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UPDATE: Details on how to file a claim for the Chase Overdraft Fee Class Action Settlement have arrived!
JPMorgan Chase & Co. has reached a preliminary class action lawsuit settlement of $110 million to resolve claims it gouged customers with overdraft fees to their checking accounts.
The JPMorgan 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 and deposits to maximize overdraft fees.
Chase is also accused in the overdraft fee class action lawsuit of not declining debit transactions when a customer had insufficient funds, and failing to warn them that an overdraft fee would be charged. Instead, Chase routinely charged customers overdraft fees of $25 to $35 for transactions of only a few dollars, according to the class action lawsuit.
Chase “either refused to allow their customers to opt out of overdraft protection, or failed to adequately disclose to their customers that they may do so,” the overdraft fee lawsuit said. “In many instances, these overdraft fees cost the banks’ account holders hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars.”
In September 2009, Chase made several changes to its overdraft fee policy for debit cards. The changes eliminated overdrafts unless a customer elects the service, modified the posting order of charges to recognize debit-card transactions and ATM withdrawals as they occur, ended fees for accounts overdrawn by $5 or less, and reduced the maximum number of fees per day to three from six.
U.S. District Judge James Lawrence King must still approve the $110 million Chase overdraft fee class action settlement.
Bank of America’s $410 million class action settlement in the case – the largest thus far in the litigation – was finalized in November. Union Bank and Associated Bank also agreed to class action settlements in November of $35 million and $13 million, respectively.
The case is In re Checking Account Overdraft Litigation, Case No. 09-md-02036, U.S. District Court, Southern District of Florida (Miami).
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16 thoughts onJPMorgan Chase Reaches $110M Overdraft Fee Settlement
About time…one should be entered against REGIONS bank also and all banks PERIOD!!…I have had so many conversations with these banks and the way they charged OD fees…FInally, something will be done with these crooks!
I also have had a problem with chase … I have lost so much money and they couldnt explain why .. then kept tack on the odf … i couldnt even close my account until i paid all the money i owed and that took bout 6 mo… thank you chase for having our best interest at hart …NOT
I Lost A lot of Money to them and I am still Losing money to chase bank I owe 400.00 dollars to the bank for overdraft fees they Keep on taking my money and charging me overdraft fees.
I LOST A LOT OF MONEY, WITH THEIR SCAM. NOW I SHOULD REWARD ME FOR ALL THERE MISTAKES. THEY SHOULD PAY ME DOUBLE THE $$ MONEY THEY OWE ME
I LOST A LOT OF MONEY, WITH THEIR SCAM. NOW I SHOULD REWARD ME FOR ALL THERE MISTAKES. THEY SHOULD PAY ME DOUBLE THE $$ MONEY THEY OWE ME
I LOST A LOT OF MONEY, WITH THEIR SCAM. NOW I SHOULD REWARD ME FOR ALL THERE MISTAKES. THEY SHOULD PAY ME DOUBLE THE $$ MONEY THEY OWE ME
I LOST A LOT OF MONEY, WITH THEIR SCAM. NOW I SHOULD REWARD ME FOR ALL THERE MISTAKES. THEY SHOULD PAY ME DOUBLE THE $$ MONEY THEY OWE ME
iI LOST A LOT OF MONEY, WITH THEIR SCAM. NOW I SHOULD REWARD ME FOR ALL THERE MISTAKES. THEY SHOULD PAY ME DOUBLE THE $$ MONEY THEY OWE ME!!!!
iI LOST A LOT OF MONEY, WITH THEIR SCAM. NOW I SHOULD REWARD ME FOR ALL THERE MISTAKES. THEY SHOULD PAY ME DOUBLE THE $$ MONEY THEY OWE ME!!!!
HAS ANYONE SEEN ANY OF THE ONEY YET SO TIRED OF HOW THEY TREAT CUSTOMERS I GOT MY BOA ONE BUT NOTHING ABOUT THIS ONE