New York, NY: A $110 million settlement has received final court approval, ending an overdraft fees class action lawsuit against Chase Bank.
The settlement is the latest settlement to be reached in the massive class action lawsuit involving over 30 banks who are alleged to have manipulated customers transactions in such a way as to maximize overdraft fees.
The allegations also state that rather than declining transactions on an account that has insufficient funds to cover a purchase, Chase Bank authorized the transactions and then processed them in highest to lowest dollar order, which effectively increased the number of overdraft fees charged.
As part of the settlement agreement, Chase will, for a period of at least two years, cease charging overdraft fees on individual debit card transactions of $5.00 or less.
Class members 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' practice of posting debit card transactions from highest to lower dollar amount.
For complete information on class and settlement eligibility, claim forms and filing dates visit ChaseOverdraftSettlement.com.
I never thought I'd be saying this. Chase has done the same to me and are still doing it! I'm done with them!
Posted by Tessa Bell
Chase still manipulating deposits and withdraws to maximize overdraft fees. I personally am experiencing it. I have for years been direct deposited from Etsy each Monday morning I am sent a letter telling me the funds where released to my bank for sales over weekend. Every Monday I show a cleared deposit by Tuesday AM for this amount in Chase UNLESS I have a check that will clear that night. Than for some reason they show my deposit as Pending on Tuesday AM.
Last night 4/30/18 at 11pm I was able to withdraw $200 cash from ATM. At 5 pm same day I only had $29 in banks so obviously they released the funds from my $583 direct deposit from Etsy or I would not have been able to withdraw cash in any way. I also have revoked Chase to allow any overdraft on my cards so even if a purchase it would have been denied if funds where not available.
I check my account apx 2 am when I get home and my account shows $299 available, with the $200 withdraw cash completed and a $100 check pending.
This morning I show that the $100 check cleared prior to deposit ( which is impossible if they paid me ATM cash) and than an overdraft fee. Than a NOW PENDING Deposit of the $583 and THAN a PENDING cash ATM of $200.
This is so blatant manipulation. Again, since I would not have been able to withdraw cash if funds where not available and since I withdrew funds prior to Midnight on previous day and since when I did withdraw funds the check had not even posted and obviously my deposit was not pending but cleared enough to pay me so should have been able to pay for check also. This was Monday nothing would have cleared prior since weekend. And again, every Monday deposit is CLEARED not PENDING when I check my account on Tuesday mornings for years unless there happens to be a check that would have posted on Monday night.. than Chase shows my deposit as pending every time.
They are criminal.
I am writing this for my Ex husband whom I am helping with all matters since he is not able to do computers or familiar with anything but being a roofer for over 48 yrs I am the one who helps him pay bills online, bank etc.. working on a POA
Posted by James Gibbs
I have paid thousand in over draft fees
Posted by Edward Fedon
They are still reordering transactions. It's happened to me multiple times. I also got charge a $2.50 fee for checking my balance at a convenience store ATM. So, They get you even when you're trying to be responsible and not over draft..
Posted by Troy Daniels
Chase is still using an algorithm to push and hold transactions. I have family that worked for chase and saw it first hand. They flag accounts and continue to use what they already where sued for again. They have a bank timeline that they can also change or manipulate. Just happened yesterday and today to my account. Just collecting enough info and pictures of account to do another class action. Cant wait.
Posted by Mariel
How funny, they have to pay back few million dollars but their profits exceed billions. Crazy
Posted by Stephen nielsen
I have same problem with over draft fess
Posted by Jessica
Chase has taken over $4,000 in overdraft fees in 5 month time frame. I want to sue them. Because of their stupidity and some bs they make up, ive lost my health insurance and my credit has depleted. Im a 35 year old with terminal illnesses and due to chase bank im left to just go without.
Posted by mad consumer
Chase still reorders transactions. They just did it to me last week. Guess Chase just laughed at this court ruling.
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