The deadline that is entitled to a part of the settlement of $ 425 million that Capital One does today is Thursday 2 October. The Bank will settle a lawsuit against the class action against its holding company in 2024 for freezing interest rates of savings accounts for several years.
As a result of freezing, Capital One customers have lost billions of interest rates that now have a chance to claim. However, the settlement awaits the approval of the court, which is to hear the case on November 6.
What is the capital of one settlement of $ 425 million?
According to the US, the settlement of Capital One is based on a lawsuit with capital conduct submitted in the US Federal Court in Virginia. The Consumer Financial Protection Authority (CFPB) also sued the company at the beginning of this year and claimed that customers had lost $ 2 billion as a result of the free -interest rate.
The CFPB, who abandoned his actions in February, claimed that Capital One said his 360 savings account as a “high interest” with a variable rate that was “one of the best nations” and told them they earned significantly more money than others.
The General Prosecutor of Letitia James also sued Capital One in May, claiming that “his online savings account customers have a mistake of the interest rates to receive, allowing the bank to avoid paying high interest rates that customers promised”.
More court disputes made Capital One to agree to pay a $ 425 million settlement with its 360 savings account customers.
The litigation claimed that despite marketing of 360 accounting account as one of the best interest rates refund accounts, Capital One did not increase and maintained them artificially low when other banks raised their rates throughout the country.
Who is entitled to settle capital by $ 425 million?
Customers with the Capital One 360 savings account in the period of 18 September 2019 and June 16, 2025 are eligible to demand a settlement of $ 425 million.
According to Capital One, customers do not require any form to require such settlement and all members are eligible to receive payment by default.
Customers can also decide to receive money electronically instead of a check.
How much money does the capital customers get?
“Settlement provides $ 425 million consisting of: ($ 1) $ 300 million to settle cash to make cash payments to all 360 savings resources in connection with their account balance (” class cash “) and (2) $ 125 million to use increased interest payments. Savings accounts, ”the bank statement said.
Customers who have already closed their 360 savings accounts or closed them before October 2 will receive a class cash payment, which is estimated to be 15 percent higher than customers who decide to keep their accounts.
Customers can still decide to close their accounts after receiving a higher payment.
(Tagstotranslate) Capital One
