Capital One class action overview:
- Who: Capital One faces a class action lawsuit over its 360 Savings accounts.
- Why: Capital One began offering a 360 Performance Savings account in 2019 to new customers at a significantly higher interest rate than 360 Savings customers.
- Where: The Capital One class action was filed in federal court in California.
Capital One faces a class action lawsuit claiming it began offering a new savings account with higher interest rates in September 2019 without informing its current customers.
The 360 Performance Savings accounts paid 1.9% interest, while the 360 Savings accounts paid $1.0% interest when they were launched, the class action says.
“By May 2023, the rate paid on the 360 Performance Savings account was 3.75%, whereas Capital One decreased the rate paid on the 360 Savings Account to only 0.30%,” the lawsuit alleges. “Currently, the rate paid on the 360 Performance Savings account is 4.35%, whereas the rate paid on the 360 Savings account has remained at 0.30%.”
Capital One allegedly financially gained by not informing current customers
Capital One never told customers it began offering the superior 360 Performance Savings account and that customers could receive a higher interest rate by simply transferring their savings to a new account, the class action says.
“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.
Customers of Capital One and five other companies began to receive checks in late 2023 related to privacy breaches. Capital One agreed to pay $190 million to resolve claims it jeopardized 98 million customers’ information in a 2019 data breach.
Do you have a Capital One 360 Savings account? Let us know in the comments.
The plaintiff is represented by Jeffrey D. Kaliel and Sophia Goren Gold of Kaliel Gold PLLC and Scott Edelsberg of Edelsberg Law PA.
The Capital One class action lawsuit is Sim v. Capital One Financial Corp., et al., Case No. 2:24-cv-01222, in the U.S. District Court for the Central District of California.
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86 thoughts onCapital One class action lawsuit claims bank hid new savings account from existing customers
In early 2013 I opened up an ING savings account. The company was acquired by capital one, it was automatically switched to a capital one 360 savings. I still have this account and looking now the Apr is .50 percent. I never heard about the 360 performance savings until reading about this settlement won. Definitely interested in knowing more.
I have a couple large (ish) savings accts at capital one and when I found out they had the new acct with the higher interest rate, I went off on the woman for the bank not informing us. So she switched it, but we were never informed of this lawsuit either. Is it too late to get in on this, and if not…..what do I need to do?
I have a Capital One 360 account & would love to know more about this case.
Thank you for your help in this matter.
I have a Capital One 360 account & would love to know more about this case.
Thank you for your help in this matter.
I just found out about this and have a Capital One savings account. Please let me know how I can be added, thanks!
I had involvement wit capital One for years and it makes me wonder how much of my information has been stolen especially on the dark web
I have a Capital One checking and savings please add me
Has anyone gotten any info on this? Just curious.
Just found out about this and have a Capital One savings account. Please let me know how I can be added, thanks!
Has anyone gotten any info on this?
I have a couple large (ish) savings accts at capital one and when I found out they had the new acct with the higher interest rate, I went off on the woman for the bank not informing us. So she switched it, but we were never informed of this lawsuit either. Is it too late to get in on this, and if not…..what do I need to do?
This is disheartening. I too have this account and have lost the interest! Why is there no link to sign onto the suit? Please contact me with instructions how to join the suit.
Have you received any info on this? Are we too late?