Settlement Amount:
$495,000 fund; pro rata payment based on delayed interest ($10 minimum)
Claim Deadline:
August 20, 2026
Proof Required:
Unique ID from your mailed/emailed notice, plus your name, email, and mailing address
Official Settlement Website:
HSBCDirectSavingsAccountSettlement.com
📄 Full claim guide: Read the complete HSBC Direct Savings account interest settlement breakdown on OpenClassActions.com for eligibility details, payout tiers, and step-by-step filing instructions.
What Is the Case About?
The lawsuit alleges HSBC Bank USA failed to pay interest according to its account terms by delaying when interest began accruing on ACH deposits initiated through its online portal. HSBC denies the allegations and maintains its account terms provided that interest accrued when funds were received.
Who Qualifies?
The class includes all U.S. persons who opened an HSBC Direct Savings Account between March 25, 2014 and February 20, 2021 and made noncash deposits through HSBC’s online portal where the bank did not begin applying interest on the same business day the deposit was initiated.
How Much Can You Get?
Each valid claimant receives a pro rata share of the net settlement fund based on the interest that accrued on their delayed ACH deposits, with a minimum payment of $10. The total settlement fund is $495,000.
How to File
Submit the claim form online by 11:59 p.m. EST or by mail postmarked by August 20, 2026. The claim form requires the Unique ID number from your mailed or emailed notice, along with your name, current email, and current mailing address.
Key Deadlines
- Opt-out / objection deadline: July 21, 2026
- Final approval hearing: September 16, 2026 at 10:00 a.m. (Brooklyn, NY, Courtroom 10A South)
Case Details
| Case Name | Cheng v. HSBC Bank USA, N.A. |
| Case Number | 1:20-cv-01551-BMC |
| Court | U.S. District Court, Eastern District of New York |
| Settlement Amount | $495,000 |
File / Check Official Settlement Site
→ See the full HSBC Direct Savings account interest settlement details on OpenClassActions.com
By Felix Levine. OpenClassActions.org is a consumer news and information site and is not a class action administrator, class counsel, or a law firm. This page summarizes a public class action settlement and is general information, not legal advice. Deadlines and payment timing may change — always verify details at the official settlement website before filing. Class action claim forms are submitted under penalty of perjury; submit only truthful information.