If you’ve been a Capital One customer, there’s a chance you could benefit from the bank’s recent $16 million settlement. This settlement addresses claims that Capital One unlawfully charged fees on certain transactions. While the bank hasn’t admitted to any wrongdoing, this outcome is a win for many customers who felt they were unfairly charged.
For years, some Capital One customers have been fighting to get back money they believe was unfairly taken from them. The crux of the issue is that Capital One allegedly failed to refund NSF (Non-Sufficient Funds) or overdraft fees for represented check or ACH transactions. Essentially, when a transaction was represented after initially bouncing, customers were hit with fees they argue should not have been applied.
Capital One account holders who incurred these fees between September 1, 2015, and January 12, 2022, are now eligible to receive compensation. Unlike many legal claims where you have to fill out complicated paperwork, in this case, affected customers don’t need to do anything to submit a claim. If you were charged these fees during the specified period, you are automatically included.
Action Required
Here’s what you need to know: If you’re an eligible customer, you don’t need to lift a finger to receive your payment. However, if you want to exclude yourself from the settlement or object to it, you must take action. The deadline for submitting a written objection to the settlement administrator is June 17. Missing this deadline means you’ll be automatically included in the settlement and will receive your share of the $16 million.
What Does This Mean for You?
You might be wondering, “What’s in it for me?” If you were one of the many customers hit with these unfair fees, you’ll get a payment as part of the settlement. The amount each person receives will depend on how many people are part of the settlement. But rest assured, this settlement aims to make things right for the affected customers.
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A tax law expert with a knack for breaking down complex regulations into digestible insights. Ehsteem's articles on the tax news blog offer invaluable guidance to readers navigating changes in tax legislation.
