A deadline is fast approaching for eligible Capital One customers to select a payment method in a $425 million class-action settlement.
The settlement resolves a lawsuit alleging that Capital One’s “360 Savings” account holders were deprived of more than $2 billion in interest. The suit claimed the bank advertised its accounts with the nation’s “best” and “highest” rates, but then froze them at a low level even as interest rates rose nationally. Simultaneously, the lawsuit alleged, Capital One introduced a new, higher-yield “360 Performance Savings” account that was not widely offered to existing customers. Capital One has denied these allegations.
The settlement includes customers who held a 360 Performance Savings Account at any time between September 18, 2019, and June 16, 2025. According to the official settlement website, affected individuals should have already received a notification of their eligibility.
While no claim form is necessary, eligible customers must choose their preferred payment method by the October 2 deadline. Payouts of $5 or more will be sent as a check to the last known address unless an electronic payment is selected. For amounts less than $5, electronic payment is the only option available.
Individual payment amounts have not yet been determined and will be calculated based on the interest a customer would have earned and the length of time the account was held. The settlement administrator strongly encourages participants to opt for electronic payment.
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