How to get Capital One settlement money by this week's deadline
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Capital One has agreed to pay $425 million to settle class action suits against it. Photo by J. David Ake/Getty Images
The deadline to claim part of a settlement of a class-action lawsuit against Capital One is Thursday.
The big picture: An exact settlement range isn't clear, but payouts will depend on the interest that a given customer is estimated to have lost.
Driving the news: Capital One has agreed to pay $425 million to customers covered by the class action.
- In January, the Consumer Financial Protection Bureau accused the bank of freezing its interest rate at a low level for several years, despite rising national rates, "cheating" customers out of more than $2 billion.
- Capital One denied any wrongdoing.
- The CFPB lawsuit was later dropped.
Here's what to know:
The CFPB allegations against Capital One
Catch up quick: The CFPB said in January that Capital One inaccurately represented the variable interest rates for "360 Savings" accounts, which the bank called one of the nation's "top," "best" and "highest."
- The agency also said Capital One intentionally "kept consumers in the dark to maintain a two-tier system." The bank froze the interest rate at a low level while rates rose nationwide, the agency claimed, while creating a "virtually identical product" called 360 Performance Savings.
- The only difference between 360 Savings and 360 Performance Savings was that the latter paid out substantially more in interest, per the CFPB..
- In a statement to Axios at the time, Capital One denied the CFPB's claims.
Capital One agreed in May to settle a class action brought on behalf of Capital One 360 Savings account holders.
Who is eligible for settlement money
Eligible Capital One customers who had a 360 Savings account, not to be confused with a 360 Performance Savings account, between Sept. 18, 2019, and June 16, 2025.
How to get settlement money
Depositors who qualify don't need to file a claim, but need to select payment options online by Oct. 2.
- Depositors need to use the ID and four-digit PIN found on the settlement notice.
- The amount depositors receive will depend on how long their accounts were active, and totaling what they "would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account," per the settlement.
- $125 million of the settlement will be used to pay customers "additional interest payments."
Those who keep their 360 Savings accounts open after Oct. 2 will also receive "additional interest payments," but will not need to file a claim for them.
For those who have already closed their accounts or converted them to a 360 Performance Savings account — or do so before Oct. 2 — they "will receive a Class Cash Payment that is currently estimated to be approximately 15% larger," the settlement site explains.
What we're watching: A bipartisan group of 18 U.S. states told a federal judge last week that Capital One's settlement should be rejected, alleging that the payment lets the bank "shortchange" customers.
