HSBC Direct Savings Account Interest Settlement
What happened
A class action (Cheng v. HSBC) alleged HSBC failed to pay interest per its Direct Savings account terms on deposits customers initiated by ACH through HSBC's web portal. HSBC agreed to a $495,000 settlement.
Who qualifies
Customers who opened an HSBC Direct Savings Account between March 25, 2014 and February 20, 2021 and made deposits through HSBC's online portal on which interest did not accrue from the day of initiation.
How much you could get
Pro rata share of the net fund based on interest owed; every approved claim anticipated to receive at least $10 (current customers get an account credit, former customers a check or ACH)
Key dates
| Proof required | Unique ID number from your settlement notice (request it from the administrator if lost); no financial documentation needed |
|---|---|
| Claim deadline | 2026-08-20 |
| Opt-out / exclusion deadline | 2026-07-21 |
| Final approval hearing | 2026-09-16 |
| Court | E.D.N.Y. — 1:20-cv-01551-BMC |
| Claims administrator | Simpluris |
Worth knowing
Payments issue after claim processing or ~90 days after final approval, whichever is later. Opt-out deadline (July 21, 2026) is imminent.
Is this legit?
Yes — here is the paper trail we verified on 2026-07-10:
- https://hsbcdirectsavingsaccountsettlement.com/ — official settlement site (fetched 2026-07-10)
- https://www.hsbcdirectsavingsaccountsettlement.com/faq/ — official FAQ (minimum payment, Unique ID requirement)
Scam check: the only place to file is the official administrator link above. Ignore texts or ads offering to "file for you" for a fee.