Do you bank with Capital One? You may be owed money. Here's what to know
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.
Who qualifies for Capital One settlement?
Current and former customers who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, qualify for payments.
How much will customers receive from settlement?
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.
What is the deadline to submit claim in Capital One settlement?
The deadline to submit a claim or write to the court objecting to the settlement is Oct. 2.
This article originally appeared on Arizona Republic: How to submit claim in Capital One class action settlement
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