Capital One’s data breach of 2019 caused a huge monetary loss and caused distrust among account holders. Well, the good news is Capital One Bank settlement 2024 payout date and deadline have been announced.
The bank faced multiple accusations regarding unfair practices and was questioned about its poor security system. After a long legal battle, the court ordered Capital One and the Amazon group to provide financial aid. Those 98 million+ US citizens who have suffered losses can now compensate by following the criteria.
Follow along with the article to know everything about Capital One Bank settlement 2024 eligibility criteria and claim process.
Consumers who demanded compensation for the data breach brought the Capital One Bank lawsuit. According to report from CNN, over 140,000 social security numbers and 80,000 bank account numbers were compromised.
Judge Anthony J. Trenga of the U.S. District Court for the Eastern District of Virginia overlooked this case. The decision was in favor of consumers known as “Plaintiffs”, and asked the defendants (Capital One and Amazon) to compensate them.
The guidelines for affected victims were as follows:
| Settlement Amount | $190 million |
| Affected Individuals | 98 million |
| Compensation Amount Per Person | Up to $25,000 (pro rata basis) |
| Initial Payment Date | 28 September 2023 |
| 2nd Payment Date | 4 September 2024 |
The first round of payment was initiated on 28 September 2023. The eligible account holders who have not yet availed themselves of the monetary benefit should file for the Identity Defense Service by 13 February 2028.
If you did nothing during the given timeframe, it would be assumed that you gave up the right to seek compensation and won’t be eligible for further aid. If you are unhappy with the settlement, there is not much you can do, as you are bound by court orders.
To exclude yourself from the settlement, a mandatory exclusion mail should have been filed with the bank by 7 July 2022. If you have missed doing so, then there is not much you can do, making you bound towards the agreement by the court. To read the agreement in detail, you can read the Capital One Settlement agreement PDF.
Moreover, account holders are also eligible to get compensation for wrongly charged representment fees.
| Representment Fees Settlement | $16 million |
| Final Payout | $10 million |
| Eligibility | Account holders who bore represent fees between September 2015 to January 2022. |
For now, there is no update on the third settlement round; any updates regarding the upcoming rounds will be updated on the official site.
To be considered eligible for the second round of settlement, you should have filed a claim for loss of time and money before September 30, 2022. Apart from this, other checkpoints to consider are:
You should carry certain documents to prove your eligibility and claim your compensation.
All the payments for the settlement are paid through the EpiqPay digital payment platform. The affected personnel can claim the amount either digitally or through a check as well.
The process of claiming the Capital One Bank settlement amount is hassle-free. You’ll receive an email from EpiqPay Digital that contains a claim link with an expiration date listed on it.
By clicking on the link, you’ll be redirected to a website where you can claim your amount and choose the payment method as well.
The Capital One Bank settlement was a significant event that pressured other financial institutions to improve their security measures. Furthermore, many consumers throughout the social media platform have discussed the complexities of the claim process.
It is suggested to remain patient as there is a large amount of settlement process being taken place. Keep yourself updated through the official website and stay in touch with the bank regarding any updates on settlement.
The compensation amount will be on a pro-rata basis, the settlement amount is $190 million. However, the limit of the compensation amount is set at $25,000.
The process takes time to settle; if it’s taking more than 60 days, then ensure you have submitted the correct documents. If everything is okay, then try contacting the bank.
Yes, you should enroll in an identity defense service if you haven’t enrolled till now.
The compensation amount will either be transferred directly to your bank account or you’ll get a check instead.
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