Capital One customers may soon be getting compensation as part of a recent settlement. This news has grabbed attention across the country, especially for people who used Capital One’s services in the past few years.

Let’s break down everything you need to know about the Capital One Bank settlement, including how much you can get, who is eligible, and when the payout dates are expected.

What Is the Capital One Settlement About?

The Capital One settlement stems from a massive data breach that happened in 2019. Hackers were able to access sensitive customer data, including names, addresses, credit scores, and even some Social Security numbers. This breach affected over 100 million people in the United States.

Capital One faced legal action after the breach, and now the company has agreed to a settlement to compensate affected customers. The total settlement amount is around $190 million, which will be used to pay claims, legal fees, and administrative costs.

How Much Money Can You Get?

If you were affected by the data breach, you may be eligible to claim financial compensation. The payout is divided into different categories:

• Reimbursement for Out-of-Pocket Losses: You can claim up to $25,000 if you have proof of losses directly linked to the data breach. This can include things like money stolen from your accounts, costs for credit monitoring services, or fees for identity theft protection.
• Time Spent Dealing with the Breach: Even if you didn’t lose money, you can still claim up to 15 hours of compensation for the time you spent dealing with the effects of the breach. This could be for time spent calling banks, changing passwords, or setting up credit freezes. The rate is around $25 per hour.
• Free Identity Theft Monitoring: All affected customers are also eligible for free identity theft monitoring and protection services for a set period.

Who Is Eligible?

You are eligible to file a claim if you were a Capital One customer and your data was part of the 2019 breach. Capital One has sent out notifications to affected customers by email and mail. However, if you are unsure whether you were affected, you can visit the official settlement website and check using your details.

The settlement covers both personal and small business accounts. If your data was exposed during the breach, you have the right to claim compensation.

How to File a Claim?

Filing a claim is simple and can be done online or by mail. Here’s what you need to do:

1. Go to the Official Settlement Website: This is where you’ll find all the forms and detailed instructions.
2. Fill out the Claim Form: Provide your basic information and details about your losses or time spent.
3. Submit Proof: If you’re claiming out-of-pocket losses, you’ll need to provide supporting documents like receipts, bank statements, or credit monitoring bills.
4. Submit the Form Before the Deadline: Make sure to file your claim before the final deadline mentioned on the settlement site.

When Will You Get Paid?

The payout process can take some time. After the claim period closes, all claims will be reviewed, and payments will be processed. Usually, this takes several months.

Experts expect that payments could start rolling out by the end of 2025 or early 2026, but this depends on whether there are any delays in court approvals.

What If You Do Nothing?

If you do nothing, you won’t receive any compensation from the settlement. However, you’ll still remain part of the settlement class, meaning you can’t take separate legal action against Capital One in the future over the same data breach.

Staying Safe in the Future

This case highlights how important it is to protect your personal information. Here are a few simple tips to keep your data safe:

• Use strong, unique passwords for different accounts.
• Enable two-factor authentication wherever possible.
• Regularly check your bank and credit card statements.
• Stay alert for suspicious emails or messages.

Final Thoughts

The Capital One Bank settlement is a big step towards compensating customers who were affected by the 2019 data breach. If you think you’re eligible, make sure to file your claim before the deadline. Even if you didn’t lose money, you can still benefit from free identity theft protection.

Keep an eye on your email and the official settlement website for updates about payout dates and next steps.