Capital One has settled the claims to the tune of $425 million concerning its September 18, 2019–June 16, 2025 claims claiming that Capital One maintained artificially low rates on its 360 Savings accounts. This settlement will attempt to compensate customers that were victims of the supposed actions of the bank to deny them higher interest earnings. The customers who are entitled to this payout are supposed to take action by October 2, 2025 to choose the payment method that they are comfortable with.
Who Is Eligible to the Settlement?
In order to be eligible to the settlement, the customer must have had a Capital One 360 Savings account (not 360 Performance Savings account) between September 18, 2019, and June 16, 2025. Current account holders and those former customers who closed their accounts or converted their accounts within this period are eligible. There is no payment form that will be required to obtain payment, all members of the class are automatically covered but have to select a payment option before the deadline to gain their monies.
Payment Details and Options
The $425 million settlement will be broken into two sections, with $300 million being used to provide cash payment to all qualified 360 Savings account holders according to their account balances and term and duration, and the remaining 125 million not used, to be used to pay more interest rates on the existing accounts held after October 2, 2025. Customers who do not extend their accounts until October 2 will be paid in lump sum cash amounting to an estimated 15 percent above the customers who continue maintaining their accounts. Cheques and electronic payment will be given out, and this depends on the customer.
Time Line Deadline and Final Court Approval
The deadline when customers should choose to accept their payments in the manner they prefer and choose to continue with their accounts or close them is October 2, 2025. Failure to do this within the deadline may have an impact on the payment or quantity. The settlement still awaits final court approval which is to commence on November 6, 2025, before the money is paid out. The participants have the ability of tracking their settlement position with their claim ID and PIN mentioned in the settlement notice.
| Feature | Details |
|---|---|
| Settlement Amount | $425 million in total. |
| Eligible Account Period | Sept 18, 2019 – June 16, 2025 |
| Qualified Accounts | Capital One 360 Savings accounts |
| Cash Payout Fund | $300 million |
| Other Interest Pool | $125 million (after October 2) |
| Claim Deadline | October 2, 2025 |
| Hearing on Court Approval | Winter 2025 |
FAQs
Am I required to make an insurance claim to claim money?
No, potential customers will automatically receive this, however, they should choose a payment method by October 2, 2025.
Who is eligible to the settlement?
Customers holding a Capital One 360 Savings account (as of 360 Performance) between Sept 18, 2019 to June 16, 2025.
What will be the consequences in case I fail to meet the deadline of October 2?
You will lose a greater sum of money paid out lump, and you will lose the choice of how you take the settlement.
This decision provides a great prospect of customers who have been hurt to claim back on the interest they have paid and get higher interest in future provided they keep their accounts. Those who need to ensure themselves on the part of the $425 million fund have to do so then and now to ensure you are not left out.
