If you opened an HSBC Direct Savings Account and made qualifying online deposits between March 25, 2014, and February 20, 2021, you may be eligible to receive at least $10 from a $495,000 class action settlement.
To receive a payment, you must submit a claim by August 20, 2026.
Why Did This Lawsuit Happen?
The lawsuit claimed that HSBC Bank USA, N.A. failed to pay interest according to the terms of its Direct Savings Account for customers who initiated ACH deposits through HSBC’s online portal.
According to the lawsuit, HSBC should have begun applying interest on the same business day a qualifying deposit was initiated (or the first business day after deposits made on weekends or federal holidays). Instead, the plaintiff alleged HSBC delayed when interest began accruing.
Who Qualifies for the Settlement?
You may qualify if all of the following apply:
- You resided in the United States.
- You opened an HSBC Direct Savings Account between March 25, 2014, and February 20, 2021.
- You made one or more noncash deposits using HSBC’s online portal.
- HSBC did not begin applying interest on the same business day the deposit was initiated (or the first business day after deposits initiated on weekends or federal holidays).
How Much Can You Receive?
Eligible class members who submit an approved claim are expected to receive at least $10.
Your final payment may be higher, depending on factors including:
- The amount of qualifying deposits you made.
- The applicable interest rates during the qualifying period.
- The total number of valid claims submitted.
If the available settlement funds are insufficient to provide every approved claimant with the anticipated minimum payment, payments may be reduced on a pro rata basis.
Current HSBC Direct Savings Account customers will receive their payment as a credit to their account. Eligible former customers may receive an electronic payment or a check.
Your Options
| Option | Deadline | What It Means |
|---|---|---|
| Submit a Claim | August 20, 2026 | Submit a valid Claim Form to receive a settlement payment if your claim is approved. |
| Do Nothing | No deadline | Receive no payment and give up your right to pursue your own lawsuit regarding these claims if the settlement is approved. |
| Opt Out | Opt-out deadline has passed (July 21, 2026) | Remove yourself from the settlement and keep your right to pursue your own lawsuit. You will not receive a settlement payment. |
| Object | Objection deadline has passed (July 21, 2026) | Tell the Court why you disagree with the settlement or attorneys’ fees request while remaining part of the settlement. |
| Attend the Hearing | September 16, 2026 | Ask to speak at the Final Approval Hearing if you wish to address the Court regarding the settlemen |
How to File a Claim?
To receive a payment, you must submit a valid Claim Form by August 20, 2026.
You can:
- Submit your claim online using the Unique ID and PIN from your settlement notice.
- Download and mail a completed Claim Form to the Settlement Administrator.
If you’ve misplaced your Unique ID or PIN, you can contact the Settlement Administrator and request them by providing your full name and mailing address.
Don’t miss your chance to claim your payment. If you believe you’re eligible, be sure to submit your claim before the deadline.
