be a character trait and the bank bulling culture will go away…The best punishment should be making CEOs work as customer service reps, answering all the angry phone calls…Keep up the stories!
Just got my settlement check today from the class action lawsuit concerning Chase’s raised min payments on their credit cards from awhile back. You couldn’t pay me enough to EVER put my faith in Chase by using one of their banks or credit cards ever again. They SUCK. Take your money and run, folks!
Just got settlement check today.