Capital One customers may be eligible for a payout from a $425 million class action settlement involving lost interest earnings from certain savings accounts. If you held a 360 Savings account during a specific period, you could receive compensation.

 Summary Table : Class Action Payout

Background of the Capital One Settlement

In a class action lawsuit filed in the U.S. District Court for the Eastern District of Virginia, Capital One faced legal action from its depositors. The lawsuit claimed that the bank maintained two similarly named savings accounts-360 Savings and 360 Performance Savings-which had significant differences in interest rates.

Customers alleged that Capital One did not adequately inform them of the differences between the two accounts, leading many to earn significantly lower interest on their savings unknowingly. As a result, customers lost out on potential earnings that they could have accrued had they been placed in the higher-yielding account.

To settle the dispute, Capital One agreed to a $425 million settlement, subject to final court approval.

Who Is Eligible for the Capital One Settlement?

You may qualify for a share of the payout if you:

• Held a Capital One 360 Savings account

• Had the account at any point between September 18, 2019, and the settlement approval date

Important Notes:

• You do not need to have an active Capital One account to be eligible.

• Those who closed their accounts or switched to a 360 Performance Savings account during the eligibility period may still qualify.

• Affected customers will receive notice via mail or email with instructions on how to claim their compensation.

How Will Payout Amounts Be Calculated?

Payouts from the settlement will be calculated proportionally based on:

1. Length of Time the Account Was Held
   The longer your money stayed in a lower-interest 360 Savings account, the more compensation you may receive.

2. Account Balance
   Higher balances equate to higher potential interest loss and therefore a potentially larger payout.

3. Interest Rate Differences
   The actual gap between the interest rate of the 360 Savings and 360 Performance Savings accounts during your account tenure will also be factored in.

Capital One has allocated $300 million of the $425 million total to directly compensate affected customers for their lost interest. The remaining $125 million will likely go toward legal fees, administrative costs, and other expenses related to the class action.

How Much Money Can You Expect to Receive?

While the exact payout will vary for each individual, estimates suggest that the compensation won’t cover the full amount of lost interest. It will, however, provide a partial reimbursement based on your specific account activity and the number of other claimants.

Keep in mind:

• The more people file claims, the smaller each person’s share will be.

• No fixed dollar amount has been announced, and payout sizes will be prorated.

How and When to Claim Your Compensation

Steps to Claim:

1. Check Your Mail or Email
   Capital One or the claims administrator will send out notices to all affected customers with detailed instructions.

2. Opt-In and Register
   In most cases, you must opt-in to claim your share. This usually involves filling out a claim form online or via mail.

3. Follow the Deadline
   The claims notice will include a submission deadline. Make sure you respond within that window to be eligible.

Expected Timeline:

• A court hearing is anticipated later in 2025 for final approval of the settlement.

• Payments are expected to be disbursed sometime after that, possibly by late 2025 or early 2026.

Why This Settlement Matters

The Capital One class action sheds light on a broader issue in the banking industry-transparency in financial products. With interest rates rising sharply since 2022, consumers have become more aware of the yields on their savings.

The lawsuit underscores the importance of clear communication between financial institutions and their customers. Banks must now be more diligent in informing depositors of changes and options that can impact their earnings.

It also emphasizes the role of regulatory bodies and consumer litigation in holding banks accountable for practices that may not be in the best interest of their clients.

Official Resources

For more details or to track the status of the settlement:

Visit the Official Settlement Website:
https://www.capitalonesettlement.com

This site will have updates, deadlines, claim forms, and contact information for the settlement administrator.

FAQs – Capital One 360 Savings Settlement

1. Do I need to be a current Capital One customer to get paid?

Ans. No. Former customers are also eligible if they held a 360 Savings account during the qualifying period.

2. How will I know if I qualify?

Ans. You will be contacted via email or mail if you are a part of the class action.

3. How can I file a claim?

Ans. Claim instructions will be sent to eligible members. You’ll likely need to fill out an online or paper form provided by the claims administrator.

4. Is the settlement final?

Ans. Not yet. The agreement is pending final court approval, expected later in 2025.

5. What if I didn’t receive any notice?

Ans. You can check the official settlement website to see if you are eligible and for instructions on what to do if you were not contacted.

6. What are the two accounts in question?

• 360 Savings Account: Older, lower interest rate

• 360 Performance Savings Account: Newer, higher interest rate
  Many customers were left in the older account without being notified of the better option.

Final Thoughts

The $425 million Capital One settlement is a significant step toward addressing customer grievances over missed interest earnings. If you held a 360 Savings account between September 2019 and the settlement date, you may be entitled to a portion of the payout.

With financial awareness on the rise and increasing scrutiny over banking practices, this settlement is a reminder to always stay informed about your account options. Watch your email or mailbox for notifications, and be ready to claim your rightful compensation once the court gives the final approval.

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