Final day for Capital One customers to verify eligibility for a share of the $16 million class-action settlement
Capital One has agreed to a $16 million settlement to address claims that it improperly charged unlawful fees on some transactions. The settlement is in response to allegations that the bank failed to refund insufficient funds or overdraft fees for certain check or ACH transactions, despite violating account terms. Capital One account holders affected by these charges from September 1, 2015, to January 12, 2022, are eligible for compensation and do not need to provide any documentation to submit a claim. Those who wish to exclude themselves or object to the settlement must do so by June 17. The final approval hearing for the settlement is scheduled for July 15. Eligible customers who do not opt out will automatically receive a settlement payment. This agreement follows recent news that Walmart has ended its exclusive credit card agreement with Capital One.
Capital One customers have until midnight to see if they benefit from the bank’s $16 million settlement to resolve claims that it charged unlawful fees for some transactions.
The settlement is a victory for customers who claimed Capitol One violated its account terms by failing to refund insufficient funds or overdraft fees it charged for represented check or ACH transactions. Capitol One agreed to the settlement without admitting to being at fault.
Capital One account holders who were charged a represented fee between Sept. 1, 2015, and Jan. 12, 2022, are not required to provide anything to submit a claim.
Customers wishing to exclude themselves from or object to a settlement claim have until June 17 to submit a written objection to the settlement administrator.
The final approval hearing will be held on July 15.
Eligible customers who do not exclude themselves will automatically receive a settlement payment.
Last month, Walmart announced that Capital One would no longer be the exclusive credit card issuer of its rewards program.
The card, which had no annual fee, had been offered since 2019. While it offered 2% return for in-store purchases, it mostly pushed delivery and pick-up orders with a 5% return on those purchases. However, credit card services will continue to be offered by Capital One.
The news came after U.S. District Judge Katherine Polk Failla of Manhattan ruled on a lawsuit that Walmart filed against Capital One regarding the partnership. According to the retailer, Capital One was slow to post transactions to users’ accounts and to replace lost and stolen cards. Failla ruled in Walmart’s favor, allowing the company to end the contract earlier due to “repeated customer service failures.”
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Capital One, which is headquartered in McLean, Virginia, is the ninth largest bank in the United States in terms of assets, according to MarketWatch last month, which stand at more than $468 billion.
More information on the settlement can be found here.
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