Capital One Bank Settlement 2024: Capital One customers may soon get compensation from a class action settlement. This settlement applies to those who had accounts between 2015 and 2022 and were charged representment fees. This article explains who is eligible and how to claim compensation.
The settlement focuses on fees like NSF (nonsufficient funds) or overdraft fees that weren’t refunded when a payment or check bounced. Customers were charged again when the bank tried to process the same payment.
The lawsuit claims Capital One should have refunded these fees. Also, back in 2019, a data breach exposed the personal info of about 98 million U.S. customers. A class action settlement followed, involving both Capital One and Amazon, with a fund of $190 million to help affected customers through financial reimbursements and identity protection.
Capital One customers who haven’t opted out of the settlement will soon receive compensation from a $16 million fund. For more details on payout dates and the claim process, continue reading.
Details of the Capital One Settlement
| What You Need to Know | Details |
|---|---|
| Who Is Eligible? | – Individuals with a Capital One account between September 1, 2015 – January 12, 2022. |
| – Customers affected by the 2019 data breach. | |
| Total Settlement Amount | $16 million total settlement fund. |
| After Legal Fees | Approximately $10.3 million left for distribution. |
| Maximum Individual Payout | Could be up to $25,000, depending on the number of eligible participants. |
| Opt-Out Deadline | June 17, 2024 if you wish to exclude yourself from the settlement. |
| Payment Timeline | Payments expected within 60 days after the final hearing on July 15, 2024. |
| Do You Need to Do Anything? | No action is required unless you wish to opt out of the settlement. |
How to Claim Your Settlement
You don’t have to do anything to claim your payout. If you qualify for the settlement, you will automatically receive the money, either as a credit to your Capital One account or as a cash payment if you no longer have an account with them. There’s no need to submit forms or make any applications unless you want to opt out of the settlement.
Important Steps If You Want to Opt Out:
- Visit the official settlement website.
- Submit your opt-out request by June 17, 2024.
For most people, it makes sense to stay in the settlement and receive the compensation. However, if you opt out, you won’t be eligible to receive any payments, but you may retain the right to pursue your own legal claim.
Settlement Breakdown: How Much Money Is Left?
Let’s break down the numbers. The total settlement fund is $16 million, but after legal fees and administrative costs, there’s approximately $10.3 million left for distribution. The actual amount you receive will depend on the number of eligible claimants, and it could be up to $25,000 for some participants, though most payouts will be lower.
| Category | Amount |
|---|---|
| Total Settlement Fund | $16,000,000 |
| After Legal Fees & Expenses | $10,308,909.16 |
| Estimated Per Person Payout | Varies based on the number of claimants. Could be up to $25,000. |
Impact of the 2019 Data Breach
This settlement also ties into the 2019 Capital One data breach, where hackers accessed the personal data of approximately 98 million U.S. customers. In addition to financial compensation, the settlement provides identity protection services for those impacted by the breach. If you were part of this breach, keep an eye on official communications for updates on how to access these services.
Next Steps: What You Should Do
If you’re eligible for this settlement, sit tight. Payments will be sent out automatically, and you don’t have to do anything unless you want to opt out. It’s a good idea to keep an eye on your account or watch for official communications about your payment. For those who were affected by the 2019 data breach, you’ll also get access to identity protection services as part of this settlement.
Want to Know More?
Visit the official settlement website for detailed information.
Official Resources
For the most accurate and up-to-date information, please refer to the following official sources:
- Official Settlement Website: [https://www.capitalonesettlement.com/en]
- Capital One Official Communications: Visit Capital One’s Official Website and check the latest news or press releases regarding the settlement.
- Court Documents: Access public records from the United States District Court for the Eastern District of New York for detailed legal documents related to the case.