Customers of Capital One affected by the $425 million class-action settlement want to know how they will know if they are eligible and if they are going to be compensated and when. This settlement, due to the claim of excessively low interest rates on 360 Savings accounts, affects consumers across the country. Here’s a rundown of the eligibility, payment timeline, and likely important dates.
Why Is Capital One Paying $425 Million?
After a class action lawsuit, Capital One will pay $425 million because the lawsuit claimed that the bank had failed to raise interest rates for savings accounts while the national rates increased. The suit also claims that Capital One marketed its 360 Savings accounts as “high-interest” accounts, but Capital One’s customers lost out on more than $2 billion on accrued interest because the bank did not pay 360 account holders competitive interest rates. Along with the settlement, these regulators and state Attorneys General also expressed that the settlement is too low, but the settlement will likely be approved as is.
Who Qualifies For The Settlement?
Settlement eligibility is simple. If you are a U.S. resident and had a Capital One 360 Savings Account anytime between September 18, 2019 and June 16, 2025, you are eligible. This is true even if you closed the account during these dates. There is no claim form to fill out since eligible customers will automatically be included in the payout calculation as long as their accounts met the criteria during the class period.
Short Data Table
| Detail | Summary |
|---|---|
| Account Type | 360 Savings Account |
| Eligible Period | Sept 18, 2019 – Jun 16, 2025 |
| Settlement Fund | $425 million |
| Final Approval | Nov 6, 2025 |
| Payout Start | Approx. Jan 2026 |
How Will The Settlement Be Distributed?
Of the total settlement, $300 million will be used for direct cash payments, and the remaining $125 million will be for future interest payments to be enhanced. The base interest on 360 savings accounts will be covered by this amount. These cash payments will be issued based on a calculation using account balances during the eligible time period.
It is expected that customers who closed their accounts prior to October 2, 2025, will receive, on average, around 15% more than those who left their accounts open. Customers will receive payments electronically or by paper check. Most consumers will receive at least $5.
Important Dates and Pay Out Schedule
- Claim option deadline: October 2, 2025 (the window to select your payment method has closed).
- Final court approval: November 6, 2025 (scheduled).
- Projected Payout Date: If there are no appeals, payouts should begin approximately mid-January 2026, which is about 60 days after final approval. If appeals are filed, payouts will be placed on hold until those are resolved.
What Recipients Need to Know: Eligible account holders do not need to do anything unless there’s a change of mailing address, as most will automatically get a check if they do not select electronic payout. Those with closed accounts or inactive balances will still be included as long as the balance was above the threshold during the covered dates.
What to Expect Next: Recipients should keep an eye on their mail or email in the weeks following the November court decision for payment notifications. Those with electronic payments will likely be the first to receive funds, while paper checks will take about 10 days longer.
FAQs:
Q1. Who is eligible for the Capital One $425 million settlement?
Anyone with a 360 Savings account between September 18, 2019, and June 16, 2025, qualifies. No claim is required as accounts were auto-enrolled.
Q2. How much will I get?
Each person’s payment will be different and is based on the account balances, as well as if the account remained open. All affected account holders will receive a payment, which is typically at least $5.
Q3. When will payments be made?
If final approval occurs without an appeal by November 6, 2025, the majority of the payouts will be made by the middle of January 2026.
