If you’ve been a Capital One customer, there’s a chance you could benefit from the bank’s recent $16 million settlement. This settlement addresses claims that Capital One unlawfully charged fees on certain transactions. While the bank hasn’t admitted to any wrongdoing, this outcome is a win for many customers who felt they were unfairly charged.
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Background
For years, some Capital One customers have been fighting to get back money they believe was unfairly taken from them. The crux of the issue is that Capital One allegedly failed to refund NSF (Non-Sufficient Funds) or overdraft fees for represented check or ACH transactions. Essentially, when a transaction was represented after initially bouncing, customers were hit with fees they argue should not have been applied.
Settlement Details
Capital One account holders who incurred these fees between September 1, 2015, and January 12, 2022, are now eligible to receive compensation. Unlike many legal claims where you have to fill out complicated paperwork, in this case, affected customers don’t need to do anything to submit a claim. If you were charged these fees during the specified period, you are automatically included.
Action Required
Here’s what you need to know: If you’re an eligible customer, you don’t need to lift a finger to receive your payment. However, if you want to exclude yourself from the settlement or object to it, you must take action. The deadline for submitting a written objection to the settlement administrator is June 17. Missing this deadline means you’ll be automatically included in the settlement and will receive your share of the $16 million.
What Does This Mean for You?
You might be wondering, “What’s in it for me?” If you were one of the many customers hit with these unfair fees, you’ll get a payment as part of the settlement. The amount each person receives will depend on how many people are part of the settlement. But rest assured, this settlement aims to make things right for the affected customers.
Simple Steps
To make sure you understand your rights and what you need to do, here’s a simple breakdown:
- Check Eligibility: Determine if you were charged a represented fee between September 1, 2015, and January 12, 2022.
- Automatic Inclusion: If eligible, you don’t need to do anything to claim your share.
- Object or Exclude: If you don’t agree with the settlement or wish to exclude yourself, submit a written objection by June 17.
- Receive Payment: Eligible customers who don’t exclude themselves will automatically get a settlement payment.
Important Dates
Mark your calendar with these crucial dates to ensure you don’t miss out on any important steps:
- Sept. 1, 2015 – Jan. 12, 2022: Period during which fees were charged.
- June 17: Deadline to submit a written objection or exclusion request.
FAQs
What is the settlement about?
The settlement addresses claims that Capital One unlawfully charged fees on certain represented transactions.
Who is eligible for the settlement?
Customers charged NSF or overdraft fees on represented transactions between Sept. 1, 2015, and Jan. 12, 2022.
Do I need to file a claim to get my settlement payment?
No, eligible customers will automatically receive a payment.
What if I don’t agree with the settlement?
You can submit a written objection by June 17 to the settlement administrator.
When will I receive my settlement payment?
Payments will be distributed to eligible customers who do not exclude themselves after the settlement is finalized.