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.
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
- American Express class action alleges company fails to protect some accounts against fraud
- Bank of America confirms data breach compromised customer data in November 2023
- Wells Fargo class action claims company charges illegal overdraft fees
- US Bank, BoA class actions accuse companies of stifling customer rights to free speech
51 thoughts onCapital One class action claims bank hid new savings account from existing customers
I have an even older ‘Savings Now’ account that has had a considerable sum of money in it since well before 2019 earning a pathetic 0.1% interest. I just checked my banking again today and for the first time saw a notice of the ‘new’ 360 performance account that would have been earning me over $500 a month compared to the $6 I was getting all along.
Wow… What a huge difference nearly 5 years of interest would have made. How do I get in on this lawsuit?
I recently complained to Capital One in writing about this at the end of 2023. They refused to give me any satisfaction. I’ll watch this suit and join one in the state of MA when it gets filed.
I have an account. Please add me!
I have multiple Capital One accounts effective by this.
Add me
Addme please
I have had a 360 savings account since 2017.
I had & still have Capital One 360.
Scarlet
Add me, I had a Capitol One 360 savings account, too!
Urgent! Keep Us posted & abreast in Alabama! My don had a 360 savings account with them! And about the Capitol One Privacy Breaches (we heard about the Breach & then finally receive the notice! But they left Us out the 2023 Settlement intentionally! We call the Administrator after seeing multiple Articles & they told us was too late file Claim! This needs to be re-opened & amended! Tired of these crooks! Every state must be added!
I have a CapitalOne Savings how do I get in on the Class action lawsuit