Staff Reports
Capital One customers are urged to act fast and check if they can benefit from the bank’s recent $16 million settlement. The resolution addresses claims that the bank unfairly charged fees for certain transactions, which is a win for the customers who asserted that Capital One breached its account terms by not refunding insufficient funds or overdraft fees for represented check or ACH transactions. It’s important for Capital One account holders who incurred represented fees between September 1, 2015, and January 12, 2022, to take note of the settlement details before the deadline.
Those eligible for the settlement do not need to provide anything to submit a claim, and customers have until a specified date in June to exclude themselves or object to the settlement claim. The final approval hearing for the settlement will occur in July, and customers who qualify and choose not to exclude themselves will automatically receive a settlement payment.
Class-action lawsuit: Capital One customers in final day to check status for piece of $16 million settlement https://t.co/OxzT8mjVe2
— Washington Examiner (@dcexaminer) June 18, 2024
The recent news involving Capital One and Walmart’s credit card partnership also brought attention to the issue. Walmart announced that Capital One would no longer be its rewards program's exclusive credit card issuer. This decision came after an earlier ruling by U.S. District Judge Katherine Polk Failla, which favored Walmart in a lawsuit against Capital One. The ruling allowed Walmart to end the partnership due to what it termed “repeated customer service failures.”
As the ninth largest bank in the United States, with assets totaling more than $468 billion, Capital One remains a significant player in the finance industry. Customers are encouraged to seek out more information on the settlement to ensure they don’t miss out on potential benefits.
