Capital One has settled a huge class action lawsuit over its Savings Accounts also known as the 360 2013 case paying a settlement of $425 million. This suit was based on the claim that Capital One knowingly kept interest rates on these accounts artificially low, as the levels in general were increasing national-wide, but caused customers to lose billions of dollars in possible profits. This settlement presents any qualified Capital One clients with a chance to earn back part of the lost interest without incurring a claim. The next article provides the most important payment information, qualifications, and deadlines, and the procedures which a customer has to follow to get their payouts.
Background and Settlement Overview.
On March 1, 2024, Capital One was sued in the U.S. District Court in the Eastern District of Virginia before the 360 00-12 distant court, alleging violation of consumer protection laws as a result of falsely presenting the 360 00-12 distant Savings account as one with competitive interest rates, when in truth it maintained very low interest rates. Meanwhile, the newer product, the Capital One 360 Performance Savings account, invited higher interest rates, disadvantaging long-term 360 Savings customers. The $425 million settlement includes 300 million dollars in cash damages to affected customers and 125 million dollars to be used in additional interest payment to the affected customers who retain their accounts open.
Who May Claim the Compensation?
Customers should have at some point within the period of September 18, 2019, through June 16, 2025, opened a Capital One 360 savings account (not including 360 Performance Savings account) to be eligible to receive the settlement payment. Eligible customers need to be a U.S. resident and must have been sent a settlement notice with a unique identification number and PIN either via email or mail. There is no formal claim filing and customers should choose their desired payment method by October 2, 2025.
Payment Details and Options
1. Those customers who maintain their 360 Savings accounts until after October 2, 2025, will receive further additional interest payments, which will be paid out of the 125 million-portion of the settlement.
2. Customers who have closed (or converted) their accounts prior to the deadline will receive a one-time cash payment, approximate 15% larger than account holder payments.
3. The default method will be payment with the intention of electronic money, although the customer can choose to get a paper check.
4. The sum paid out toward the end depends on the amount of funds in the account and the number of years it was under the low-interest regime.
Important Dates to Remember
– October 2, 2025: Last day to choose how to pay and to allow accounts to remain open to earn more interest payments.
– November 6, 2025: Final approval of the settlement agreement hearing, in Federal Court.
– After court approval: Payment to eligible account holders will be made.
| Detail | Information |
|---|---|
| Settlement Amount | $425 million |
| Eligibility Period | Sept 18, 2019 – June 16, 2025 |
| Payment Deadline | October 2, 2025 |
| Court Approval Hearing | November 6, 2025 |
| Payment Options | Electronic deposit or paper check |
FAQs
Q1: Should I claim to get paid?
Yes. With this addition, eligible customers will automatically be paid as long as they choose their payment method before October 2, 2025.
Q2: What about a 360 Savings account that I have either closed or converted?
A2: You still can obtain a single cash payment, which can be about 15% greater compared to the payments on active accounts holders.
Q3: What will the amount of payment be?
A3: The payment is based on the duration that the account had been open at the time of eligibility period and on the balance of the account, compared to the increased interest rates they had to forego.
