Capital One Balance Inquiry Fee Settlement

Update: Checks have been sent out for this settlement. I received mine on May 29, 2021. It was just over $2, but the amount should vary.

Original article (Sep 1, 2020) – A lawsuit filed against Capital One claims that the bank breached its contract with account holders and improperly assessed and collected Out of Network ATM Balance Inquiry Fees when account holders used an out of network ATM to conduct a balance inquiry.

An Out of Network ATM Balance Inquiry Fee or “OON Balance Inquiry Fee” means the fee Capital One charged account holders when using an ATM that is not part of Capital One’s fee-free ATM network to check an account balance. This Settlement does not relate to fees charged for cash withdrawals from out of network ATMs.

Capital One maintains it did nothing wrong but has agreed to settle the lawsuit to avoid the cost, delay, and uncertainty of litigation. The Court has not decided which side is right.

Who’s Eligible?

With some exceptions explained below, you are a member of the Settlement Class if you are a current or former Capital One customer who was charged an OON Balance Inquiry Fee during “the Class Period.” The Class Period means:

• For Settlement Class Members whose accounts were established in Louisiana: the period from April 6, 2008 to June 30, 2020;
• For Settlement Class Members whose accounts were established in Connecticut, New York and New Jersey: the period from April 6, 2012 to June 30, 2020;
• For Settlement Class Members whose accounts were established in Virginia: the period from April 6, 2013 to June 30, 2020;
• For Settlement Class Members whose accounts were established in Texas: the period from April 6, 2014 to June 30, 2020; and
• For Settlement Class Members whose accounts were established in the District of Columbia, Maryland, and Delaware: the period from April 6, 2015 to June 30, 2020.

The Class Period differs by state or district due to the relevant statutes of limitation in those states/districts. A statute of limitations is a law setting a specific period of time for the bringing of certain kinds of legal action.

Excluded from the Settlement Class is (1) Capital One, its parents, subsidiaries, affiliates, officers and directors; (2) all Settlement Class members who exclude themselves from the Settlement; and (3) all judges assigned to this litigation and their immediate family members.

Related: See All Settlement Rebates Here

Settlement Payout

Capital One has agreed to establish a cash Settlement fund of $13 million from which Settlement Class Members will receive payments or account credits. The amount of such payments or account credits cannot be determined at this time. However, it will be based on the number of Settlement Class Members and the amount of OON Balance Inquiry Fees each Settlement Class Member incurred.

You do not need to do anything to receive a payment or account credit. If the Court approves the Settlement and it becomes final and effective, you will automatically receive a payment or account credit.

Capital One will determine whether Settlement Class Members receive account credit or a payment. Payments will be issued in the form of a check made payable to the name (or names, in the case of an account held jointly) exactly as it appears on the account. Checks will be mailed to eligible Settlement Class Members’ last known mailing addresses, as determined through the postcard notice mailing process or otherwise.

Those eligible should have already received a postcard in the mail with information about the settlement. If you did not receive a class notice in recent days, you will not receive a payment or credit.

Related: Read all news about lawsuits and settlements

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Settlement Details

• Rebate: Varies
• Proof of Purchase Required: Yes
• Settlement Pool: $13,000,000
• Filing Deadline: N/A
• Read Settlement Details Here