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CFPB Sues Capital One Over $2 Billion Unpaid Interest on 360 Savings Accounts

Jan 14, 2025, 02:52 PM

On January 14, 2025, the U.S. Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One Financial Corp., alleging that the bank misled consumers and cheated them out of more than $2 billion in interest payments. The CFPB claims that Capital One promoted its flagship '360 Savings' account as offering one of the nation's best and highest interest rates but did not extend these rates to existing savings account holders. According to the lawsuit, the bank baited consumers with false promises of high-yield savings accounts and then schemed to make sure they never got one. Capital One allegedly froze the rates on existing accounts, even as interest rates rose nationwide, avoiding billions in interest payments to millions of customers. The CFPB is seeking to hold the bank accountable for violating consumer protection laws.