Capital One Bank Settlement Payout Date, Payment Amount and Eligibility Criteria

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Capital One Bank Settlement Payout Date

Capital One had recorded a $16 million to settle similar allegations that the company charged fees on checks and ACH transactions which it processed after denying them earlier. The final approval took place on 15th July and most of the claimants are likely to get the payout by September 2024.

Capital One Bank Settlement Payout Date

The settlement was followed by the $16 million settlement over allegations that Capital One charged for the fees of representation on checks and ACHs that had initially bounced due to insufficient funds but later went through upon depositing more funds.

Any person or any organisation which has availed the overdraft representation fee that the Bank has charged between September 1, 2015 and January 12, 2022 is in the class.

The release of the payment will take place by the latest of 60 days after the final approval made on the 15 th of July, 2024. It means that eligible claimants from this class will be paid compensation by the middle of September 2024.

Who qualifies for the Capital One Settlement?

The individuals who qualify for the capital one settlement are:

  • Account Holder: Any person who maintained any type of account with Capital One at any time during the period September 1, 2015, through January 12, 2022.
  • It shall include all types of accounts, be it checking or saving accounts, credit cards, or other financial products transacted through Capital One.
  • People who were charged a representation fee when the checks or ACH transactions that were initially returned due to non-sufficient funds were later cleared.
  • Notice of Settlement: If you received any type of notification in the event from Capital One regarding the settlement then you are eligible based on their records.

Capital One Settlement Payout Amount

The undisputed and properly filed claims share the total amount for settlement. Individual payment shall be determined by the number of claims filed and approved. Thus, the more the number of claims filed, the lesser the amount for which a claimant may be entitled to get a refund.

  • Settlement Fund: Capital One has agreed to establish a Settlement Fund of $16,000,000.00.
  • Disbursements: The Settlement Fund is first to be applied to pay the attorneys’ fees of the Plaintiffs, the costs of the litigation, and a Service Award to the Class Representative.
  • Net Settlement Fund: It is estimated that the amount of the Settlement Fund, less these deductions, will be approximately $10,308,909.16.
  • Distribution: The Net Settlement Fund) shall be distributed to the Settlement Class Members, pro rata, in proportion to the respective total amounts of Representment Fees paid and/or assessed to each Settlement Class Member.
  • Pro rata payments shall be based upon the number of valid claims actually received.
  • Form of Payment:
    • Present Account Holders: credit in the books
    • Former Account Holders: check payment via the Settlement Administrator.
  • Impact of Number of Claims: The greater the number of claims with the number of claimants, the lesser would be the amount of money received by each individual claimant.

Capital One Bank Settlement Payout Distribution Timeline

Projected to Commence:

  • It is projected that the effective date of the settlement will give reason for settlement payments to commence within 60 days from the date of the final hearing and approval.
  • The final fairness hearing was scheduled for July 15, 2024.
  • When settlement is granted, the date of financial adjustment by which this Settlement has been reached, meaning the date of trial or proposed date of distribution in another date

Delays due to objections possibilities

  • If an objection to the Settlement is filed and sustained, the Settlement may be cancelled.
  • This case would return to litigation with the attendant risk that some serious negative development could then occur preventing the parties from ever again being able to reach this Settlement.
  • Even if all of the objections were overruled and the Court agreed to the Settlement, an objector could appeal, and no instalment payments could commence until all of the appeals are exhausted, which may take months or even years.

What Should I do if I don’t get the Capital One Bank Settlement Payout claim on time?

This is what one can do if they have not received the settlement claim amount from Capital One on time:

  • Go through the Settlement schedule of your settlement or contact the settlement administrator to know the date of payment which is due.On some occasions, certain factors may affect the lay-down schedule and lead to unexpected delays.
  • Log in to your account on this settlement website. Some kind of indication as to the delay or any further information required should be indicated there.
  • Write to the Settlement Administrator: In case you find no information toward this regard, or you just want to express your concerns, you may want to write to the settlement administrator directly. Don’t forget to mention your claim number alongside other details.

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