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CFPB Sues Capital One for Allegedly Cheating Customers Out of $2 Billion in Interest on 360 Savings Accounts

Jan 14, 2025, 02:05 PM

The U.S. Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Capital One Financial Corp., alleging that the bank cheated millions of its customers out of more than $2 billion in interest payments on their savings accounts. The CFPB claims that Capital One promised consumers that its '360 Savings' account offered one of the nation's highest interest rates, but the bank froze the rate at 0.30% while rates rose nationwide. Concurrently, Capital One introduced a '360 Performance Savings' account with a significantly higher interest rate, reaching 4.35% by January 2024, but did not adequately inform existing 360 Savings account holders about this new product. The lawsuit seeks to stop Capital One's alleged unlawful conduct, provide redress for affected consumers, and impose civil money penalties.