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The biggest payout from the settlement will go to legal fees for the lawyers behind it. They can claim up to 25 percent of the $725 million, or a little over $180 million. There are eight named plaintiffs in the case, and they could receive up to $15,000 each.

Case Summary: Global Tel*Link (GTL) is paying $67 million to settle a class action alleging that it improperly took funds from prepayments in AdvancePay accounts that had been inactive for 180 days or less.

Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.

Once a transaction has been approved, settlement is the second and final step. This is when the issuing bank transfers the funds from the cardholder's account to the payment processor, who then transfers the money to the acquiring bank. The business will then receive the authorized funds in its merchant account.

GTL will credit or refund 100% of the amount that GTL retained from your account due to inactivity. Payments to former customers may be reduced if the total credits/ refunds exceed the available Settlement fund.

Clearing involves network operators routing messages and other information among financial institutions to facilitate payments between payers and payees. Interbank settlement is the discharge of obligations that arise in connection with faster payments either in real-time or on a deferred schedule.

Contact the GTL® AdvancePay® Service Department. We require a written request to be mailed or faxed by the owner of the account for a refund.

Customers who were part of another Wells Fargo class action settlement got their payouts via check mailed to them in mid-2020. The lawsuit concluded in November 2019, so if this settlement follows the same time frame, customers will expect payouts sometime in mid-2023.

The continuous linked settlement system is designed to mitigate the risk associated with the settlement of foreign exchange transactions.Other banks can submit their foreign exchange transactions through these member banks. The following currencies can be settled in the CLS system: Australian dollar.

Continuous Linked Settlement (CLS) is a global initiative to reduce foreign exchange settlement risk by settling both legs of foreign exchange transactions simultaneously. Transactions are settled across the books of CLS Bank International (CLS Bank), a special purpose bank established to facilitate the CLS process.