HSBC Direct Savings Account Interest Settlement
What this is about
HSBC allegedly failed to pay interest in accordance with Direct Savings Account terms for customers who initiated ACH transfers through HSBC's web portal.
The background
Cheng v. HSBC Bank USA, N.A., No. 1:20-cv-01551-BMC, pending in the U.S. District Court for the Eastern District of New York, alleges HSBC failed to pay interest in accordance with Direct Savings Account terms for customers who initiated ACH transfers through HSBC's web portal. HSBC denies the allegations. The parties reached a proposed $495,000 settlement, with class counsel seeking fees of $164,999.99 plus costs from the fund. Class members must submit a Claim Form with the Unique ID from their notice to receive a payment; current Direct Savings customers receive an account credit, while others receive an electronic payment or check. The claim deadline is August 20, 2026, and the Final Approval Hearing has been rescheduled to September 23, 2026.
Worth knowing
Cheng v. HSBC Bank USA, N.A., No. 1:20-cv-01551-BMC, pending in the U.S. District Court for the Eastern District of New York, alleges HSBC failed to pay interest in accordance with Direct Savings Account terms for customers who initiated ACH transfers through HSBC's web portal. HSBC denies the allegations. The parties reached a proposed $495,000 settlement, with class counsel seeking fees of $164,999.99 plus costs from the fund. Class members must submit a Claim Form with the Unique ID from their notice to receive a payment; current Direct Savings customers receive an account credit, while others receive an electronic payment or check. The claim deadline is August 20, 2026, and the Final Approval Hearing has been rescheduled to September 23, 2026.
File your claim on the official site →Common questions
How much can I get from the HSBC Direct Savings Account Interest Settlement?
At least $10 minimum; pro rata share of the $495,000 settlement fund based on account activity (current account holders receive a credit; others get electronic payment or check).
What happened in the HSBC Direct Savings Account Interest Settlement case?
HSBC allegedly failed to pay interest in accordance with Direct Savings Account terms for customers who initiated ACH transfers through HSBC's web portal.
How do I actually file a claim?
Use the official claim link on this page — it goes directly to the real claims administrator or court-approved site. We never collect claim submissions ourselves and never charge a fee to help you file.
Where does this information come from?
This entry was last verified on August 18, 2026 against its primary source (the official claims administrator, court record, or government page) — linked below. We re-check it, not just copy it once.
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