Capital One customers are just six days away from deciding whether to opt out or object to receiving a portion of the bank’s $16 million settlement to resolve claims 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.
Customers charged with a representment fee between Sept. 1, 2015, and Jan. 12, 2022, are entitled to a portion of the settlement but do not need to submit a claim.
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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.
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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.
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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.
