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HSBC Direct Savings Account Class Action Settlement
HSBC Bank USA, N.A. agreed to a $495,000 settlement resolving claims that it failed to pay interest on Direct Savings Account deposits as promptly as its account terms required. Class members who opened an HSBC Direct Savings Account between March 25, 2014 and February 20, 2021 and made ACH deposits through HSBC's online portal may be eligible for a pro rata payment, with an anticipated minimum payment of $10.
Settlement fund
$495K
Common fund
Top payout
At least $10
Pro rata share of interest, per claim
Claim deadline
Aug 20, 2026
49 days remaining
You may be owed money
Filing is free and takes a few minutes. Deadline: Aug 20, 2026.
Do you qualify?
You are a Class Member if ALL of the following apply:
- You opened an HSBC Direct Savings Account between March 25, 2014 and February 20, 2021.
- You made a noncash deposit into that account using HSBC's online portal via ACH transfer, and HSBC did not begin applying interest on the same Business Day the deposit was initiated (or the next Business Day, for deposits initiated on a weekend or federal holiday).
- Excluded: HSBC and its subsidiaries, parent companies, successors, predecessors, and any entity in which HSBC or its parents have a controlling interest, and their current and former officers and directors; the presiding judge and the judge's direct family; and anyone who submits a valid Request for Exclusion.
Not sure if you qualify? Call the Settlement Administrator at (833) 386-6532, or visit HSBCDirectSavingsAccountSettlement.com.
What happened
Plaintiff Ji Dong Cheng filed a class action against HSBC Bank USA, N.A. alleging that HSBC failed to pay interest in accordance with the terms of its Direct Savings Account. Cheng argued that HSBC's account terms, which stated that interest begins to accrue on the Business Day a customer deposits noncash items, required HSBC to start paying interest on the Business Day a customer initiated an ACH transfer through HSBC's web portal rather than the day the funds were actually received.
HSBC asserts that its account terms provide that interest properly began accruing on the Business Day funds were received in the customer's account, not the day an ACH transfer was initiated. HSBC denies all allegations of wrongdoing, and the parties agreed to settle to avoid the cost, delay, and uncertainty of continued litigation.
How to file a claim
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1. Confirm you are eligible
You opened an HSBC Direct Savings Account between March 25, 2014 and February 20, 2021, and made an ACH deposit into it that HSBC did not begin crediting with interest on the same Business Day it was initiated.
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2. Tally up your claim
Your payment is calculated pro rata based on the interest that accrued on your qualifying ACH deposits during the class period. Every approved claim is expected to receive at least $10, though that minimum could be reduced pro rata if total approved claims exceed the Net Settlement Fund.
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3. File online or by mail
Submit the Claim Form online at hsbcdirectsavingsaccountsettlement.com/form/claim by August 20, 2026, or mail a paper Claim Form (postmarked by August 20, 2026) to: Cheng v. HSBC Bank USA, N.A., c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799.
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4. Receive your payment
If you're a current HSBC Direct Savings Account customer, your payment will be issued as a credit to your account. Otherwise, you'll receive an electronic payment or a check. Payments are issued after the Court grants final approval at the September 16, 2026 Fairness Hearing and any appeals are resolved. No follow-up is required once your claim is submitted.
Key dates
- Jul 21, 2026 Opt-out & objection deadline Soon
- Aug 20, 2026 Claim filing deadline Upcoming
- Sep 16, 2026 Final Fairness Hearing (10:00 a.m. ET, in person) Upcoming
- TBD after final approval Payments issued to claimants Pending
The Fairness Hearing is scheduled for September 16, 2026 at 10:00 a.m. before the Court in Courtroom 10A South, United States District Court for the Eastern District of New York, 225 Cadman Plaza East, Brooklyn, NY 11201. The Court may move the hearing, so check HSBCDirectSavingsAccountSettlement.com for updates before traveling.
Where the money is going
This is a non-reversionary common fund. Attorneys' fees, a service award, and notice and administration costs come out of the $495,000 before payments are calculated for class members.
All amounts listed above are pending and subject to final court approval at the Fairness Hearing. The Court may award less than the amounts requested. If approved claims exceed what remains of the fund after the guaranteed $10 minimum payments, the minimum payment itself will be reduced pro rata.
Common questions
How much money will I receive?
Your payment is calculated pro rata, based on the interest that would have accrued on your qualifying ACH deposits between when the transfer was initiated and when it was credited to your account. Every approved claim is expected to receive at least $10, though that minimum could be reduced pro rata if approved claims exceed the Net Settlement Fund.
Do I need to submit proof of purchase?
No documentation is required. HSBC's own records determine which deposits qualify. You do need to confirm your name, current email, current mailing address, and the Unique ID number listed on your notice.
What if I didn’t receive a notice?
Yes. You may still be part of the Settlement Class and file a claim even if you did not receive an email or mailed notice, as long as you meet the class definition.
Does staying in the class affect my right to sue later?
If you stay in the settlement, whether by submitting a claim or doing nothing, you give up the right to sue HSBC over the same interest-payment issues raised in this case. To keep that right, you must opt out by July 21, 2026.
When will payments be sent out?
Payments are expected after the Court grants final approval at the September 16, 2026 Fairness Hearing and any appeals are resolved. The appeal process can take a year or more.
Dapeer Law, P.A.
Consumer class action attorneys based in South Florida. We track settlements so you don’t have to.
Similar open settlements
This page is for informational purposes only and does not constitute legal advice. Dapeer Law, P.A. is not the administrator of this settlement and is not affiliated with HSBC Bank USA, N.A., Simpluris (the Settlement Administrator), or Class Counsel Daniel A. Schlanger of Schlanger Law Group LLP and Beth Terrell of Terrell Marshall Law Group PLLC. The case is Cheng v. HSBC Bank USA, N.A., Case No. 1:20-cv-01551-BMC, pending in the U.S. District Court for the Eastern District of New York before TBD - verify before publishing. Class representatives are Ji Dong Cheng. HSBC denies wrongdoing. This website is attorney advertising. Past results do not guarantee future outcomes.
