J.P. Morgan Chase is following Bank of America’s lede to settle class action lawsuits for improper debit card overdraft fees.
“The case, brought in U.S. District Court for the Southern District of Florida, revolves around allegations that Chase and other banks manipulated the order in which they processed customers’ transactions to maximize the account overdraft fees paid by debit card customers,” wrote American Banker in disclosing the proposed settlement.
“Plaintiffs accused Chase and more than 30 other banks of processing customers’ debit card transactions in a way to wrongfully maximize overdraft fees. Specifically, the banks processed debit card transactions not in the order in which customers conducted them but instead from the highest-to-lowest transaction balances; the change allegedly caused customers to drain their accounts quickly and maximized the overdraft fees assessed against them.
“Chase made enormous profits from overdraft charges, much of it taken from Chase’s most vulnerable customers,” the class action claims. The bank generated $500 million a year in post-tax income from high-to-low re-sequencing, according to Chase’s own analysis. As cover for its actions, plaintiffs allege, Chase falsely maintained that it had chosen high-to-low processing because consumers requested it. The opposite was true — Chase logged almost 10,000 complaints monthly about its overdraft fees and re-sequencing, according to internal records of complaints.”
Bank of America last year agreed to pay more than $410 million to settle similar claims. Other banks are also agreeing to pay plaintiffs. We will see how much money customers receive and how much lawyers get.
PLEASE CONTACT ME VIA EMAIL-FOR YEARS I HAVE BEEN PAYING WAY TOO MUCH FEES FOR OVERDRAFT. WHEN I CONTACTED CHASE THEY TOLD ME THAT IT’S THERE POLICY TO COVER THE LARGER AMOUNT FIRST AND THEN ADDRESS THE SMALL AMOUNTS. SO I WAS CONSTANTLY PAYING FEES FOR CHECKS THAT I FEEL I SHOULDN’T HAVE.
PLEASE HELP
you need to contact me and give me the particulars at george@ctwatchdog.com
Is it to late to be part of the class action suit?
no, you need to contact the attorneys for the class action
How would I go about reaching out to the attorney(s) that are handling the class action suit against Chase. I have fallen victim to this very thing MANY times. Thanks!
Yes, how do i contact the attournys? I have had this issue so many times it’s unbelievable.
Who are the attorneys handling this ? Please can you give me any information ?
Paulette Marsh
I believe these are the attorneys
Bruce S. Rogow
Robert C. Gilbert
ALTERS BOLDT BROWN RASH & CULMO, P.A.
4141 N.E. 2nd Avenue
Miami, Florida 33137
Lead Counsel for Plaintiffs
Bruce Steckler
Russell Budd
S. Ann Saucer
BARON & BUDD
3102 Oak Lawn Avenue, Suite 1100
Dallas, TX 75219
Ruben Honik
GOLUMB & HONIK, P.C.
1515 Market Street, Suite 1100
Philadelphia, PA 19102
Michael W. Sobol
Roger N. Heller
Jordan S. Elias
LIEFF CABRASER HEIMANN & BERNSTEIN, LLP
Embarcadero Center West
275 Battery Street, 29th Floor
San Francisco, CA 94111-3339
David S. Stellings
LIEFF CABRASER HEIMANN & BERNSTEIN, LLP
250 Hudson Street, 8th Floor
New York, NY 10013-1413
Robert C. Josefsberg
Victor M. Diaz, Jr.
John Gravante, III
PODHURST ORSECK, P. A.
City National Bank Building
25 W Flagler Street, Suite 800
Miami, FL 33130-1780
Ted E. Trief
Barbara E. Olk
TRIEF & OLK
150 East 58th Street, 34th Floor
New York, NY 10155
Edward Adam Webb
G. Franklin Lemond, Jr.
WEBB, KLASE & LEMOND, L.L.C.
1900 The Exchange SE, Suite 480
Atlanta, GA 30339
Just spent 2 hours at chase bank having them return 6 $34 overdrafts. They text me every morning my balance and that amount is totally wrong. No checks out. Held up debit purchases up to 9 days – text me different amount – $1.00 cup of coffee cost me $34. Poor working girl. I fought back and they returned the fees. No longer trust any banks and I just got a check from 5/3 bank from class action settlement when I had an account there. Is it too late to get involved in this class action as this is the 3rd time in 3 months this debit card problem has happened.
Can I join the class action too?! I’m also a victim with several draft fee charges!
any know when chase might settle the 110 million lawsuit, and when it will be dispersed?