Possible bank customers may receive financial compensation from a class action lawsuit settlement involving Capital One.
Capital One 360 Savings Account Class Action Settlement Approaches
Capital One has announced a $425 million settlement for a class action lawsuit regarding its 360 Savings accounts. The lawsuit alleges that Capital One failed to pay competitive interest rates compared to its 360 Performance Savings accounts, a claim that Capital One denies.
Who is Eligible for Cash Payments?
To be eligible for cash payments from the Capital One 360 Savings account class action settlement, you must have held a Capital One 360 Savings account at any time between September 18, 2019, and June 16, 2025. This includes both current and former account holders, as well as individual or entity account owners, including joint and co-holders as identified in Capital One’s records.
Steps to Receive Your Cash Payment
- Check Eligibility and Receive Notice: Capital One’s records should indicate if you are part of the Settlement Class. Eligible accountholders will receive a notification by email or mail with settlement details.
- Review the Settlement Details: The settlement total is $425 million, which includes:
- $300 million in a Settlement Fund for cash payments.
- $125 million allocated for enhanced future interest payments to those who maintain 360 Savings accounts.
- Choose Payment Method:
- If your cash payment amount is $5 or more, Capital One will automatically mail a check to your last known address.
- If you prefer an electronic payment (which you must actively select), you will receive your payment digitally regardless of amount.
- Act by Deadlines:
- October 2, 2025 is the deadline to elect electronic payment and to opt out or object to the settlement.
- The final approval hearing for the settlement is scheduled for November 6, 2025.
- Receive Payment: Payments are expected to be distributed approximately 60 days after the court grants final approval of the settlement and resolves any appeals.
For more detailed information or to select your electronic payment option, visit the official settlement website (mentioned in the notice).
Key Dates and Deadlines
| Criteria | Details | |-------------------------------|-----------------------------------------------------------| | Eligible accounts | Held 360 Savings account between Sept 18, 2019 - June 16, 2025 | | Notification | By mail or email based on Capital One records | | Cash payment threshold | Automatic check if $5 or more; digital payment available otherwise upon election | | Key deadlines | Payment election & opt-out objections by October 2, 2025 | | Final court approval hearing | November 6, 2025 | | Payment timing | About 60 days after court approval |
Customers with questions can call the toll-free number 1-888-832-2704 or visit the official settlement website for more information. The lawsuit against Capital One, titled In re Capital One 360 Savings Account Interest Rate Litigation, is moving towards resolution.
If you had a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, you may be eligible for a cash payment from the Capital One 360 Savings account class action settlement. This settlement, worth $425 million, is related to the finance and business aspects of Capital One's management of its Savings accounts.
