CFPB Sues Capital One for Cheating Consumers Out of More Than …

3 days ago · The CFPB sued Capital One for cheating millions of consumers out of more than $2 billion in interest. ... would “still have great rates.” However, from late 2019 to mid-2024, Capital One lowered and then froze the 360 Savings account rate to just 0.30%, even as rates …

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CFPB Sues Capital One For Cheating Consumers Out Of More Than …

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Capital One Allegedly Cheated Customers Out Of $2 Billion In …

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2 days ago · According to disclosures on the Capital One's website, 360 Savings accounts currently carry an interest rate of just under 0.50%. 360 Performance Savings accounts have …

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Capital One Is Accused Of Cheating Customers Out Of $2 Billion

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3 days ago · “The only thing that has ever meaningfully distinguished 360 Performance Savings from 360 Savings is the former product’s higher interest rate,” the lawsuit said. A Capital One …

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CFPB Sues Capital One For 'cheating' Customers Out Of Over $2

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Capital One increased the 360 Performance Savings interest rate from 0.4% in April 2022 to 4.35% in January 2024, while it lowered and then froze the 360 Savings rate at 0.3% between …

msn.com

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CFPB Sues Capital One, Alleges It Misled Consumers On Savings Rates

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3 days ago · Capital One increased the 360 Performance Savings interest rate from 0.4% in April 2022 to 4.35% in January 2024, while it lowered and then froze the 360 Savings rate at 0.3% …

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Capital One Sued By US Watchdog Alleging Bank Cheated …

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2 days ago · According to disclosures on the Capital One's website, 360 Savings accounts currently carry an interest rate of just under 0.50%. 360 Performance Savings accounts have an interest rate of about 3.74%.

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Capital One Sued For 'cheating' Customers Out Of More Than $2 …

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2 days ago · When interest rates rose across the U.S., Capital One allegedly froze interest rates on its flagship "360 Savings" account, which promised one of the nation's "best" and "highest" …

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CFPB Sues Capital One For 'cheating' Customers Out Of Over $2 …

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Feb 20, 2024 · The Consumer Financial Protection Bureau announced it was suing Capital One for "cheating" customers out of more than $2 billion in interest.

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Capital One Sued Over Deceptive High-Interest Savings Accounts

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2 days ago · The CFPB claims that Capital One maintained the interest rate for its 360 Savings accounts at 0.30% from December 2020 through at least August 2024. In contrast, the rate for …

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Capital One Sued; Cheated Customers Out Of $2 Billion, Feds Said

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2 hours ago · The Consumer Financial Protection Bureau has filed suit against Capital One for allegedly misleading customers about its high-interest savings accounts. The suit, filed …

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Capital One Savings Account Lawsuit: What You Need To Know

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8 hours ago · CFPB is suing Capital One over savings account interest rates. Learn what account holders should do now. ... CFPB lawsuit alleges $2B in lost interest. ... Capital One allegedly …

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Capital One Sued By CFPB For 'cheating' Customers Out Of ... - Quartz

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3 days ago · Between April 2022 and August 2024, Capital One raised the 360 Performance Savings rate from 0.40% to 4.25%, the complaint alleged. Advertisement Capital One did not …

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Capital One Sued By US Watchdog Alleging Bank Cheated …

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2 days ago · According to disclosures on the Capital One's website, 360 Savings accounts currently carry an interest rate of just under 0.50%. 360 Performance Savings accounts have …

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Capital One Cheated Customers Out Of Billions, Says Lawsuit - MSN

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“From late 2019 to mid-2024, Capital One lowered and then froze the 360 Savings account rate to just 0.30%, even as rates increased nationwide,” said the CFPB in a press release. “In ...

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Capitol One Faces $2 Billion Lawsuit For Misleading Customers …

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2 days ago · YouTube The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One Financial and accused the bank of misleading millions of customers and costing …

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FAQs about CFPB Sues Capital One for Cheating Consumers Out of More Than … Coupon?

Did capital one 'cheat' customers out of $2 billion?

The Consumer Financial Protection Bureau sued Capital One Financial in federal court on Tuesday, accusing the bank of “cheating” customers out of more than $2 billion by misleading them about interest rates for certain savings accounts. ...

Why did Capital One lose $2 billion?

Capital One was sued by the Consumer Financial Protection Bureau for allegedly misleading consumers about its offerings for high-interest savings accounts. As a result, customers lost more than $2 billion in potential interest payments, the lawsuit claims. ...

Why is Capital One suing CFPB?

In contrast, from April 2022 to August 2024, Capital One raised the interest rate on the Performance accounts from 0.40 percent to 4.25 percent, CFPB states in the complaint. “The CFPB is suing Capital One for cheating families out of billions of dollars on their savings accounts,” CFPB Director Rohit Chopra said in a statement. ...

Did Capital One 'illegally' avoid paying billions in interest?

These actions mean Capital One "illegally avoided paying billions in interest to millions of consumers," the CFPB wrote in its Tuesday complaint. The agency says it's seeking to impose civil penalties and provide financial relief to those impacted. ...

What happened to Capital One's performance savings account?

In July, for example, CFPB alleges, the Performance Savings rate was more than 14 times that of the original 360 Savings accounts. But Capital One kept existing customers in the original accounts and took steps to obscure the new product’s existence “to avoid paying them its higher interest,” the CFPB alleges. ...

Did Capital One adjust interest rates only for performance accounts?

After the Federal Reserve started raising interest rates in 2022, Capital One adjusted rates only for the Performance accounts, federal regulators allege. The bank kept the 360 Savings rate fixed at 0.30 percent from December 2020 to at least August 2024, even as rates rose nationwide, CFPB claims. ...