If you have incurred overdraft fees from Capital One, Hibernia, or North Fork, you may be eligible for a payment from the proposed Steen v. Capital One, N.A. Class Action Settlement.
Capital One has agreed to pay $31.7 million in damages to settle allegations that it improperly posted debit card transactions in an explicit effort to maximize overdraft charges. In a class action lawsuit filed in 2010, the plaintiffs have claimed that they were charged overdraft fees by Capital One due to its practice of posting transactions in highest-to-lowest dollar amount instead of actual order in which they were initiated. Although Capital One denies any wrongdoing or violating any law, the bank has
agreed to settle the lawsuit to avoid the time, expense and uncertainty of further litigation.
Note: If your checking account was closed with a negative balance and if the amount of benefit you would receive from this settlement doesn’t make the balance positive, then you’ll not be eligible for the payment.
Total Settlement Amount: $31,767,200
Final Approval Hearing: 13 May, 2015
Claim Form: Not Required. Eligible class members who do not opt out or exclude themselves from the settlement will automatically receive a payment or Account credit if the class action settlement gets final approval.
Claims Administrator:
Capital One Overdraft Settlement
P.O. Box 3219
Portland, OR 97208-3219
1-888-230-0062
info@CapitalOneOverdraftSettlement.com
Class Counsel:
Robert C. Gilbert
GROSSMAN ROTH PA
Richard Golomb
GOLOMB & HONIK PC
Defense Counsel:
James McGuire
MORRISON & FOERSTER LLP
Image Courtesy: mybanktracker.com
Capital One has agreed to pay $31.7 million in damages to settle allegations that it improperly posted debit card transactions in an explicit effort to maximize overdraft charges. In a class action lawsuit filed in 2010, the plaintiffs have claimed that they were charged overdraft fees by Capital One due to its practice of posting transactions in highest-to-lowest dollar amount instead of actual order in which they were initiated. Although Capital One denies any wrongdoing or violating any law, the bank has
agreed to settle the lawsuit to avoid the time, expense and uncertainty of further litigation.
Who's included in the Capital One Overdraft Litigation Settlement?
All current and former Capital One customers with one or more checking accounts (including former customers of Hibernia Bank and North Fork Bank) that could be accessed using a debit card and who incurred one or more overdraft fees as a result of the high-to-low posting practice (during the applicable Class Period), are eligible Class Members of the overdraft fee Settlement.- For accounts opened in Louisiana, the Class Period is from July 1, 2002 through August 15, 2010
- For accounts opened in Connecticut, New York or New Jersey, the Class Period is from October 21, 2004 through August 15, 2010
- For accounts opened in Texas, the Class Period is from May 18, 2006 through August 15, 2010
- For accounts opened in Virginia, the Class Period is from May 18, 2004 through August 15, 2010
Note: If your checking account was closed with a negative balance and if the amount of benefit you would receive from this settlement doesn’t make the balance positive, then you’ll not be eligible for the payment.
Potential Award
All eligible Class Members will receive a payment or Account Credit. The amount that each Class Member will receive will be based upon the total number of eligible Class Members and the amount each of them paid as a result of the bank’s debit card transaction posting order practice.How to Claim the benefit of Capital One Overdraft Litigation Settlement?
If you're an eligible Class Member of the Settlement, you need not do anything to receive its benefit. Once the Settlement gets final approval on May 13, 2015, you’ll automatically receive a payment by check or credit to your account.Highlights of Steen v. Capital One Overdraft Litigation Settlement
Settlement Website: www.CapitalOneOverdraftSettlement.comTotal Settlement Amount: $31,767,200
Final Approval Hearing: 13 May, 2015
Claim Form: Not Required. Eligible class members who do not opt out or exclude themselves from the settlement will automatically receive a payment or Account credit if the class action settlement gets final approval.
Claims Administrator:
Capital One Overdraft Settlement
P.O. Box 3219
Portland, OR 97208-3219
1-888-230-0062
info@CapitalOneOverdraftSettlement.com
Class Counsel:
Robert C. Gilbert
GROSSMAN ROTH PA
Richard Golomb
GOLOMB & HONIK PC
Defense Counsel:
James McGuire
MORRISON & FOERSTER LLP
Image Courtesy: mybanktracker.com
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