Capital One class action claims bank hid new savings account from existing customers (2024)

FAQs

Capital One class action claims bank hid new savings account from existing customers? ›

“Capital One strategically and deliberately attempted to conceal this new, higher-interest account from the 360 Savings account holders for its own financial gain, beginning with the highly similar name for the new account,” the class action claims.

Sim v. Capital One Financial Corporation et al.

Capital One faces a proposed class action lawsuit over its decision in 2019 to suddenly stop offering its high-interest 360 Savings Account to new customers and begin offering “360 Performance Savings” accounts with a much higher interest rate.

Six lawsuits alleging Capital One N.A. deceptively advertised the interest rates on its 360 savings accounts were consolidated and sent to a federal court in Virginia on Friday.

4. How do I know if I am part of the Settlement? If you received an Email Notice or Postcard Notice, then Capital One's records indicate that you may be a member of the Settlement Class and entitled to receive a payment or credit to your Account.

While Capital One did not admit to any wrongdoing, the settlement is a victory for customers who claimed that the bank violated its account terms by failing to refund non-sufficient funds or overdraft fees it charged for represented checks or automated clearing house transactions.

Your money is safe at Capital One

Capital One, N.A., is a member of the Federal Deposit Insurance Corporation (FDIC), an independent federal agency.

Capital One to Pay $210 Million in Refunds to Credit Card Customers, Fines. More than 2 million Capital One credit card customers can expect to receive money back this year after a recent investigation completed by the Consumer Financial Protection Bureau (CFPB) revealed deceptive banking practices.

Capital One's 360 Performance Savings account has no monthly fees. You read that right. This is an online savings account with no fees and no minimum to open or keep the account. That means every dollar you earn is yours to save.

The big difference between a CD account and a savings account is accessibility. With a Capital One 360 Performance Savings Account, you could make withdrawals any time you want. With CD accounts, you generally can't withdraw money before maturity, or you'll face a CD early withdrawal penalty.

Capital One 360 Performance Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.

How to file a claim against Capital One? ›

Raising a dispute

If you think there's something wrong with a transaction you'll need to complete a disputes form so that we can look into it for you.

Capital One: Call the Capital One personal credit card service line at 1-800-227-4825 to start the settlement process.

You will receive a notice in the mail or email if you are an eligible class member. The notice will provide a detailed description of the lawsuit and all your available options. In most cases, eligible class members join the litigation automatically and do not have to take any action.

Class action lawsuits typically involve high-profile defendants facing a multitude of plaintiffs claiming injury. Even though these lawsuits sometimes settle for millions of dollars, a plaintiff's payout will depend on several factors, including: How many lead plaintiffs are involved. The number of injured plaintiffs.

Capital One Bank, like many other creditors, does sue customers for unpaid debts. Usually thisi credit card debt. If a customer falls significantly behind on payments and does not make arrangements to settle the debt, Capital One may take legal action to recover the owed amount.

When you're upgraded to a Capital One unsecured credit card, your security deposit is returned to you as a statement credit that's automatically applied to any balance on your card. Or Capital One may refund your deposit if you pay your balance in full and close the account.

Is it safe to have a Capital One savings account? Yes, Capital One's 360 Performance accounts are FDIC insured, so in the event of a bank failure, you're protected up to $250,000 per depositor, per institution.

Capital One Savings Accounts

We rate Capital One's savings accounts 4.4 stars. There are two types of Capital One savings accounts: a 360 Performance Savings account and a Kids Savings Account. Both are high-yield savings accounts with no fees or minimum requirements.

You can withdraw money from a Capital One savings account by transferring cash to another account, such as your checking account at Capital One or another bank. You can request a withdrawal from your account online, in person at one of Capital One's branches, or by calling the bank's customer service team.