Capital One Bank was taken to court because of a fee they charged their customers. This fee was applied when a check or an Automated Clearing House (ACH) transaction didn’t have enough money at first, but later on, the money was there and the transaction went through.
People didn’t think it was fair for the bank to charge this fee because even though there wasn’t enough money initially, the transaction eventually went through once the money was in the account.
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Lawsuit Settlement for Capital One Bank in 2024
The lawsuit was settled for $16 million in June 2024. This settlement covers fees charged between September 1, 2015, and January 12, 2022. After the settlement has been finalized, people who were affected can claim part of the money.
It’s probably too late to claim right now because the window for making claims is likely closed. The settlement money is expected to be distributed sometime in June 2024.
If you think you might be getting some of this settlement money, it’s a good idea to keep an eye on your bank statement and online banking account. If you see a fee that you think isn’t fair, especially if the money was there shortly after the fee was charged, you should contact your bank and explain what happened. They might decide to reverse the fee.
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Who Can Get Money from the Lawsuit?
To get money from the lawsuit, you would have needed to meet certain criteria:
- You had a Capital One account between September 1, 2015, and January 12, 2022.
- You were charged these fees on checks or ACH transactions.
- These transactions eventually went through successfully.
These are the main criteria, but there might be others. The window for making claims is likely closed now. The court would have set a specific timeframe for making claims when the settlement was reached in June 2024.
How Much Money Can People Get?
The total amount of money in the settlement is $16 million, but that doesn’t mean that’s how much each person will get. The $16 million will be divided among all the people who made valid claims during the claims window. The amount each person gets will depend on how many valid claims there are.
What About the Data Breach Lawsuit?
It’s important to know that this lawsuit about the fees differs from another lawsuit Capital One had about a data breach in 2019. The data breach lawsuit was settled in 2022, and it’s too late to claim that now. However, people affected by the data breach can still get identity theft protection services until Feb 13, 2028, even if they didn’t make a claim.
How Can You Protect Yourself in the Future?
Here are some tips to help you avoid these kinds of fees in the future:
- Ensure you have enough money to cover checks and debits so you don’t get an NSF (Non-Sufficient Funds) situation.
- Regularly check your bank statement and your online banking account to keep track of transactions and spot any potential problems.
- If you see a fee you think isn’t fair, contact your bank and explain what happened. They might decide to reverse the fee.
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Gaurav, an exam specialist with a passion for education, writes comprehensive articles on exam results and admit cards. His expertise ensures students receive reliable information and useful tips to excel in their exams.