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Capital One to Pay $31.8M in Overdraft Fee Class Action Lawsuit Settlement


This is a settlement for the Excessive Bank Overdraft Fees lawsuit.

New York, NY: A $31.8 million settlement has been finalized, ending a lawsuit against Capital One Bank NA that alleged deceptive overdraft fees practices by the bank. Approved by US District Judge James Lawrence King, the settlement fund of $31.76 million represents 35 percent of the most damages plaintiffs could expect to recover at trial.

The lawsuit has taken nearly five years and the class consists of roughly 611,000 members. Capital One tried three times to have the lawsuit thrown out. It alleged that the bank deducted money from customers' accounts based on the size of their transactions, not in chronological order, thereby maximizing the amount of overdraft fees it charged.

For settlement class members who do not opt out, prorated shares from the settlement fund will automatically be sent to them. Capital One's data was used to determine which account holders were harmed by the high-to-low posting practice.

The case is In re: Checking Account Overdraft Litigation, case number 1:09-md-02036, in the U.S. District Court for the Southern District of Florida.

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Published on May-27-15

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READER COMMENTS

Posted by
Janice jones
on
hi I have a account with capital one bank and the interest rates is out standing.


Posted by
I was charged outrageous fees
on
Please see if I qualify

Posted by
Yesenia remigii
on
Over more own for fee than what's borrow

Posted by
Richard Medford
on
I have a Capital One Card that for several years had a balance of about $6,000 on it. With 28% interest it was hard to get it paid down. This went on for 4, 5 years. When I did get it down some, I wold charge something and there we'd go again.
Last spring, I called them to see if they could do something about that high interest, the lady acted like she had done me a favor when she said she could lower it to 20% for 7 months. I got online and got 2 cards that would take over half my balance for 0% interest for 15 and 18 months respectively. Then it will go to about 15%. And 15% for any purchases made now. Much better. Just wish they would've taken all the balance from Capital One.

Posted by
carrine barnett
on
i have captial one card, please check to see if i qualivy

Posted by
Denise hill
on
I have credit one which is capital b ankle card

Posted by
Tanya McGaha
on
I have 2 accounts with Capital One. One business. One personal. In over 20+ years of banking I have not had any NSF charges. Due to recent employment changes and personal illness I have had a hard time paying my bills. Everything is set-up to auto-draft. I have been charged over $2000.00 in 3 months in NSF fees. I can't get ahead for all the fees.

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