Capital One Class Action Settlement Payment Dates: If you have an account in Capital One Bank, then this is big news for you! Some important information related to the Capital One class action settlement in 2024 has come to light. This includes the date of the Capital One Class Action Settlement final hearing and the details of the Capital One Class Action Settlement payment. So if you are also waiting for your money, then read this article till the end! Here we will tell you what is the whole matter of this Capital One Class Action Settlement, when is the final hearing, and by when can you get your money. Let’s know the whole news!
Capital One has agreed to a $16 million Capital One Class Action Settlement as part of a major legal judgment to resolve claims that the bank illegally charged fees on certain transactions. The Capital One Class Action Settlement is significant for current and former Capital One account holders.
Capital One Class Action Settlement
| Article On | Capital One Class Action Settlement 2024 |
| Country | USA |
| Department | Capital One |
| Beneficiary | Valid Claimants |
| Compensation Amount Per Individual | According to number of claimants |
| Official Website | capitalonesettlement.com |
What is this case? Know the allegations against Capital One
At the root of this class action lawsuit are allegations that Capital One violated contracts with its account holders and improperly charged ‘representation fees’ on certain transactions. The bank is accused of charging improper fees from account holders, which led to this legal battle.
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Representation fee: Understand the story behind it
Representation fee is the fee that the bank charged account holders when they had already returned a check or ACH (Automated Clearing House) debit due to insufficient funds and had already charged the NSF (Non-Sufficient Funds) fee. This means that the bank charged multiple times on the same transaction, which became a big issue for customers.
Through this page, we will tell you who is eligible under this settlement, what are the important dates, and what steps account holders should take (or avoid) to take advantage of the settlement. So, if you are also a Capital One account holder, keep reading to get all the information related to this settlement!
Know who is eligible and what you will get!
If you were a Capital One account holder between September 1, 2015 and January 12, 2022 and were charged a ‘representation fee’, you may be eligible to receive a payment under this settlement. It is not yet decided how much payment each individual will receive, as this amount will depend on the total number of eligible claimants.
Why did Capital One settle?
Although Capital One has not admitted to any wrongdoing, the bank has agreed to a settlement to avoid further legal battles. Under this settlement, a fund of $16 million has been created to compensate affected account holders, cover legal fees, and any court-ordered service awards.
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How much will be paid? Know the method of distribution!
How much each eligible member will receive from this $16 million settlement fund is yet to be decided. The amount each individual receives will depend on how many representation fees they were charged during the class period. The funds will be distributed on a pro-rata basis, meaning the higher the fee charged, the higher the payment.
No need to file a claim, payment will be automatically made!
The most important aspect of this settlement is that eligible members do not need to take any action to receive payment. If the settlement is approved, the payment will be processed automatically. Current account holders will receive the amount as a credit to their account, while former account holders will receive a check sent to their address. This means that if you do not opt out of the settlement, you will receive payment.
What are other options, if you don’t agree with the terms and conditions? Stay in the settlement or opt out!
While no action is required to receive payment, you do have some options if you do not agree to the terms of the settlement.
Opting Out:
If you choose to opt out of the settlement, you will not receive any payments or account credits. However, opting out will retain your right to sue Capital One individually. If you think individual legal action is better for you, opting out may be the right choice for you.
Objecting to the Settlement:
If you think the settlement is unfair or inadequate, you can submit your objection to the court. In your objection, you must explain why you think the court should reject the settlement. If the court rejects your objection, you will still receive a payment, and you will not be able to sue Capital One for claims covered by this class action.
Important Dates: Keep these deadlines in mind!
If you want to opt out of the settlement or file an objection, there are some important dates you need to remember:
- 17, 2024:This is the last date to opt out of the settlement. If you do not submit your ‘opt-out’ request by July 17, 2024 date, you will be included in the settlement and will receive a payment.
- 17, 2024: This is also the last date to file any objections against the settlement. If you want to object, you must do so by this July 17, 2024 date.
- 15, 2024, 10:00 a.m. EDT: This is the hearing date set for final approval of the settlement. At July 15, 2024 hearing, the court reviews and approves the terms of the settlement.
Remember, keep track of these dates so you can get the most out of this settlement!
