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.CFPB Sues Capital One; Bank Cheated Customers Out Of $2 Billion Intere$t!!!January 15, 2025."The Consumer Finance Protection Bureau is suing Capital One, as it claims the bank failed to pay more than $2 Billion in interest to its customers.The consumer bureau, a federal agency responsible for consumer protection in the finance sector, alleges Capital One marketed its 360 Savings account as having some of the best interest rates in the country but did not mention to those customers that its newer product, the 360 Performance Savings account, had interest rates of up to 4.35%, compared to the 0.30% rate of 360 Savings.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.".
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CFPB Sues Capital One; Bank Cheated Customers Out Of $2 Billion Intere$t!!!
January 15, 2025
"The Consumer Finance Protection Bureau is suing Capital One, as it claims the bank failed to pay more than $2 Billion in interest to its customers.
The consumer bureau, a federal agency responsible for consumer protection in the finance sector, alleges Capital One marketed its 360 Savings account as having some of the best interest rates in the country but did not mention to those customers that its newer product, the 360 Performance Savings account, had interest rates of up to 4.35%, compared to the 0.30% rate of 360 Savings.
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."
