Capital One customers have four days to see if they benefit from the bank’s $16 million settlement to resolve claims that it charged unlawful fees for some transactions.
Customers 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.
CLICK HERE TO READ MORE ABOUT CLASS ACTION LAWSUITS AND SETTLEMENTS
While Capital One did not admit to any wrongdoing, the settlement is a victory for customers who claimed that the bank violated its account terms by failing to refund non-sufficient funds or overdraft fees it charged for represented checks or automated clearing house transactions.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
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% for in-store purchases, it mostly pushed delivery and pick-up orders with a 5% return on those purchases. However, credit card service will continue to be offered by Capital One.
The news came after U.S. District Judge Katherine Polk Failla in the New York borough 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 also to replace lost and stolen cards. Failla ruled in Walmart’s favor, allowing Walmart to end the contract earlier due to “repeated customer service failures.”
Capital One, which is headquartered in Tysons, 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. It has 300 branches and more than 50 “Capital cafes” serving 100 million customers. Chase Bank is the largest in the country, with assets of $3.38 trillion.
More information can be found here.
