In just a few days, people affected by a major class action lawsuit against Capital One have the chance to make claims. This lawsuit has drawn attention from the Consumer Financial Protection Agency, which accused the bank of locking interest rates at low levels for years. As a result, customers may have lost out on over $2 billion even while interest rates increased nationwide. Various lawsuits have also surfaced concerning Capital One’s 360 savings accounts.
Although Capital One denies any wrongdoing, the bank has agreed to pay $425 million to settle the matter. To be eligible for compensation, you need to have had a 360 savings account from September 18, 2019, to June 16, 2025. You might have received a notification from the Settlement Administrator about your eligibility.
There’s no need to file a claim to get your payment, but you’ll need the ID from your settlement notice and a 4-digit PIN to access your payment options online. The deadline for selecting your payment type is Thursday, October 2nd.
If you chose a paper check and your payment amount is under $5, you won’t receive it. On the other hand, if you opt for electronic payment, you’ll get your funds regardless of the amount.
The payment amount will vary based on how long your account was active and how much interest you would have earned. Part of the $425 million will be distributed among eligible account holders based on the interest accrued, especially in relation to accounts classified as 360 Performance Savings, which have higher interest rates.
Some of the settlement, specifically $125 million, is set aside for additional interest payments to eligible account holders. Capital One’s 360 savings accounts reportedly maintain interest rates at least twice the national average, as calculated by the FDIC. These additional payments will continue until the entire $125 million is dispersed.
Payments are calculated based on the duration your account was open. If you keep your Capital One 360 Savings Account active after October 2nd, you’ll receive the additional interest without needing to file any request.
If your account has already been closed or if you switch it to a 360 Performance Savings account by October 2nd, you could receive a larger cash payment, currently estimated to be around 15% more.
The final confirmation hearing for this settlement is set for November 6th, and individual payment amounts have yet to be determined.
