Sarah Mirando  |  January 4, 2013

Category: Legal News

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Chase overdraft settlement

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

  1. Jerry says:

    $34 in Overdrafts, and 3 of them this Month. Chase is making a killing out of my small errors, and I have allowed them to take my valuable money. Looking to move away to a new bank. Sick and tired of their scams.

  2. Lillian Morales says:

    I have set up overdraft notifications via text and email so I can transfer money from my BOA to chase in case I need to. I NEVER receive a text, but I do get an email 2 or 3 days AFTER the fact I have overdrafted . Chase is the worst bank and is making millions out of our money. I absolutely hate think bank and I hope they get sued again….

  3. Susan Betts says:

    I was placed on Checks System because of these overdraft fees. I refused to pay them and started banking with another bank. Later this Class Action awarded me money nothing compared to what they claimed on Checks System. Can I make them take me off Checks System since they agreed to settle?

  4. Mark Nixon says:

    Chase Bank is still doing this shady stuff!!!!! We all just need to join a credit Union. Just found 5 overdraft fees charged to my account due to them cashing a check that clearly did not have the funds to cover. When ever I did not have enough funds before they would always bounce the check. Seems super fishy and makes me not feel valued as a customer.

    1. Tammy B says:

      I just got off the phone with Chase, they are most definitely still doing this, I was charged $34 overdraft for transferring an available $25 from one account to another, 3 days later, I had something else that was not suppose to go through yet post ahead of the account to account transfer causing two charges of $34, I can accept the one for the one not suppose to go through yet, because that’s not on Chase, but they totally rearranged the orders and double charged insufficient fees. There needs to be more stiffer penalties for these banks taking advantage.

  5. Mike L says:

    Just found my settlement check. It is too old to cash. How can i get a replacement?

  6. Phil B says:

    Still haven’t been reimbursed for the thousands they stole from me. ( unless it was so small that I never noticed it)

  7. Art says:

    Just received a check for $11.14.

    wow.

  8. Allen says:

    I got a $40.00 payment so there still ripping you off. I put over $6.000.00 tax return in my acct and they toke it saying I was 6k in the hole and there only paying me $40.00?.

  9. john60706 says:

    Simple calculation – Chase pays you 10,000, 3,000 goes to cost that 30%, 5,000 to your “attorney”, 1,990 to additional costs and taxes = you are left with 10$. P5Aa7

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.