If you’ve ever had a credit card with Credit One Bank, there’s some potentially good news heading your way. A major class action lawsuit settlement involving the company is now in the disbursement phase. Starting this week, eligible customers will begin receiving settlement checks, with some payouts reaching into the thousands.
The Lawsuit: What Happened?
The class action lawsuit accused Credit One Bank of unfair and deceptive business practices, including charging unauthorized fees, misleading marketing practices, and inadequate disclosures regarding account terms and fees. The suit was filed after numerous customers complained about being misled into paying charges they didn’t anticipate.
While Credit One Bank has denied all allegations, the company agreed to a multi-million dollar settlement to resolve the matter without admitting wrongdoing.
How Much Is the Settlement?
The total settlement fund is in the tens of millions, with individual payments varying based on how much each customer was affected. Some people may receive a few hundred dollars, while others could be eligible for payouts totaling thousands, depending on the number of fees and transactions involved in their account history.
The average payout is expected to fall between $300 and $1,000, though exact amounts will vary based on your specific case details.
Who Is Eligible?
You may be eligible for a payout if you were a Credit One Bank customer during the time period outlined in the lawsuit — generally between 2015 and 2022. The settlement applies to both current and former cardholders.
Eligibility will be determined using account records maintained by the bank, including information about fees paid, account closures, and customer complaints. If your information was identified in the class, you should have already received a notice by mail or email with instructions on what to do next.
No Action Required for Most People
The best part? Most customers who qualify don’t need to do anything to receive their payment. If you received a notification and your address is current, your check will be mailed automatically.
Those who need to update their address or banking details should contact the settlement administrator as soon as possible. A dedicated settlement website should provide a contact form or phone number to reach support.
When Are Payments Arriving?
Checks and direct deposits are scheduled to begin disbursing this week and will continue on a rolling basis over the next several weeks. Most recipients should receive their payments by the end of next month, though delays are possible due to processing backlogs.
If you haven’t seen anything by then, check the settlement website for updates or contact the administrator directly.
Beware of Scams
As with any high-profile settlement, scammers are quick to jump on the opportunity. Be cautious of unsolicited calls or emails asking for your banking information. Official communications will never ask for sensitive personal data via unsecured channels.
Stick to official websites and double-check links before providing any information.
Why This Matters
This class action settlement represents more than just a financial payout — it’s a wake-up call for financial institutions that bend or break the rules. It also serves as a reminder to consumers to read the fine print, monitor their accounts, and hold companies accountable for unfair practices.
For Credit One Bank customers who’ve felt wronged, this settlement is a long-overdue win. If you’re among them, make sure you check your mail, monitor your bank account, and verify your eligibility. Your payout could already be on its way.