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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51 thoughts onCapital One class action claims bank hid new savings account from existing customers
Please add me. I’m in colorado though. Been a 360 account holder for over 10 years. Is there a class action suit here in colorado?
Had accounts, please add.
I have a 360 Savings account through Capital One and they are not paying the interest of the 4.35% – I am barely getting a fraction of that percentage even though I have thousands of dollars in their HYSA.
Me too. Had a high-yield ING account that they took over.
Me too. Had a high-yield ING account that was merged into CapitalOne360 and lost all my interest.
Same here. Had ING high-yield account that was absorbed into CapitalOne360. Found out much later that they dramatically cut the savings interest rate.
Please add me to this suit. I have been a Capital One 360 savings holder since 2006 when it was originally ING Direct. I just found out today about this 360 Performance Savings account which has zero difference to the 360 savings account I was in with the significantly lower interest rate. I have switched over but with the amount I had in my savings account I’ve lost out on thousands in interest since 2019.
I had an ING account which became a 360 Savings account. This past week I noticed my interest as .30 and I thought I was getting the 4.30 that was advertised. I switched to the 360 performance account now but wish I had checked this sooner.
Please add me
I have Capital One 360