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Chase Bank Balance Transfer Class Action Settlement

by on September 30, 2011

Chase Bank has finally reached a class action settlement for poorly informing cardholders about the terms of the promotional interest rate on both their balance transfers as well as their convenience check loans. Any customer who used one of these services between 2006 and 2010 might be able to get up to $12 from this settlement.

The initial lawsuit, Milgram v. Chase Bank, USA Website, suggested that Chase had offered some cardholders an APR until a specified date, but didn’t let customers know what that specified date might be. As part of the settlement, Chase has refused to admit they are guilty, but they agreed to pay up to $7.8 million to resolve the problem.

Every Chase customer who accepted a promotional check or balance transfer offer is part of the lawsuit. Those who choose to get the cash payment have two options. If they got a postcard to let them know about the $12, they will automatically get the money. Others can get up to $8 per account. If they received a postcard, they may need to submit a claim form online by November.

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