Overview
Robins Kaplan attorneys are investigating potential claims on behalf of consumers against Capital One. This investigation stems from a lawsuit filed by the Consumer Financial Protection Bureau (CFPB) related to Capital One’s handling of its “360 Savings” accounts.
Consumer Financial Protection Bureau Lawsuit Against Capital One
The Consumer Financial Protection Bureau (CFPB) is suing Capital One for allegedly misleading consumers and costing them over $2 billion in lost interest payments. The lawsuit claims Capital One froze interest rates on its “360 Savings” accounts at low levels while creating a nearly identical “360 Performance Savings” account with significantly higher interest. According to the complaint, millions of consumers were allegedly kept in the dark about the better-paying account.
Key Allegations:
1. False Promises of High Interest:
- The government alleges that Capital One marketed its 360 Savings account as offering one of the nation's best interest rates but froze the rate at 0.30% from 2019 to 2024, even as rates nationwide increased.
2. Two-Tier System:
- The federal lawsuit claims that while 360 Savings accountholders were kept at low rates, Capital One introduced the 360 Performance Savings account in 2022, offering rates up to 4.35% as of 2024.
3. Obscured Information: The CFPB alleges that Capital One allegedly misled consumers by:
- Naming and marketing the two accounts similarly.
- Replacing references to 360 Savings with 360 Performance Savings on its website.
- Excluding 360 Savings accountholders from marketing campaigns for 360 Performance Savings.
- Preventing employees from informing 360 Savings accountholders about the higher-interest account.
Did You Have a Capital One 360 Savings Account?
If you had a Capital One 360 Savings account in the past few years, we would like to speak with you. To discuss your possible case with our team, fill out the online contact form above. Our team can assist you in understanding your consumer protection rights and determine your eligibility for compensation.
About Our Attorneys
Robins Kaplan LLP law firm is among the nation’s premier trial law firms with over 200 attorneys in seven major cities. Our attorneys have compassion for our clients and passion for justice. When huge forces are at play, major money is at stake, or rights are being trampled, we help clients win what matters most.
Capital One Faces Lawsuit Over Savings Account Practices
By Ryan Marth and Geoff Kozen
