Capital One has agreed to a $16 million settlement over allegations of charging unlawful fees on certain transactions. The lawsuit claimed that the bank did not refund fees for insufficient funds or overdrafts on represented check or ACH transactions. While Capital One has not admitted any wrongdoing, affected customers can submit claims until midnight tonight without additional documentation, according to a report by the Washington Examiner.
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- 1 Walmart Ends Capital One Credit Card Partnership Amid Service Failures
Walmart Ends Capital One Credit Card Partnership Amid Service Failures
Walmart has terminated Capital One’s exclusive role as the credit card issuer for its rewards program, citing service failures. Issues such as delays in transaction postings and difficulties in replacing lost or stolen cards contributed to the decision. The partnership, which began in 2019, offered a no-annual-fee credit card with rewards like 2% returns on in-store purchases and 5% on delivery and pick-up orders.
A U.S. District Judge ruled in favor of Walmart in a lawsuit against Capital One, allowing the retail giant to end the contract early due to these service problems. Despite this setback, Capital One remains the ninth largest U.S. bank, with over $468 billion in assets, continuing to provide financial services nationwide.
