You’re eligible to claim cash if you had a Chase credit card and got charged for a payment protection product between Sept 2, 2004 and Nov 11, 2010, thanks to a recent class action settlement.
The suit alleges that JP Morgan Chase enrolled cardholders in Payment Protection Plans without being completely upfront about the terms of the plans. These plans suspend interest on balances and let you make only minimum monthly payments for up to two years. They are supposed to be for when a major life event or tragedy makes it impossible for you to keep paying your credit card bill. While normal interest is suspended, the program charged .8% of your balance as a monthly fee.
Part of the rub is that they enroll you in advance of the event, charging you $.89 for every $100 of the monthly balance you carry.
Additionally, in order to increase enrollment, Chase sent out $20 checks to prospects. If you cashed the check, you were enrolled in the program. The lawsuit, and complaints online, like this one on Consumerist, say that canceling was difficult and customers were subjected to a lengthy retention process.
Chase has admitted no wrongdoing and agreed to settle, creating a fund of $20,000,000.
You have until August 8th to make your claim and only people who fill out the claim form will get monies. The monies will be $15, $30, or $60 depending on how aggrieved is the class you fall into.
Kardonick v. JPMorgan Chase & Co. Settlement [Official Site]
Chase Enrolled Me in Payment Protector Against My Will, Starts Charging Me
Chase’s Crappy Payment Protection [StopBuyingCrap.com]
Payment protection plan is too restrictive [Cleveland.com]