Capital One $16 Million Settlement – Check Your Eligibility

By Ehsteem Arif

Published on:

Joe Biden

Capital One customers may soon receive a payout due to a class action settlement nearing its conclusion. This settlement affects customers who were with the bank between 2015 and 2022 and were charged a representment fee. Here’s what you need to know about the settlement, who is eligible, and how to claim your share.

The settlement revolves around representment fees, defined as “an unrefunded [nonsufficient funds] NSF Fee or an Overdraft Fee charged to an account holder for either a Represented Check or Represented ACH, after Capital One had returned that Check or ACH for insufficient funds and assessed an NSF Fee on a prior presentment of that Check or ACH.”

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Plaintiffs argue that Capital One should have refunded these fees when customers presented checks and ACH (automated clearing house) debits again. Although Capital One has not admitted any wrongdoing, it has agreed to a $16 million settlement.

Eligibility

To be eligible for the settlement and get a share of the $16 million payout, you need to meet these simple criteria:

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  • You were a Capital One account holder between September 1, 2015, and January 12, 2022.
  • You were charged representment fees during this period.

If you meet these conditions, you may be eligible for the payout. You might have also received an Email or Postcard Notice from Capital One, indicating your eligibility.

How to Claim

Unlike many settlements that require filling out forms to register interest, this Capital One case is different. Eligible customers do not need to take any action to receive their payout. If you do not exclude yourself from the settlement, you will automatically receive a payout.

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Exclusion or Objection

If you want to exclude yourself or object to the settlement for any reason, you must do so by June 17, 2024. Visit the official settlement website to complete the necessary steps.

Payout Amount

The payout amount will be distributed on a pro-rata basis, meaning the final sum each eligible customer receives depends on the number of participants. The total amount available for payout after deducting legal and other fees is $10,308,909.16. The actual payout each customer receives will be based on this reduced amount.

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Timeline for Payment

The final approval hearing for the case is scheduled for July 15, 2024. Payments are expected within 60 days of this date, barring any objections that could delay the process.

The Capital One class action settlement offers a significant opportunity for affected customers to receive compensation for representment fees charged between 2015 and 2022. With simple eligibility criteria and an automatic payout process, it’s an accessible settlement for those who qualify. If you need to take action to exclude yourself or object, make sure to do so by June 17, 2024.

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FAQs

Who qualifies for the Capital One settlement?

Account holders charged representment fees from 2015 to 2022.

How can I claim my settlement payout?

No action is required; eligible customers receive automatic payouts.

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What is the total amount available for payout?

After fees, $10,308,909.16 is available for distribution.

When will I receive my settlement payment?

Payments are expected within 60 days after July 15, 2024.

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Can I exclude myself from the settlement?

Yes, exclude or object by June 17, 2024, via the official website.

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Disclaimer- We are committed to fair and transparent journalism. Our Journalists verify all details before publishing any news. For any issues with our content, please contact us via email. 

Ehsteem Arif

A tax law expert with a knack for breaking down complex regulations into digestible insights. Ehsteem's articles on the tax news blog offer invaluable guidance to readers navigating changes in tax legislation.

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