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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
Yea, they on one, even letting my acct still go through on negative balance…guess they want some of their $$ back. LOL hope it comes through soon…I got 4 years of od fees during that period. Hurry the hell up!
04/23/2013 still no check…..whent out lastnight blew a few bills…last settlement i received check with in a week of release date…
Hi…. Im waiting also.i was involved in a class settlement, received a check of $1,445.00 in 2/2012.。I was always overdrafting, when able..So im courious i know i did a few hundred….
waiting for some cash today is april22. how much cash will i get .cant wait to see
If I read everything right, funds are to be disbursed “within 30 days of the effective date”, which was yesterday. Hmmm … so by mid-May we should know what pittance we’ll be getting back of what they basically robbed us of …
no refund yet…..
So April 18th has come and gone did anyone get a direct deposit to their Chase account? I didn’t ;(
do i get some of my money back i got a little card in the mail
when will i get pay i got a little white card in the mail do i get money i whould like to know thank you
Am in the settlement also. I recieved payment from Bank of Oklahoma sometime late last year, but recieved only $350. Most people recieved less than $200. Please don’t expect too much. Most people are involved in the class action lawsuit. I would say $50-$500 if you paid more than $1000 per month on average in overdraft fees. Lawyers alone will recieve a big cut 30% of the $110 million. Good Luck!!!!!