In 2024, Capital One agreed to a significant $16 million settlement to resolve claims that it unlawfully charged fees. This article provides a clear overview of the settlement, including eligibility, payment details, and key deadlines.
Eligibility for the Capital One Class Action Settlement
To be eligible for the Capital One class action settlement, you must have been a Capital One account holder between September 1, 2015, and January 12, 2022, and charged fees related to represented checks or ACH debits. These fees are known as NSF (Non-Sufficient Funds) Fees or Overdraft Fees.
Settlement Amount
Capital One has set aside $16 million to settle the lawsuit. Although the bank denies wrongdoing, it has agreed to this settlement to avoid further litigation. The total amount each person will receive is unknown at this time and will depend on the number of eligible claimants and the number of fees each claimant was charged. Payments will be distributed proportionally from the settlement fund.
Payment Process
Eligible class members do not need to take any action to receive their payment. If the settlement is approved, payments will be processed automatically. Current account holders will receive their share as an account credit, while former account holders will get a check in the mail. You will receive a payment if you do not opt out of the settlement.
Options for Class Members
Class members have a few options if they wish to take action:
| Option | Details |
|---|---|
| Opting Out | Choosing to opt out means you will not receive a payment but will retain the right to sue Capital One individually. |
| Objecting to the Settlement | You can file an objection with the court if you believe the settlement is unfair. If your objection is rejected, you will still receive a payment and lose the right to sue. |
Important Deadlines
Here are the critical deadlines related to the settlement:
| Deadline | Event |
|---|---|
| June 17, 2024 | Deadline to opt out of the settlement or file objections. |
| July 15, 2024, 10:00 a.m. EDT | Final approval hearing for the settlement, where the court will review and approve the terms. |
Conclusion
The Capital One class action settlement represents a significant step for affected account holders, with $16 million allocated for compensation. Eligible individuals will automatically receive their payments unless they choose to opt out or object. Be sure to keep track of the important deadlines to ensure your rights are protected.
FAQ’s
Who is eligible for the Capital One class action settlement?
To be eligible, you must have been a Capital One account holder between September 1, 2015, and January 12, 2022, and incurred fees related to represented checks or ACH debits.
How will I receive my settlement payment?
If you are eligible, you will automatically receive your payment. Current account holders will get a credit to their account, while former account holders will receive a check in the mail.
What are the deadlines for opting out or objecting to the settlement?
You must opt out or file any objections by June 17, 2024. The final approval hearing for the settlement will be held on July 15, 2024, at 10:00 a.m. EDT.