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Capital One Class Action Settlement Details – $13 Million To Affected Class Members

Capital One Will Pay Out A $13 Million Settlement For The ATM Fees Lawsuit

Capital One Financial Corporation, an American bank holding company, was charged with a class action lawsuit because of allegations made to the company regarding out-of-network ATM fees charged to customers for balance inquiries made on in-network ATMs.

Plaintiffs allege that ATM charges were not adequately disclosed to the customers by Capital One.

Plaintiff Allegations

Jacob Figueroa, one of the plaintiffs, was charged with a $2 ATM fee after making a balance inquiry on an in-network ATM. This prompted him to file a class action lawsuit against Capital One.

Figueroa asserts that contract documents provided by the said company guaranteed account holders that no charges will be incurred if they use in-network ATMs.

He added that he would not have made the balance inquiry if he knew the additional charges.

The Lawsuit

The lawsuit he has filed also claims that the company double charges on ATM transactions.

When using out-of-network ATMs, account holders will allegedly be charged with two ATM fees if they inquire about their balance first before withdrawing out cash.

Since both the non-Capital One ATM and Capital One charge fees, the former for consumer ATM use while the latter for out-of-network withdrawal, customers will see a spike in what they have to pay for accessing their account.

The complainant insists that Capital One should inform their consumers regarding unexpected charges for balance inquiries.

This can be done by asking for confirmation from account holders if they would like to check their balance before withdrawals.

Then promptly inform them on the screen that such action will incur a charge – both of which is allegedly currently not being done by Capital One.

The Settlement

In January 2021, a federal judge approved the lawsuit claims prompting Capital One to pay $13 million for settlement. 

According to the settlement terms, more than 1.6 million account holders will benefit from this decision. Class Members who will receive a pro-rata share are those who have paid at least one out-of-network ATM fee due to balance inquiries.

The amount to be received will vary for each Class Member, but the average value expected is $5.09, while the cap is $1,602.08.

Class Periods

Class Period Dates will vary depending on the state where the account was created:

  • Louisiana – April 6, 2008
  • Connecticut – April 6, 2012
  • New York – April 6, 2012
  • New Jersey – April 6, 2012
  • Virginia – April 3, 2013
  • Texas – April 6, 2014
  • Delaware – April 6, 2015
  • Maryland – April 6, 2015
  • Washington, D.C. – April 6, 2015

Note that all Class Periods ended on June 30, 2020.

Consumers may no longer exclude themselves from the settlement case since the deadline has passed.

While Capital One has not yet acknowledged any wrongdoings, they have agreed to pay the settlement to end the class action lawsuit. 

Class Members can expect to receive payouts since the settlement has already received final approval.

In addition to this, Capital One has also committed to updating its disclosures to help customers gain more savings and offer more fair banking services.

Editor’s Note On Capital One ATM Fees Class Action Lawsuit:

This article is published to inform you of the latest class action lawsuit filed against Capital One Financial Corporation for allegedly charging clients ATM fees for out-of-network balance inquiries.

What are your thoughts on this piece? Have you been charged by Capital One as well?

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