Capital One $425M settlement: Here's everything you need to know
Capital One has agreed to pay $425 million to customers who had a 360 Savings account since September 18, 2019, Yahoo Finance reported. This comes after a class-action lawsuit claimed the bank didn't share key information about better interest rates.
A federal court in Alexandria, Virginia, approved the deal after several customers sued Capital One. The lawsuit said the bank didn't offer competitive interest rates and didn't tell account holders when better options became available.
Instead of updating the rates on existing 360 Savings accounts, Capital One created a new product called the 360 Performance Savings account, which offered higher interest. But they didn't let current customers know about it.
According to the Consumer Financial Protection Bureau (CFPB), Capital One saved over $2 billion by keeping this two-tier system and not updating customers.
Also Read: Capital One Financial set to buy Discover Financial Services for whopping $35 billion
If you've had a Capital One 360 Savings account since September 2019, you may be eligible for a payment.
Check the official settlement website – Claim forms will be available after the court gives final approval.
Watch for a notice – You'll get a message by email or mail if you're eligible.
No lawyer needed – The process is simple and can be done on your own.
$300 million will go to customers who missed out on higher interest earnings. How much you get depends on how long you had your account.
$125 million will go to people who still have a 360 Savings account. These accounts will also start earning double the national average interest rate, as set by the FDIC.
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