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Capital One will be paying its 360 Savings account holders from 2019 to 2025 back the profits they have been holding back. They have agreed on a $425 million settlement after a lawsuit accusing them of keeping low interest rates for years. The customers of Capital One were being cheated out of billions of profits while the bank made them believe they had the most profitable accounts. They were paying less than what they promised and raising customers’ expectations. However, the Consumer Financial Protection Bureau (CFPB) caught on to their clever strategy and filed a class action lawsuit. Now the bank has not admitted to the financial crime, but they have agreed to settle without a trial. If they had gone to trial, the settlement could have been worse. So they have decided to pay back in a way to protect their image. The customers lost $2 billion of profits, but they’ll only be compensated with $425 million. Out of this amount, $125 will be used to work on interest rates for the future in case people decide to open their accounts. Were you a Capital One customer between September 18, 2019, and June 16, 2025? You may be eligible for a payment as part of a $425 million class action settlement. https://t.co/2Dks7ZlVEF — PIX11 News (@PIX11News) August 10, 2025 Moreover, people who closed their accounts before October 2 will get 15% more. To receive the money, the customer does not need to file for it. They will get it in their bank account after verifying the payment information. The bank has also notoriously given an option to opt out of the settlement money. The users can either get a check or receive the money via electronic transfer. Once the next hearing on November 6 is done, the bank will start rolling out the payments. The amount hasn’t been decided yet, but it may depend on the money you have in your account. If you are not happy with the settlement, you may file your own lawsuit, but you’ll have to pay for it yourself. Over the last few months, people have been angry with the bank. One user posted on X, “Capital One is being sued for stealing $2 billion from their customers and now they refuse to deposit people’s checks… if I say what needs to happen to their board members, I’ll have some knocks on my door.” They have had other issues as well. One customer pointed out that the bank is holding out on direct deposits, making them have personal financial struggle.
