How to check if you’re eligible for Capital One’s – Business News
Millions of present and former Capital One prospects ought to quickly begin receiving funds from the bank’s $425 million settlement — and it takes simply a few steps to check if you’re eligible.
Capital One has agreed to pay the almost half a billion greenback sum to settle accusations it ripped off prospects by promoting two financial savings accounts — 360 Savings and 360 Performance Savings — with very comparable names, however vastly totally different rates of interest.
Current and former prospects who held a Capital One 360 Savings account at any time between Sept. 18, 2019, and June 16, 2025, are eligible for settlement funds.
Millions of present and former Capital One prospects ought to quickly begin receiving funds from the bank’s $425 million settlement. Atstock Productions – stock.adobe.com
Eligible prospects ought to begin receiving their funds within the subsequent month or two with out taking any motion. Payment quantities will fluctuate primarily based on how long you held your account, how a lot money was within the account and how many people are included within the settlement class.
How to check if you’re eligible
The lawsuit accused Capital One of leaving prospects at midnight about which financial savings account they held and steering them away from switching to the higher-yield option.
Customers can check which financial savings account they maintain to see if they’re eligible for the funds – although those that opened accounts after June 16, 2025 is not going to be eligible.
If you might be not sure of which financial savings account you maintain, you may signal into Capital One’s cellular app or web site, choose the precise account you’d like to check, go to “Account Details” after which faucet “View All.”
Current and former prospects may check their bank statements, which is able to show which account they maintain.
To discover your statements on Capital One’s web site, click on on the account you need to view after which choose “View Statements.”
Capital One has agreed to pay $425 million to settle accusations it ripped off prospects. REUTERS
On the cellular app, prospects can faucet the account you need to view, scroll to the underside of the web page and faucet “Statements.”
The 360 Performance Savings account launched in 2019 with a 1.9% rate of interest – simply barely above the unique 360 Savings’ 1% yield, in accordance to the lawsuit.
But that quickly modified drastically – with 360 Savings dropping to a 0.3% fee whereas the new 360 Performance Savings jumped as high as 4.35%, in accordance to the go well with.
Since Capital One didn’t make it clear that the 2 accounts had vastly totally different rates of interest, prospects misplaced out on thousands and thousands of {dollars} in curiosity funds, the go well with alleged.
