In a big legal move, Capital One has decided to pay $16 million to settle claims that it charged fees on some transactions without permission. This deal is important for people who currently have or used to have Capital One accounts.
Capital One was sued by a group of people who said the bank broke its contract with account holders by charging and collecting representation fees in the wrong way for some activities.
Representation Fees are NSF (Non-Sufficient Funds) Fees or Overdraft Fees that were charged to an account holder for a Represented Check or ACH (Automated Clearing House) debit that the bank had already returned for not having enough funds and charged an NSF Fee for.
This page went over the specifics of the Capital One Bank settlement, including who can get the money, important dates, and what account users need to do (or not do) to get the money from the settlement.
Eligibility for the Capital One Class Action Settlement
capital one class action settlement
capital one class action settlement
The settlement benefits current and former Capital One account holders charged a represented fee between September 1, 2015, and January 12, 2022. If you fall into this category, you are likely eligible to receive a payment from the settlement fund. The amount each person will receive is not yet determined, as it depends on the total number of eligible claimants.
Also See:Hyundai, KIA Class Action Settlement 2024, Check Eligibility and Apply the Claim Form
Settlement Amount
People who had a Capital One account between September 1, 2015, and January 12, 2022 and were charged a represented fee will get money from the deal. It’s possible that you can get money from the settlement fund if you fit this description. The amount each person will get is still unknown because it depends on how many people are able to claim.
Dollar amount of the settlement VA disability payment dates
When the VA will pay for disability in July 2024, This is when your monthly payment will arrive.
Capital One hasn’t said it did anything wrong, but the bank has agreed to a deal to avoid more court cases. A $16 million fund will be set up as part of the deal to pay account holders who were affected, cover legal fees, and pay for any court-ordered service awards.
Payment will be Given Automatically. No need to claim
One of the most important things about this settlement is that people who are qualified will get their money without having to do anything. Payments will be made instantly if the settlement is approved. People who have current accounts will get their share as a credit to their accounts, while people who used to have accounts will get a check in the mail. In other words, you will get money if you don’t back out of the deal.
Options for Class Members
Class members can choose not to participate in the settlement or disagree with its terms, but they do not have to do anything to get their money.
You will not get any money or account credit if you choose to back out of the deal. You can still sue Capital One on your own for the same claims, though, if you choose to drop out. If you think that going to court on your own is what’s best for you, getting out might be the right choice for you.
You can ask the court to reject the deal if you think it is unfair or not enough. In your objection, you need to say why you think the court should turn down the deal. If the court doesn’t agree with your argument, you will still get paid, but you won’t be able to sue Capital One for the same things that this class action is about.
Important Deadlines
Class members need to be aware of these important dates if they want to drop out or object to the settlement:
People in the class have until June 17, 2024, to decide if they want to opt out of the deal. You will be part of the deal and get paid if you don’t send in your opt-out request by this date.
On June 17, 2024, you also have until that date to file any complaints to the settlement. You have to say no by this date if you want to.
On July 15, 2024, at 10 a.m. EDT, the final meeting to approve the settlement was set to take place. The court looked over the terms of the settlement and agreed to it during this meeting