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Capital One $425 Million Class Action Settlement: Are You Eligible?
10 months agoUS
A $425 million class action settlement has been reached with Capital One over its 360 Savings account. If you held a Capital One 360 Savings account between September 2019 and June 2025, you may be eligible for a payment. This settlement addresses allegations that Capital One did not adequately raise interest rates on the 360 Savings account compared to its 360 Performance Savings account, potentially cheating customers out of billions in lost interest.
Key Insights
•
Settlement Amount:: Capital One will pay $425 million to settle the class action lawsuit.
•
Eligibility:: Current and former customers with a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, are eligible.
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Accusations:: Capital One allegedly froze interest rates on the 360 Savings account at a low level (0.3%) while offering higher rates (up to 4.3% in 2022) on its newer "360 Performance Savings" account. Customers were allegedly not notified of the higher-earning account.
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CFPB Lawsuit:: The Consumer Financial Protection Bureau (CFPB) initially sued Capital One over these practices but dropped the lawsuit after the settlement was reached.
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Payment Details:: Eligible parties can elect to receive a cash payment, potentially larger if the account is closed by October 2nd. Remaining funds will provide higher interest rates for customers who still have a 360 savings account, at least two times the national average rate for savings deposit accounts.
Why this matters: This settlement provides restitution to customers who may have missed out on higher interest earnings. It also highlights the importance of banks transparently communicating changes in interest rates and account options to their customers.
In-Depth Analysis
The lawsuit against Capital One centered on the bank's marketing of its 360 Savings account as a "high-interest" option. The CFPB argued that this representation was misleading because Capital One allegedly kept the interest rates artificially low while offering more competitive rates on its newer 360 Performance Savings account.
How to Prepare:
1.
Check Eligibility: Determine if you held a Capital One 360 Savings account during the specified period (Sept. 18, 2019 – June 16, 2025).
2.
Submit a Claim: File a claim by the October 2nd deadline to receive payment. Information on how to submit a claim can be found on the settlement webpage, which will be updated as the case progresses. The deadline to submit a claim or object to the settlement is Oct. 2.
3.
Consider Account Closure: Decide whether to close your 360 Savings account by October 2nd to potentially receive a larger payment.
4.
Monitor for Updates: Stay informed about the settlement approval process and payment distribution timeline.
Who This Affects Most:
This settlement primarily affects individuals who maintained a Capital One 360 Savings account between September 2019 and June 2025, particularly those who were unaware of the higher-interest 360 Performance Savings account. The impact is greater for those who kept substantial balances in the 360 Savings account during this period.
FAQs
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Q: Who is eligible for the Capital One settlement?
Current and former customers who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025.
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Q: How much will customers receive?
Payments will vary. Account holders will receive payments totaling what they "would have earned" if their 360 Savings account(s) had paid the interest rate applicable to the 360 Performance Savings account. If you opt to close your account before October 2nd, you may receive a slightly larger payment.
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Q: When will payments be distributed?
The court will hold a hearing on Nov. 6 to approve the settlement. Updates regarding the settlement and when payments will be made will be posted on the settlement website.
Key Takeaways
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If you had a Capital One 360 Savings account between Sept. 2019 and June 2025, you may be entitled to compensation.
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The deadline to submit a claim or write to the court objecting to the settlement is Oct. 2.
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Keep an eye on the settlement website for updates on the approval process and payment distribution.
Discussion
Do you think this settlement is a fair resolution? Share this article with others who need to stay ahead of this trend!
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