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 has all the information about the Capital One Bank settlement, including who can get money from it, important dates, and what account users need to do (or not do) to get the money.
Eligibility for the Capital One Class Action Settlement
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.
Also See: Senior Citizens $2600 Stimulus Check 2024, How to claim and what is the eligibility?
Settlement Amount
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.
There is still no word on how much each qualified class member will get from the $16 million settlement fund. How much each class member is given will depend on how many represented fees they were charged during the class time.
The payment money will be split pro rata, which means that each person will get an amount equal to the number of fees they were charged.
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:
- June 17, 2024:This is the last day for people in the class to choose not to be part of the settlement. If you don’t send in your opt-out request by this date, you will be part of the settlement and get paid..
- June 17, 2024: Also, this is the last day to make any objections to the settlement. You have to say no by this date if you want to.
- July 15, 2024, at 10:00 a.m. EDT: This date was set for the final meeting to approve the settlement. The court looked over the terms of the settlement and agreed to it during this meeting.