Capital One's $425 Million Settlement: Automatic Payments for Affected Customers
Claim your cash now! Capital One $425 million settlement — here’s how to get paid
The Economic Times
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Capital One has approved a $425 million settlement concerning its 360 Savings accounts, which allegedly misled customers about interest rates. Eligible account holders from September 18, 2019, to June 16, 2025, will receive automatic payments without needing to file a claim.
- 01Capital One's settlement totals $425 million, increased from an initial proposal of under $300 million.
- 02The case involved allegations that Capital One did not inform existing customers about a better savings account option.
- 03Payments will be automatically sent to eligible customers based on account status between September 2019 and June 2025.
- 04The settlement was approved by federal judge David Novak after years of legal proceedings.
- 05Capital One denies any wrongdoing but will proceed with the settlement.
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A federal judge has approved a $425 million settlement involving Capital One, addressing claims that the bank misled customers regarding its 360 Savings accounts. The lawsuit alleged that Capital One failed to inform existing 360 Savings account holders about the introduction of the 360 Performance Savings account in 2019, which offered a higher interest rate of 1.9% compared to the original account's 1%. The settlement amount was raised from an initial proposal of under $300 million due to objections from federal prosecutors. Although Capital One denies any wrongdoing, the settlement will provide automatic payments to eligible customers who held a 360 Savings account between September 18, 2019, and June 16, 2025. Payments will be sent directly to the primary account holders either by check or electronically, depending on their previous payment selection.
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Affected customers will receive compensation, potentially improving their financial situation.
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