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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
Okay, still no check.Bunnyslayer thanks for trying to hear if this settlement is being run wright.Thanks.Well hey heres another chase story.In October 2010 i got 11 overdrafts stating on one page dating 10/12/2010, sent to a physical address.I also received my Monthly statement dated 10/6/2010 to November 2010.I just recently reviewed all statements on hand and chase correspondance.I compared monthly statement with 11 overdraft letter.Now both statements were mailed to two differeñt addresses.I did have 3 levies at that time in 2010 all on 3 different days.In October 12,2010 there were two amount one for $317. The other for $100.After does amouñts were deducted i still had about $300/$400 in that account.So thats when i compared 11 overdrafts to monthly statement there was money to cover transactions all 11.So then on 10/12/2010 i got another 3 overdrafts for insuficient funds by the 3rd. Insuficient fee it brought me then into the negative, leaving me in my account that day in$5.70negative something like that.So when i whent to chase this week he said your account was frozen that day.
I have drafted a letter to the Comptroller of the Currency (with copies to the settlement administrator and all associated legal counsel) asking that the OCC review all disbursements made under this settlement agreement to verify that legal fees were in line with the terms of the agreement, and that the formula(s) used to determine individual account credits were appropriate. Given that I received almost 200 times the amount of Chase’s paltry credit from a similar settlement that was less than one-third that of paid by Chase, I am understandably suspicious of Chase’s accounting methods. Anyone wishing to send a similar letter should address it to “Comptroller of the Currency, Consumer Assistance Group, 1301 McKinney Street, Suite 3450, Houston TX 77010”. The cc addresses can be found at https://chaseoverdraftsettlement.com/ContactInformation.aspx
I got my “settlement”. $2.16. Wow! Amazing, I was so prescient. That to me says volumes about our legal system. Lawsuits are meant to line the pockets of lawyers and no one else apparently. I remember making fun of my Canadian friend about how socialist Canada was. Well, their banks did not go belly up nor did they need a bailout and they don’t gouge their customers. What a concept! I learn my lesson and moved part of my money into a credit union and the rest into an online bank which actually gives better interest rates and doesn’t gouge me with more fees.
Hey guys…. I emailed adminestrator on 5/8/2013 .They replied that they dont know how much my check is for and that they dont know when check will be mailed other than 5/17/2013.So then i asked again on 5/9/2013 since blogs on here state information was obtain.So i finaly got responce today check will be mailed on 5/17/2013 and its for $2.00.So then emailed them again and got a reply, information is given by supervisor he has to sent what supervisor says or else there fired.Agree this is bull, so keep in mind its all about courts and what we can get away with even through a court system….
According to the lawsuit it stipulates that Chase gouged customers with overdrafts and it looks like it’s happened again. The only individuals that profited from this lawsuit were definitely the attorneys. Even US Bank Overdraft Settlement mailed me over $600.00. I have received alot more even when the total settlement was not as high as Chase’s for other product settlements. Either someone has miscalculated the amounts or we got screwed.
I received $46.38……. what a mean joke. Chase needs to add a couple zeros to that to come close to what they took from me. But what can we do??? that was the suit and settlement! There are many many banks with the same practices. Going to start keeping my money in my sock drawer………
$2.00. Seriously. Beyond, oh WAY BEYOND insulting. I wouldn’t be surprised if they lose a huge number of small accounts over this. Remember, the big corporate accounts may earn them substantial money on their own merits via client analysis, but it’s the small consumer accounts that are (or were, if we have anything to do with it) their “bread-and-butter”. Time for Bunny to go shopping for a credit union.
well got my deposit this morning 10.04 what a joke and waste of time disturbed
got my payment info from the admin and it looks like I will be receiving a whopping $10.40 haha…what a slap in the face, down with tbtf banks im not giving these criminals any of my money EVER again
I am getting $94.76. Remember this and spread the word: Big banks are criminals. Big banks are criminals. Big banks are criminals. And they are supported by criminal reps and senators (both parties) who get campaign contributions from them. Chase stole hundreds of millions of dollars with this overdraft scam. They’ll pay a pittance and don’t have to admit legal guilt. In truth, they should be executed for their crimes.