Americans to get one-time payment from $16m settlement over cashing checks – and you don't even need to show a receipt | MN9VMUR | 2024-05-06 17:08:01
AMERICANS are in line to receive a one-time payment as part of a $16 million banking settlement.
Capital One members are to benefit from the resolution and they don't need to take any action to claim the cash.
However, Americans who no longer have an account could also still receive a payment, according to Top Class Actions.
The settlement impacts those who were charged representment fees between September 2015 and January 2022, per the lawsuit.
Capital One has been accused of not refunding customers non-sufficient fund fees it had charged for payments that were re-presented.
The company hasn't admitted any wrongdoing.
Capital One confirmed in December 2021 that it would get rid of overdraft and non-sufficient fund fees.
The charges are issued when a customer doesn't have enough money in their account to cover a check.
"The bank account is a cornerstone of a person's financial life," Richard Fairbank, the bank's founder, said.
"It is how people receive their paycheck, pay their bills, and manage their finances. Overdraft protection is a valuable and convenient feature and can be an important safety net for families."
Lauren Saunders, of the National Consumer Law Center, hailed the move.
Saunders described Capital One's action as a landmark moment.
She highlighted the benefits eliminating NSF fees would have on low-income Americans.
Americans don't have to take any action to receive a payment.
An approval hearing has been scheduled for July 15.
Payments will be issued in two separate forms.
Class action lawsuits offer groups of people, or 'classes,' a way to band together in court.
</div> Americans who are no longer with Capital One will get a physical check.
Meanwhile, current members will get credit added to their accounts.
It's not known how much ex-members and current account holders will receive.
Americans can choose to opt out of the settlement but this means they will not receive a payment.
Meanwhile, The U.S. Sun reported how Americans can benefit from an $8.73 million healthcare settlement.
Walmart shoppers are in line to receive $500 from a $45 million settlement.
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