Capital One 360 Savings Account Investigation - robinskaplan.com

The lawsuit claims Capital One froze interest rates on its “360 Savings” accounts at low levels while creating a nearly identical “360 Performance Savings” account with significantly higher …

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Capital One Allegedly Cheated Customers Out Of $2 Billion In …

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Jan 14, 2025 · The CFPB is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts.

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Capital One Accused Of Owing Members $2 Billion, U.S. Watchdog …

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Jan 15, 2025 · The CFPB claims Capital One intentionally kept news of its higher-yield savings accounts from members with lower-yield savings accounts.

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CFPB Sues Capital One, Claiming Bank Avoided Paying $2B In Interest

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Jan 14, 2025 · The Consumer Financial Protection Bureau has sued Capital One and its McLean holding company, Capital One Financial, alleging the companies cheated millions of …

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CFPB Sues Capital One Over Alleged $2 Billion In Lost Interest For ...

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Jan 14, 2025 · Between late 2019 and mid-2024, Capital One kept the interest rate on its 360 Savings account at just 0.30%, even as market rates soared.

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Capital One Sued By US Watchdog Alleging Bank Cheated …

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Jan 14, 2025 · A U.S. watchdog is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts — and “cheating” customers out of more than $2 …

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Capital One Faces US CFPB Lawsuit Over $2bn In Unpaid Interest

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Jan 15, 2025 · US-based bank Capital One is facing legal proceedings from the US Consumer Financial Protection Bureau (CFPB) for ‘cheating’ consumers of more than $2bn in interest …

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FAQs about Capital One 360 Savings Account Investigation - robinskaplan.com Coupon?

Did Capital One keep interest rates low on 360 savings accounts?

The lawsuit primarily concerns two accounts, the 360 Savings Account and the 360 Performance Savings Account. The CFPB alleges that Capital One kept interest rates low on 360 Savings accounts while offering significantly higher rates on the newer 360 Performance Savings accounts without adequately informing existing customers. ...

Did Capital One deceive a '360 savings' account holder?

The agency said in a statement Capital One deceived holders of its “360 Savings” account by conflating it with its newer and higher-yield savings account option, the “360 Performance Savings” account. ...

Does Capital One's 360 performance savings account pay more interest?

In 2019, Capital One created a separate 360 Performance Savings account that paid significantly more interest than the 360 Savings. But Capital One obscured the new product to prevent customers from switching, the CFPB alleged, costing consumers more than $2 billion in interest payments. ...

Was Capital One harmed by a 'high interest' 360 performance savings account?

“Plaintiff and the Class were significantly harmed by [Capital One’s] conduct, including through lost interest payments that should have been paid on their deposits when Capital One was ready, willing, and able to pay those higher rates on the virtually identical ‘high interest’ 360 Performance Savings account,” the complaint reads. ...

Why did Capital One not notify 360 savings?

But the agency says that Capital One did not notify 360 Savings accountholders about this new offering and “instead worked to keep them in the dark” — alleging that the company marketed the products similarly to obscure their distinction and forbade employees “from proactively telling” those with 360 Savings accounts about 360 Performance Savings. ...

Is Capital One 360 a good checking account?

On its own, the Capital One 360 Checking account is solid, but add it to the Capital One 360 Performance Savings account and it becomes a powerhouse. Why? Free unlimited transfers. You can park most of your money in the savings account earning 3.80% APY and move funds into your checking account whenever needed. ...