The class action lawsuit against Credit One Bank stemmed from the allegations of unethical practices, including excessive charges, unauthorized penalties, and illegal transactions. Eligible individuals can expect to get the Credit One Bank Settlement payout after submitting a claim form before the claim submission deadline.
Credit One Bank Settlement Lawsuit
Credit One Bank is known for offering credit cards to Americans with low credit scores, securing a substantial presence in the American financial market. However, in the past few years, many customers reported issues related to excessive charges, unauthorized penalties, and illegal transactions.
Recently a class action lawsuit was filed against Credit One Bank in a New York federal court by two customers, alleging that the credit one company illegally charges fees when express payments are made electronically.
Plaintiffs alleged that they were charged fees by Credit One for making “express payments” electronically on their credit card accounts despite the fact that the payments were seemingly processed by the official automated system.
It is also alleged that Credit One’s electronic or online express payment processing is automated and devoid of any interaction with a live agent whereas Credit One claims that the offered express payment option will be processed by a live representative.
According to the class action, per express payment fee is $9.95. The Credit One customers allege that they have a solid reason to allege that Credit One has raked in more than $5 million by charging express payment fees from customers.
In this lawsuit, it is also alleged that Credit One violated several consumer protection laws, including New York state business law, the Florida state’s Deceptive and Unfair Trade Practices Act, and the federal Truth in Lending Act.
The Credit One denies all the allegations but agreed to settle this lawsuit by paying a benefit amount to eligible individuals.
Who Can Expect to Get Credit One Bank Settlement Payout?
If the settlement will get the initial approval from the court then interested individuals Individual’s need to satisfy the below listed eligibility requirements to get the benefits from credit one bank settlement.
- Interested individuals need to be a permanent resident or citizen of the United States.
- Applicants need to have an active bank account with Credit One.
- The bank account must be held by persons within the specific period in which the alleged issues occurred.
- Applicants need to provide evidence of financial loss or hardship caused by Credit One’s practices, such as unauthorized fees or negative credit reporting.
- Individuals need to submit a valid claim form before the deadline.
- Applicants must have all the required documents such as transaction records proving financial loss, Bank statements showing unauthorized charges, etc
How Can You File a Claim for the Credit One Bank Settlement?
To get the benefit amount if the settlement becomes final then individuals need to follow the steps to file a claim for Credit One Bank Settlement are listed below.
- Navigate to the official website.
- If you already have an account then put out your log in details otherwise individuals need to create a new account.
- Locate the submit a claim button and then press it to get access to your claim form.
- Enter all the required details such as your name, address, phone number, email address, etc.
- Put out all the required details about your Credit One Bank Account.
- Attach all the required documents.
- Enter the details about your payout receiving method such as your bank or financial institution name, address, account number, account holder name, mailing address etc.
- After verifying all your entered details submit your claim form for the Credit One Bank Settlement.
How Much Do You Expect to Get from Credit One Bank Settlement?
After submitting a claim form with valid, and accurate details, officials will review your entered details and documentation. If your application form is approved then the eligible claimants will receive their share from the decided settlement funds. The settlement is yet to receive preliminary approval from the court, hence the settlement funds have not been disclosed by the authorities.
The exact per-person payout amount is also not disclosed yet. But it is expected that the payout amount will be calculated based on the total number of applicants and the severity of their reported financial loss. It is advised that you please stay connected with the official’s website to get the latest details about this lawsuit.