Chase Class Action Lawsuit 2024 Payout Per Person

Breaking: Millions of Chase customers are poised to receive payouts following a class action settlement. The lawsuit addressed allegations of improperly charged overdraft fees between 2011 and 2014.

This article delivers the urgent details: who is eligible, what the settlement covers, and when you can expect to receive your payment.

Who is Eligible for a Chase Overdraft Fee Settlement Payout?

You're likely eligible if you were a Chase customer who incurred overdraft fees between 2011 and 2014. The settlement targets customers who were charged these fees based on practices deemed unfair or misleading.

Specific eligibility criteria likely includes having been charged overdraft fees on transactions that should not have triggered them. For example, fees assessed when the account balance was sufficient at the time of the transaction's authorization.

Checking your Eligibility

Unfortunately, claims are no longer being accepted. The deadline to file a claim passed on March 30, 2020.

If you filed a claim before the deadline, you should receive an email, or letter. Monitor your email for updates from the settlement administrator.

What Did the Chase Overdraft Fee Lawsuit Allege?

The lawsuit, consolidated as In re: JPMorgan Chase Bank Overdraft Litigation, alleged that Chase improperly maximized overdraft fee revenue.

Plaintiffs claimed the bank re-ordered transactions to debit the largest transactions first, which quickly depleted funds. This then led to multiple overdraft fees on smaller transactions.

The lawsuit further argued that Chase's practices violated its contract with customers and constituted unfair business practices.

How Much Will Each Person Receive?

The precise payout per person isn't a fixed amount. The amount varies depending on factors, such as the number and total amount of overdraft fees each claimant was charged.

The total settlement fund was $50 million. After legal fees, administrative costs, and other expenses, the remaining funds are divided among eligible claimants.

Some claimants with numerous overdraft fees could receive several hundred dollars. Others with fewer fees may receive a smaller amount.

When Will Payments Be Distributed?

Payments are in the process of being distributed. The timeline for receiving payments depends on when the settlement was finalized and the efficiency of the distribution process.

Many eligible claimants are already receiving or have already received their payments via mail or electronic transfer. The process of getting checks out could take several weeks or even months, as the information must be verified.

Where Are Payments Coming From?

Payments are being distributed by the settlement administrator, a third-party company responsible for managing the distribution of funds. This entity ensures the process is fair and accurate.

The settlement administrator's name can be found in email or mail correspondence related to the settlement. Look for contact information of them in this correspondence.

Staying Informed: Next Steps

Check your email and mail regularly for updates. If you filed a claim, the settlement administrator is likely to communicate through these channels.

Refer to the official settlement website if you are unsure of any information. The website will contain updated information.

While the claim filing period has passed, you can still confirm payment details and timelines. Stay informed. Monitor your email and physical mail closely for official updates regarding the settlement distribution.