Today is the deadline for financial institutions to file claims in a settlement between financial institutions (including community banks) and Wawa arising out of a 2019 data security incident at the company.
Background: The settlement allows affected community banks and other financial institutions to file claims for compensation for affected cards.
Details: Wawa will make up to $28.5 million available to reimburse eligible financial institutions for their injuries. Three types of claims may be made:
Tier 1: Cancellation and Replacement Claims, providing a cash payment for any impacted card canceled and replaced.
Tier 2: Fraud-Related Claims, providing a cash payment for unreimbursed expenses caused by fraudulent charges on affected cards.
Tier 3: Other Costs – Alternative Claims, providing a cash payment without the need for supporting documentation as an alternative to Tiers 1 and 2 claims.
More: A dedicated settlement website offers a copy of the full settlement agreement and formal class notice, including definitions, terms and conditions of eligibility, and access to a claim form.