Did you have a Capital One “360 Savings” Account Between December 2020 and August 2024?
Capital One Accused of Deceptive Practices Affecting 360 Savings Account Holders
On January 14, 2025, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One, alleging that the bank misled customers by promoting its “360 Savings” accounts as high-yield while simultaneously offering a separate “360 Performance Savings” account with significantly higher interest rates. The CFPB contends that Capital One failed to inform existing 360 Savings account holders about the more advantageous Performance Savings accounts, resulting in customers missing out on over $2 billion in potential interest earnings. consumerfinance.gov
The lawsuit asserts that from 2013 to 2019, Capital One marketed the 360 Savings account as offering one of the nation’s top interest rates. However, from December 2020 to at least August 2024, the bank kept the 360 Savings interest rate fixed at 0.30%, while the 360 Performance Savings account offered rates that were more than 14 times higher during the same period. Capital One did not automatically upgrade or adequately notify 360 Savings account holders about the higher-yielding option.
This case highlights the importance of transparency in banking practices and the potential for financial institutions to take advantage of consumer inertia. The CFPB’s action seeks to halt Capital One’s alleged misconduct, provide redress for affected consumers, and impose civil money penalties.
If you held a 360 Savings account with Capital One during the specified period, you might have been affected by these practices. Our law firm is actively investigating this matter and is prepared to assist individuals seeking compensation for lost interest. Please contact us to discuss your legal options and how we can help you pursue the restitution you may deserve.
Experience Matters
Sauder Schelkopf has a nationally recognized litigation practice. The firm currently serves as court-appointed lead counsel in courts across the country. The attorneys at Sauder Schelkopf have recovered over $1 billion on behalf of their clients and class members. Our firm was recognized by the Legal Intelligencer’s 2022 Professional Excellence Awards. The Legal Intelligencer’s Professional Excellence Awards honor Pennsylvania law firms and attorneys who have made a significant, positive impact on the legal profession. Our firm was named in the Litigation Departments of the Year (Specialty Area category; runner-up), an award that honors the best litigation practice in a small or mid-sized firm in Pennsylvania. This recognition was based on the firm’s 2021 litigation work and its important ongoing cases. LawDragon has recognized our attorneys in its list of the “500 Leading Plaintiff Consumer Lawyers” for 2022. This list notes: “From the opioid epidemic to toxic substances and defective products, truck accidents to wildfires and sexual abuse, these are the lawyers who stand on the front line in individual lawsuits and class actions seeking justice.” Mr. Schelkopf was named to Pennsylvania’s Best Lawyers® 2022 for Class Actions/Mass Tort Litigation. The American Lawyer named Mr. Sauder to its 2021 Northeast Trailblazers. The honor recognizes 60 lawyers who are “truly agents of change.” It “recognizes professionals in the Northeast who have moved the needle in the legal industry.” The Legal Intelligencer named Mr. Sauder and Mr. Schelkopf in its 2020 Pennsylvania Trailblazers list recognizing 31 lawyers who “have taken extra measures to contribute to positive outcomes . . . and who are truly agents of change.” The Legal highlighted the firm’s innovative work on advocacy as class counsel in large institutional sex abuse cover-ups, women’s, and children’s rights. Our attorneys have also consistently been recognized by their peers being named to Pennsylvania SuperLawyer, a distinction held by the top 5% of attorneys in Pennsylvania. The National Trial Lawyers Association has also selected our attorneys as the Top 100 Trial Lawyers in Pennsylvania.
We Want to Hear from You
If you held a 360 Savings account with Capital One during the specified period, you might have been affected by these practices. Our law firm is actively investigating this matter and is prepared to assist individuals seeking compensation for lost interest. Please contact us to discuss your legal options and how we can help you pursue the restitution you may deserve.