Most recently, Capital One agreed to a $425 million settlement to resolve a class action lawsuit regarding its 360 Savings accounts. The lawsuit alleged that the company was providing inadequate interest rates which resulted in customers losing $2 billion. Below is a more detailed explanation regarding the background, eligibility, and structure of the settlement and what customers need to understand concerning this case.
Background and the Allegations
Unsuitability of interest rates is placed Capital One 360 Saving accounts. Since early 2000, customers have described Capital One 360 Saving accounts something close to 360 performance saving accounts since this is the accounts the customers described as keeping the interest rates to over 14% lower than the performance account. Since early 2000, customers have described Capital One 360 Saving accounts something close to 360 performance saving accounts since this is the accounts the customers described as keeping the interest rates to over 14% lower than the performance account.
Settlement Terms
The pending class action settlement hearing at November 2025 breaks the $425 million settlement down as follows: $300 million cash, which is divided among the affected 360 Savings customers based on the customer account balances and tenure, and $125 million as future interest payments on accounts that are kept open. No claim form is necessary as affected customers will be included automatically.
The deadline to select the payout option online via electronic transfer or check was on October 2, 2025.
Who Is Eligible?
Any individual who is or was a holder of a Capital One 360 Savings account (not a 360 Performance Savings account) between September 18, 2019, and June 16, 2025, qualifies to receive cash. The longer the account was open and active, the more interest that would have been lost compared to what would have been earned in a 360 Performance Savings account.
Cash Payments and Compensation
Inactive accounts closed by the deadline will receive a cash payment that is approximately 15% higher than accounts that remain open rendering future interest payments to Account holders closed accounts. Expected average payouts to those closed accounts are still under $54. Customers may not complain about their associated alleged losses, as compensation payouts may still result in frustration all around, given the losses still reflect far less than the alleged losses as described by advocates for consumers and state attorneys general.
Tensions Relative to the Settlement
The New York’s Letitia James contacts over 18 bipartisan coalition members with state attorney clients who the oppose settlement along with other state attorneys general. Their main argument is that the deal allows Capital One to remain unlonged with accountability. The settlement still allows existing 360 saving customers to remain with low interest Capital One accounts, is unhelp with restitution. The attorney generals have filed objections with the settlement still waiting for final stamp of approval through the courts.
Key Settlement Data
| Field | Value |
|---|---|
| Total Settlement Amount | $425 million |
| Cash Payments | $300 million |
| Future Interest Payments | $125 million |
| Account Eligibility Dates | 2019-09-18 to 2025-06-16 |
| Typical Payout Estimate | <$54 per account |
Common Questions
Q1: Do affected Capital One customers need to file a claim?
Customers will not need to file a claim; all eligible customers will receive payment.
Q2: Why are some states objecting to the settlement?
States argue the settlement fails to sufficiently compensate customers and allows Capital One to continue low interest practices.
Q3: How can customers check their payout status?
Customers can access the official settlement site and check their notice using the ID and PIN provided.
