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Explainer: How does the Chase order handle refunds?

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Yesterday, we determined that Chase Bank USA, N.A. and JPMorgan Chase Bank, N.A. unfairly billed customers for services relating to identity theft protection products – including “Chase Fraud Detector,” “Chase Identity Protection (ChIPs),” and “Chase Identity Protection (IPS)” – in a way that violated federal law.

Chase has agreed to refund about $309 million to over 2.1 million Chase customers.

Chase customers are not required to take any action to receive their refund. Chase provided the refunds to the victims as an account credit or as a check in the mail.

If you are eligible for a refund and have an open account, the refund should have been automatically credited to your account. For most consumers, a credit should have appeared on your November or December 2012 statement as “ID/FRAUD PROTECT CREDT[Phone Number].” If you are eligible but no longer had an account with Chase as of October 2012, a check should have been mailed to you by the end of November 2012.

If you have questions about whether you are entitled to a refund, please contact Chase.

Watch out for scammers claiming they will get you a refund. When large numbers of consumers get refunds, scammers sometimes pop up. The scammer may charge you a fee or try to steal your personal information. If someone tries to charge you, tries to get you to disclose your personal information, or asks you to cash a check and send a portion to a third party in order to “claim your refund,” it’s a scam. Please call us at (855) 411-CFPB.

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