Jan 14, 2025 · Capital One was sued by the Consumer Financial Protection Bureau for allegedly misleading consumers about its offerings for high-interest savings accounts. As a result, customers lost more than...

Jan 15, 2025 · The agency alleges the bank "schemed" for members to keep their lower-yield 360 Savings accounts open by freezing their interest rates, giving the lower- and higher-yield accounts similar names...

Jan 14, 2025 · The CFPB alleges that Capital One schemed to keep 360 Savings accountholders in their lower-yielding accounts by obscuring 360 Performance Savings’ existence as a distinct product with a higher rate from 360 Savings accountholders.

Jan 14, 2025 · Capital One increased the 360 Performance Savings interest rate from 0.4% in April 2022 to 4.35% in January 2024, while it lowered and then froze the 360 Savings rate at 0.3% between late 2019 and ...

Jan 14, 2025 · The CFPB alleges that Capital One kept the rate for its 360 Savings accounts at 0.30% between December 2020 through at least August 2024. The rate for 360 Performance Savings, by contrast, climbed from 0.40% in April 2022 to as high as 4.35% at the start of 2024 — falling slightly to 4.25% by August, the agency noted Tuesday.

Feb 16, 2024 · Capital One faces a class action over its decision to stop offering 360 Savings Accounts and begin offering “360 Performance Savings” accounts with a much higher interest rate.

Jan 15, 2025 · The agency alleges the bank "schemed" for members to keep their lower-yield 360 Savings accounts open by freezing their interest rates, giving the lower- and higher-yield accounts similar names and not marketing the higher-yield accounts to them.

Jan 15, 2025 · Capital One violated the Truth in Savings Act by describing its 360 Savings account’s interest rate as one of the nation’s “top” and “highest,” and that it would earn much higher interest than...

Jan 14, 2025 · In a statement, the CFPB claims that Capital One falsely advertised its “ 360 Savings ” account as offering one of the best interest rates in the nation, only to freeze the rate at a low...

Lack of Transparency: Capital One replaced references to the 360 Savings account with the 360 Performance Savings account on its website, giving the impression that the accounts were the same. 75-85 Restricting Information: Employees were reportedly prohibited from proactively informing 360 Savings account holders about the higher-rate account ...