Capital One Customers to Receive $425 Million Settlement After Legal Dispute
Gyanhigyan
A $425 million settlement has been approved for Capital One customers affected by confusion between two savings accounts with differing interest rates.Summary
A federal judge approved a $425 million settlement for Capital One customers impacted by a legal dispute over the bank's management of two similarly named savings accounts: 360 Savings and 360 Performance Savings. The accounts had vastly different interest rates, with Performance Savings offering up to 4.35% compared to Savings' 0.3%. Customers who held either account between September 18, 2019, and June 16, 2025, are eligible for automatic compensation without needing to file a claim. Payments will be distributed within the next month or two. The settlement also mandates that Capital One align the interest rates of both accounts moving forward, ensuring future customers benefit from the higher rate.
(Source：Gyanhigyan)