Do you bank with Capital One? You may be owed money. Here's what to know – The Arizona Republic
Capital One customers may be eligible for a payment as part of a $425 million settlement.
In 2024, customers filed a class action lawsuit against the company alleging that the bank froze savings account interest rates at a low level for several years, despite advertising the accounts as “high interest.”
This settlement comes after the Consumer Financial Protection Bureau filed a lawsuit regarding the same issue, saying this meant customers were cheated out of more than $2 billion in lost interest payments, according to the Bureau.
Thought the bureau’s lawsuit was dropped in February, Capital One has agreed to pay $425 million in a separate class action lawsuit settlement.
Here’s what to know about the class action law suit, including how much affected customers could receive and how to submit a claim.
Current and former customers who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, qualify for payments.
Account holders will receive payments totaling what they “would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account,” according to the settlement.
The remaining payments will go towards customers who still have a 360 savings account. Their accounts will earn an interest rate that is “at least two times the national average rate for savings deposit accounts as calculated by the FDIC,” the settlement stated.
The deadline to submit a claim or write to the court objecting to the settlement is Oct. 2.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
In 2024, customers filed a class action lawsuit against the company alleging that the bank froze savings account interest rates at a low level for several years, despite advertising the accounts as “high interest.”
This settlement comes after the Consumer Financial Protection Bureau filed a lawsuit regarding the same issue, saying this meant customers were cheated out of more than $2 billion in lost interest payments, according to the Bureau.
Thought the bureau’s lawsuit was dropped in February, Capital One has agreed to pay $425 million in a separate class action lawsuit settlement.
Here’s what to know about the class action law suit, including how much affected customers could receive and how to submit a claim.
Current and former customers who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, qualify for payments.
Account holders will receive payments totaling what they “would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account,” according to the settlement.
The remaining payments will go towards customers who still have a 360 savings account. Their accounts will earn an interest rate that is “at least two times the national average rate for savings deposit accounts as calculated by the FDIC,” the settlement stated.
The deadline to submit a claim or write to the court objecting to the settlement is Oct. 2.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
