The eligible participants in the CBA Consumer Credit Insurance (CCI) Class Action will get the payout for the $50 million settlement, with payments expected to reach bank accounts between February and March 2024.
CBA Class Action Payout Date
Excellent news for participants in the CBA Consumer Credit Insurance (CCI) Class Action! The wait for your share of the $50 million settlement is almost over, with payments rolling out between February and March 2024.
Whether you held a CBA loan with CCI for years or just a few months, if you didn’t opt out before the deadline, you’re automatically eligible to receive a payout.
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CBA Class Action Payout Eligibility
If you’re wondering if you’re eligible for a piece of the $50 million CBA Consumer Credit Insurance (CCI) class action settlement, here’s what you need to know:
- You automatically qualify if you held a CBA loan with CCI between July 1, 2011, and July 14, 2020 and did not opt out of the class action by the deadline.
- No further action is needed on your part if you fall into this category.
Double-Check Your Eligibility:
- Unsure if you held CCI during the specified period? You can:
- Check your loan documents or contact CBA directly.
- Visit the Slater and Gordon website for their eligibility checker: https://www.slatergordon.com.au/class-actions/current-class-actions/consumer-credit-insurance/cba-consumer-credit-insurance
Not Automatically Eligible:
- If you did not hold CCI during the timeframe or opted out, unfortunately, you are not eligible for the payout.
CBA Class Action Payout Amount
While the good news is that eligible participants in the CBA Consumer Credit Insurance (CCI) class action are receiving payouts between February and March 2024, determining the exact individual amount is a bit more complex.
- Total Settlement: The settlement amount is $50 million.
- Number of Eligible Participants: This number is confidential, but estimates suggest hundreds of thousands may be eligible.
- Calculation of Individual Payouts: The final individual payout amount will depend on two key factors:
- Proportion of CCI premiums you paid: Your share will be based on the total amount of CCI premiums you paid compared to the total premiums paid by all eligible participants.
- Number of eligible participants: The more participants, the smaller the individual payout.
Therefore, an exact individual amount cannot be predicted:
- While some sources speculate on average payouts, these are just estimates and shouldn’t be considered definitive.
- The final amount will depend on the final number of eligible participants and their individual premium paid.
CBA Class Action Payment method
The specific payment method for the CBA Class Action payout has not been officially confirmed. However, based on available information, we can provide some educated guesses:
Most likely scenario:
- Direct Deposit: The most probable scenario is that payments will be made directly to the bank account on file for eligible participants. Slater and Gordon has mentioned having bank account information for eligible class members,suggesting this is the likely method.
- Interest Accrual: The official information states that any interest accrued on the settlement funds will also be distributed among group members. This further supports the direct deposit method as it allows for easy interest distribution alongside the main payout.
Less likely scenarios:
- Cheque: While possible, sending physical cheques to hundreds of thousands of recipients seems less efficient and secure compared to direct deposit.
- Payment Card: Similar to cheques, this method seems less likely due to potential logistical challenges and security concerns.
What you can do:
- Keep an eye on your bank account: Monitor your bank statements in the coming weeks (between February and March 2024) for any deposit labelled “CBA Class Action” or a similar description.
- Contact Slater and Gordon: If you haven’t received your payout by the end of March and are confident you met the eligibility criteria, you can contact Slater and Gordon for further information and clarification on the payment method for your specific case.
How long does it take to receive the cba class action payout?
The expected timeframe for receiving the CBA Class Action payout is between February and March 2024. However, an exact individual date cannot be guaranteed due to several factors:
- High volume of participants: Hundreds of thousands of eligible individuals may be receiving payments, which takes time to process.
- Bank processing times: Individual banks may have different processing times for incoming deposits, adding to the variability.
- Batch processing: Payments are being distributed in batches, so your specific arrival date depends on your position in the processing queue.
What you can do:
- Be patient: Processing a large number of payments takes time, so avoid unnecessary worry.
- Check your bank account regularly: Look for a deposit labelled “CBA Class Action” or a similar description between February and March.
- Contact Slater and Gordon: If you haven’t received your payout by the end of March and are confident you’re eligible, contact Slater and Gordon for further information.