AMERICANS are in line to receive a one-time payment as part of a $16 million bank settlement.
Capital One members will benefit from the resolution and will not need to take any action to claim the money.
However, Americans who no longer have an account will also be able to receive a payment, according to Superior Class Shares.
The agreement affects those who were charged representation fees between September 2015 and January 2022, according to the lawsuit.
Capital One was accused of failing to refund customers non-sufficient funds fees it had charged for payments that were resubmitted.
The company did not admit any wrongdoing.
Capital One confirmed in December 2021 that it would eliminate overdraft and insufficient funds fees.
Charges are issued when a customer does not have enough money in their account to cover a check.
“A bank account is the cornerstone of a person’s financial life,” said Richard Fairbank, founder of the bank.
“It’s how people receive their salary, pay their accountsand manage your finances. Overdraft protection is a valuable and convenient feature and can be an important safety net for families.”
Lauren Saunders of National Consumer Law Centre, welcomed the move.
Saunders described Capital One’s move as a landmark moment.
She highlighted the benefits eliminating NSF fees would have for low-income Americans.
Americans do not need to take any action to receive a payment.
An approval hearing has been scheduled for July 15.
Payments will be issued in two different ways.
What is a class action settlement?
Class action lawsuits offer groups of people, or “classes,” a way to come together in court.
These lawsuits are often filed by one or a few people who allege that a company or other entity has harmed a large group of people.
When a lawsuit becomes a class action, it extends to all “class members,” or people who may have similar claims to those who filed the lawsuit.
Companies often settle class actions – offering payment to class members who typically waive their right to pursue legal action by accepting money.
These payment agreements often include statements from the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.
Pollution, discrimination or false advertising are some examples of what can lead to a class action lawsuit at a company’s door.
Americans who are no longer at Capital One will receive a physical exam.
Meanwhile, current members will receive credit added to their accounts.
It is not known how much former members and account holders will receive.
Americans can opt out of the deal, but that means they won’t receive any payments.
Meanwhile, The US Sun reported how Americans can benefit from an $8.73 million health care settlement.
Walmart shoppers are in line to receive $500 from a $45 million settlement.
This story originally appeared on The-sun.com read the full story
