FIA Card Services and its predecessors Bank of America and MBNA America Bank have reached a class action lawsuit settlement that could affect thousands of credit card holders in the United States. If you had an MBNA, FIA Card Services or Bank of America credit card account between 2002 and 2010, and your interest rate was increased as a result of a default or delinquency, you may be eligible for a payment from the class action settlement.
The FIA credit card settlement will resolve two class action lawsuits, entitled Frederick v. FIA Card Services, N.A. and Augustine v. FIA Card Services, N.A., that allege FIA, MBNA and Bank of America improperly increased the interest rate on delinquent or defaulted FIA, MBNA and Bank of America credit cards by calculating the rate increase starting at the beginning of the billing cycle in which the default or delinquency occurred.
You’re considered a class member of the FIA, MBNA and Bank of America credit card settlement if you had a credit card account with FIA Card Services or one of its predecessors, Bank of America or MBNA, between July 27, 2002 and October 18, 2010 and were assessed and paid a higher rate of interest on your credit card account because you defaulted or were delinquent, and the higher interest rate was calculated as of the beginning of the billing cycle in which the default or delinquency occurred.
As a member of the FIA Card Services class action settlement, you may be able to claim a refund of the interest fees you paid as part of the $10 million class action settlement. Whether or not you need to submit a claim form to do this depends on the following:
If you are a current customer of FIA with a credit card account that is open and available for new transactions, you do not need to submit a claim form. Unless you exclude yourself from the Settlement, you will automatically receive a credit to your FIA credit card account or, at FIA’s discretion, a payment by check. The deadline to exclude yourself is May 2, 2011.
If you are a current customer of FIA with an open credit card account, but your credit card account is not available for new transactions, or if you are a former FIA customer, you are required to submit a claim form to receive a payment as part of the settlement. The deadline to submit your claim form is May 2, 2011.
You can find downloadable claim forms and more information on your rights in the FIA Card Services, Bank of America and MBNA Credit Card Class Action Lawsuit Settlement on the Settlement Administrator’s website at www.FrederickAdministrator.com. For a detailed breakdown on how to file a valid claim form and ensure you get your settlement money, see our Open Lawsuit Settlements section.
View all: Class Action Lawsuit and Settlement News