Capital One has agreed to pay $ 425 million to resolve a Demand for class action It involved customers who had a savings account of 360 September 2019 to June 2025.
Capital Capital Customers filed a complaint against the bank by 2024, according to the notice Filed in the United States District Court in Alexandria, Virginia.
Capital One has had other legal issues
This is not the first time the company has faced legal problems. In January, the Consumer financial protection office He sued Richmond’s financial institution in Virginia to deceive customers of more than $ 2 million in lost payments of interest.
According to the office, Capital One promised to provide its customers with a savings account that was “one of the best” and “higher” of interest rates. Instead, the bank froze the interest rate at a low level, while the rates continued to increase throughout the country. The company marketed the 360 savings account, promising customers that they would gain more interest than any average savings account. The office found that this was fake.
“The CFPB is demanding Capital One to deceive families with billions of dollars on their savings accounts,” said CFPB director Rohit Chopra in a statement. “Banks should not suffer from people with promises that cannot meet.”
USA reported that the Cfpb He left the lawsuit in February, but Capital One has agreed to pay Capital One affected $ 425 million in the liquidation of class shares.
This is what Capital One customers should know about the settlement, including complaints, which can be eligible for payment, how much they can receive and when they are expected.
What is the Capital one accused?
According to the financial output Kipler, Capital One told its customers that the bank’s 360 savings account would provide them with more interest than any other savings account.
The company later froze the rates of 0.3%. In contrast, the rates for their more recent 360 performance performance account, in a similar way, increased and reached 4.3% by 2022 when the Federal Reserve started a rapid rate rates series.
Capital One launched for the first time the 360 savings account in February 2019, with its high area of interest. However, it was quietly suspended in September of this year, eliminating all references to the account and stopping the offer to new customers. When the bank introduced the new 360 performance savings account, customers did not know.
Who is eligible for payment?
Current and old customers who held a Capital One 360 savings account between September 2019 and June 2025 are eligible for payment.
How much will customers receive?
There are two components in the settlement: In the first, Capital One will pay about $ 300 million to make “ Rat payments to the members of the liquidation class with respect to the approximate amount of interest that each member of the liquidation class would have obtained if their account (s) savings of 360 had paid the interest rate that applies to the 360 performance savings account ”, according to the liquidation.
In the second, Capital One will pay $ 125 million to customers who still hold a savings account of 360. According to the settlement, their accounts will get a interest rate “at least twice the national average rate of deposit savings accounts”, as calculated by the FDIC.
