Every dollar amount and date on this page is quoted from the official settlement document.
HSBC Bank Savings Account Interest Class Action Settlement
Court case: Cheng v. HSBC Bank USA, N.A.
HSBC is settling a class action over how it handled interest on Direct Savings accounts. If you opened an HSBC Direct Savings Account between March 2014 and February 2021 and used their website to move money via ACH, you could get a cut of a $495,000 fund.
Official eligibility wordingHSBC Direct Savings Account customers who initiated ACH transfers through HSBC's web portal and were allegedly underpaid interest. Checked against the official settlement source by SettleSignal on August 20, 2026.
Key facts
- Who may qualify You may qualify if you had an HSBC Direct Savings Account opened between March 2014 and February 2021 and initiated ACH transfers through HSBC's web portal during that period.
- Estimated payout$495,000.00
- Claim deadlineAugust 20, 2026 (closed)
- Proof requiredNo
- What you needNo specific proof documents are listed as required — fill out the claim form at the official site with your account details and the administrator checks eligibility from HSBC's records.
- CourtUnited States District Court for the Eastern District of New York
Important dates
What you'll need to file
From our inspection of the official claim form:
- Filing method Portal (notice ID required) · mail-in PDF also available
- Notice ID Required — from your mailed/emailed notice — lost it? The administrator can resend it (see your claim workspace)
How hard is this claim to file?
What the form asks
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Watch out for
- A current HSBC Direct Savings Account customer receives a credit to the account rather than a separate payment.
We prepare — you file on the official site yourself. This is not legal advice and is not an eligibility decision; the administrator and court decide.
Verify it yourself
How we verified this record
- Claim deadline
- Payout details
- Eligibility
- Proof requirement
- Official claim link
- Court case
- 2 fields queued for re-check
1 official source linked to this record.
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Claim deadline
August 20, 2026
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Eligibility summary Quoted in the official eligibility wording above ↑
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Proof requirement
No
You must submit a Claim Form to receive a payment.
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Estimated payout
$495,000.00
The parties have reached a proposed $495,000.00 Settlement.
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Court
United States District Court for the Eastern District of New York
Show all 3 more verified fields
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Official claim URL
www.hsbcdirectsavingsaccountsettlement.com
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Court case number
1L20-cv-01551-BMC
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Case name
Cheng v. HSBC Bank USA, N.A.
Where to act
Status history
- Claim deadline passed.
- Settlement published after verification.
- Verified field details updated from an official source.
