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Capital One customers who held a 360 Savings account between September 2019 and June 2025 may be in line for a settlement payment after a federal judge approved a $425 million class action settlement. The Virginia-based bank faces allegations of deceptive marketing practices related to its savings account products. Unlike many class action cases, eligible customers won't need to file claims—payments will be automatically distributed beginning around July 21.
The lawsuit centers on Capital One's failure to adequately notify legacy 360 Savings accountholders about switching to a higher-yielding alternative product. According to Wolf Popper, the law firm representing plaintiffs, the bank offered two similarly-named accounts with vastly different interest rates. When the Federal Reserve raised rates starting in 2022, this gap widened dramatically—by December 2023, the 360 Performance Savings account offered 4.35% APR while the standard 360 Savings account paid just 0.30%.
Individual payment amounts will vary based on the interest customers would have earned had their accounts received the same rate as the Performance Savings product. The settlement amount has been adjusted from an initially rejected proposal, underscoring the complexity of calculating damages across potentially hundreds of thousands of affected accounts nationwide.
The settlement news comes as Capital One's stock price has struggled this year, declining nearly 22% while the broader S&P 500 has gained approximately 4%. For Charlotte-area residents with these accounts, the settlement represents a rare opportunity to recover lost earnings from a period when competitive savings rates were increasingly important to personal financial strategy.
