JPMorgan Chase Customers File $5M Class Action Lawsuit Over Bounced Check Fees
Unsplash | Published: April 10, 2024
Claim Form Deadline: Ongoing
Estimated Payout: Varies
$5M Chase Bank Bounced Check Fee Proposed Class Action Lawsuit
A proposed class action lawsuit has been initiated by a cohort of JPMorgan Chase patrons against the bank, aiming to secure no less than $5 million in damages. The class action lawsuit claim asserts that the bank levied unwarranted charges when they deposited checks that bounced, even if it was by no fault of the Chase customer. Despite the checks' dishonor not being their fault, the bank still debited these fees from their accounts. These patrons have labeled these charges as "junk fees" for returned checks, denouncing them as "unconscionable" and "predatory." Other banks, including TDBank and Bank of America have also been previously investigated for similar bounced check fees.The Chase bank bounced check fee class action lawsuit spotlights the issue of arbitrary fees for bounced checks, a matter previously cautioned against by the U.S. Consumer Financial Protection Bureau in an October 2022 bulletin. As per the allegations, Chase penalized its patrons for checks they had no involvement in issuing. The bank discontinued these fees in December 2022.
This lawsuit underscores the broader concern surrounding undisclosed and unexpected charges across multiple sectors, particularly in banking. The Biden administration has advocated for stricter regulations to tackle such fees, which reportedly accumulate to billions of dollars annually for American consumers.
The case is formally titled Maslowski et al v JPMorgan Chase Bank NA, and it has been filed in the U.S. District Court, Southern District of New York. Previously, Chase was involved in a similar massive $67 million open class action lawsuit over predatory ATM fees. The ATM bank fee settlement paid out the $67,000,000 settlement fund in 2023 and involved three of the top consumer banks in the United States: JPMorgan Chase, Wells Fargo, and Bank of America.
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