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 Chases 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.