Bank Settlement Claims: Act Now to Claim Potential Payouts
Four major banks—Credit One, Capital One, Wells Fargo, and Five Star—have settlements with upcoming deadlines. Find out if you're eligible for these bank settlement claims and what actions are needed to secure your payout.
If you've done business with Credit One Bank, Capital One, Wells Fargo, or Five Star Bank in recent years, you could be eligible for a cash payment from a class-action settlement. Several major banks have agreed to pay out hundreds of millions of dollars to resolve allegations of misconduct, including illegal robocalls, unfair savings account interest rates, improper mortgage forbearances, and unlawful vehicle repossessions. With key deadlines approaching, it's crucial to understand if you qualify and what steps you may need to take.
Credit One Bank's $14 Million Robocall Settlement
Credit One Bank, known for credit cards often marketed to consumers with limited or poor credit, has agreed to a $14 million settlement fund. The lawsuit alleged that the bank used automated dialing systems, or "robocalls," to contact individuals without their consent.
- Who is eligible? Anyone in the U.S. who received a robocall from Credit One Bank or its affiliates between 2014 and 2019.
- Potential Payout: The final payment amount will depend on how many people file a valid claim, but estimates suggest it could be as high as $1,000 per person.
- Action Needed: You will need to file a claim to receive a payment. Deadlines for filing have not yet been announced, but it's wise to gather any relevant phone records or communications if you believe you were affected.
Capital One's $425 Million 360 Savings Account Settlement
Capital One is settling a lawsuit that alleged it failed to increase the interest rates on its 360 Savings accounts to match the higher rates offered on its newer 360 Performance Savings accounts. As part of the agreement, the bank will pay $425 million and an additional $125 million in future interest to affected customers.
- Who is eligible? Customers who held a Capital One 360 Savings account at any point between September 18, 2019, and June 16, 2025.
- Action Needed: For most, no action is required. Payments will be distributed automatically to eligible current and former account holders. To receive a share of the extra interest payments, you must keep your qualifying account open.
- Key Deadline: The deadline to object to the settlement or exclude yourself from it is October 2, 2025.
Wells Fargo's $185 Million Mortgage Forbearance Settlement
Wells Fargo reached an $185 million settlement to resolve claims that it placed homeowners' mortgages into COVID-19-related forbearance plans without their consent. This action allegedly harmed borrowers' credit scores and caused other financial difficulties.
- Who is eligible? Individuals with mortgage loans serviced by Wells Fargo that were placed in forbearance between March 1, 2020, and December 31, 2021.
- Action Needed: Basic payments from an initial $69 million portion of the fund will be sent automatically. However, if you suffered additional financial harm, you can file a supplemental claim for a larger payment.
- Key Deadlines: This settlement has several important dates. The deadline to opt out or object is November 12, 2024. If you plan to file a claim for supplemental damages, you must do so by January 10, 2025. The deadline for general claims is October 10, 2025.
Five Star Bank's $29.5 Million Vehicle Repossession Settlement
A $29.5 million settlement was reached with Five Star Bank over allegations that it failed to send legally required notices to borrowers after repossessing their vehicles in New York and Pennsylvania. These notices are critical for informing consumers of their rights and the process for recovering their property.
- Who is eligible? Individuals whose vehicles were repossessed by Five Star Bank between May 16, 2011, and September 30, 2021.
- Action Needed: None. Benefits, which may include a cash payment, credit report relief, and the forgiveness of any remaining loan balance, will be provided automatically to eligible class members.
- Key Deadline: The deadline to exclude yourself from this settlement is October 13, 2025.
What You Should Do Next
If you believe you were affected by any of these situations, it's important to review the eligibility criteria carefully. While some of these bank settlement claims provide automatic payments, others require you to file a claim form to receive your compensation. Pay close attention to the deadlines—some, like the Wells Fargo opt-out date, are as early as November 2024. Acting promptly will ensure you don't miss your chance to claim any money you may be owed. For more information, you can search for the official settlement administration websites for each case.
