Capital One $425M settlement:If you opened a Capital One 360 savings account before or after September 2019, then there is big news for you. According to a report by Yahoo Finance, the bank has agreed to pay up to $425 million to its customers.
The matter came to light when a class action lawsuit was filed, alleging that the bank did not give correct information about better interest rates to customers.
What was the whole matter?
The lawsuit said that Capital One did not inform the old customers holding 360 savings accounts about the new and higher interest schemes. Instead, they started a new account – 360 Performance Saving Account, which offered higher interest. But the old customers were neither informed about this new option nor the interest rate of their accounts was increased.
According to the CFPB (Consumer Financial Protection Bureau), this policy resulted in the bank blocking more than $2 billion in customer savings.
Who will benefit?
If you held a Capital One 360 savings account after September 18, 2019, you may be eligible to receive a payment under this settlement.
How will you get the money?
Go to the official website – When the court gives final approval to this settlement, there will be an option to fill out a claim form.
Wait for the notice – If you are eligible, you will be sent a notification via mail or email.
No lawyer needed – This process can be completed by yourself, no legal advice will be needed.
How will the $425 million fund be distributed?
$300 million will go to those customers who lost the opportunity to earn higher interest. This amount will be decided on the basis of when and for how long you held the account.
$125 million will be given to those customers whose account is still active. Also, now their accounts will get interest at twice the national average rate.
If you are an old customer of Capital One and have used the 360 Savings Account, then this opportunity is for you. In just a few easy steps, you can make this claim and get your money back.