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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.
A federal court has approved the $110 million Chase overdraft fee class action lawsuit settlement reached in October 2012. That means some Class Members that incurred overdraft fees between 2003 and 2010 will automatically receive refunds to their Chase accounts, while other Class Members will have to file a Claim Form by February 8, 2013 in order to receive a payment.
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.
On December 19, 2012, the Court approved the Chase overdraft fee class action lawsuit settlement as fair and reasonable.
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 made after all appeals have been resolved. At this time, no appeal has been filed.
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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120 thoughts onCourt Approves Chase Overdraft Class Action Settlement
Lola I wonder how those that got more than$100 back who are you and what do you do for CHASE.. Meaning was that enough to keep your business with them… Are those that don’t have much, get less and those that have more, get more…You know kinda how our world is becoming. Not realizing the ones with less give more as to why the ones WITH more got what they have….CHASE IS WRONG>> NO MATTER HOW YOU THOUGHT YOU WERE WATCHING YOUR BUDGET THEY DID TINGS TO SCREW PEOPLE UP REGUARDLESS….
Lola, your full of shit. Stop trying to get people going. You didn’t get $350. You do get off on trolling sites trying to get people pissed off. Your a middle aged wite male who needs a girlfriend or a hobby.
I just got 350 in my account last week and although it doesn’t seem like near as much as I have paid in overdraft fees I have to admit as do most of us on this blog, that most of those fees came from my poor money management. No matter what order the bank posts the transactions I would have overdrafted. I do have a problem with getting more than one fee a day or getting a fee when I add money to correct the overdraft within 24 hrs but lesson learned is be smarter with your money!
Ya I got a whooping refund of $56.00 what a joke I think there should be a law were banks aren’t aloud to charge a fee unless the transaction is the amount of the over draft fee or more these banks are crooks it sucks.
I got $8.67, this is some bull$#%^. Why even bother?
Hell yes! Did a google search after receiving 8.22 in my bank this morning!
Thank you Chase!! When you’re not expecting something you really learn to appreciate it when it comes
I received $10 and my girlfriend got $6. We have paid thousands in fees and this is what we got. Don’t expect much.
wow!!!!!!! I did receive it…3.96… I am NOT happy but NOT surprised because I read this first…..I got mine on the 8th.. But I couldn’t tell. Check my statement after reading this. This is ridiculous. I will be closing my accounts with CHASE Tuesday.. I AM DONE WITH THIS SET OF RICH FOLKS. They don’t need my business…. Wonder what my check in mail will be… Good luck to yall who stay with them…
I am still waiting…This is so sad.. They have a NEW bank going up on every corner EVERY WEEK. They are not BROKE and this is how they show customers they appreciate OUR business. We should all close our accounts on the same day. So we can make a statement. #68ED I as so with you to go after the lawyers. This settlement should not have been agreed upon. Chase had the lowest settlement of all the banks that did the same stuff. I am certain Chase had the most people to pay. WOW can we really get screwed anymore in this world. How did they come up with these amounts.. I know Chase has stolen over 4000 from me and my mother and son. Over the years..There are other banks, I will be closing my account REGUARDLESS of what I get.If you are not good people I rather not deal with you. As WALMART, I no longer shop there. Workers under Paid and over worked and STAY IN THE TOP 10 ON FORBES… Man this world is full of greed.. NO matter how hard you work or save, our money is constantly taken form us…I AM OVERWHELMED AT THE DISREGUARD AND DISRESPECT FOR THE PEOPLE THAT MAKE THESE BUSINESSES SO MUCH MONEY..
OMG! i remember waiting for hours at chase bank because i had cought on to their trickery.i was not helped.They hit me all at once.It was about 12 $1 netflix overdrafts. fees hit all at once. each 36 dollars i believe,on top of that a bunch of other one dollar overdrafts.all because i bought something that cost me $1 more that the 30 i had in the bank,they rearranged it all to screw me.Now i get 2 dollars. doesnt even cover the gas i spent on arguing with a banker that wouldnt let me speak to a manager. 2 paid to cover my 680+ stolen.maybe they charged us interest on the money they stole from us.