Big news has arrived for Capital One 360 Savings account holders. The bank was accused of “fraudulently marketing” its 360 Savings accounts to customers and depriving millions of customers of significantly higher interest rates. This controversy has resulted in a settlement of approximately $425 million, bringing relief to millions of customers. If you ever had money in this account, you may also be eligible for this settlement. Let’s understand in detail what happened, who is eligible, and how you can receive your money.
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What was the case?
The Consumer Financial Protection Bureau (CFPB) leveled serious allegations against Capital One, claiming that the bank refused to raise interest rates on its 360 Savings accounts, even as interest rates were rising nationwide. In fact, the bank kept the interest rates on the 360 Savings accounts low while simultaneously launching another account called 360 Performance Savings, which offered significantly higher interest rates—sometimes up to 14 times higher—than the 360 Savings account.
Capital One denied these allegations but agreed to this settlement to resolve the lawsuit. This means the bank did not admit to any wrongdoing but contributed to ending the litigation.
Who is included in this lawsuit?
Anyone who was a customer of a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, is considered part of this lawsuit. You did not need to file a separate claim for this class action lawsuit, but those who wished to opt out of the settlement had to apply by October 2, 2025.
How much money will you receive and when?
The $425 million settlement is divided into two parts:
- First part—$300 million: This amount will be used for “Class Cash Payments.” Each customer will receive the amount they would have earned in interest if they had received the interest rate offered by the 360 Performance Savings account. This means that the payment for each customer will vary, based on their actual interest-earning potential.
- The second part—$125 million: This will go to customers who still have a 360 Savings account. They will receive an interest rate that is double the national average until these additional funds are exhausted.
The total amount will be determined by the interest calculation and class cash payment formula, which may include an additional increase of approximately 15% (which is subject to final approval by the magistrate).
How will you receive the money?
If you did not opt out of the settlement, you will automatically be considered eligible. No claim is necessary. Those receiving less than $5 will only receive payment if they opted for electronic payment by October 2nd.
Those receiving more than $5 will receive payment via check mailed to their last known address or via online transfer if they opted for electronic payment. Additionally, those with currently open accounts will continue to benefit from the increased interest rate.
Final Settlement Approval and Next Steps
The final court hearing for this settlement will be held on November 6, 2025. Only after this hearing can the payment process fully begin. This hearing will be crucial for this lawsuit, as the court will grant final approval of the settlement agreement.
What should you do if you are eligible?
- If you had a 360 Savings account, keep checking your mail or email for any settlement-related notices.
- The deadline to opt out of the settlement was October 2, 2025, and that time has now passed.
- Check your Capital One account or relevant mail for payment information and the amount you will receive.
- If you have any questions, check the Capital One official website or the Consumer Financial Protection Bureau website for updates.
Conclusion
This large settlement has not only provided financial relief to thousands of customers but has also demonstrated the importance of protecting consumer rights. This lawsuit against Capital One for its error is proof that customers can raise their voices and seek justice.
FAQs
Q. Who is eligible for the Capital One $425 million settlement?
A. Anyone who had a 360 Savings account between September 18, 2019, and June 16, 2025.
Q. Do I need to file a claim to get the settlement money?
A. No claim is required; eligible account holders will receive payments automatically unless they opted out.
Q. What is the total amount of the settlement and how is it divided?
A. The $425 million is split into $300 million for cash payments and $125 million for additional interest on active accounts.
Q. When will the payments be distributed?
A. Payments will begin after the judge’s final approval hearing, scheduled for November 6, 2025.
Q. What happens if I opted out of the settlement?
A. You will not receive any payment from this settlement and remain outside the class action.
