Capital One deceived his customers from over $ 2b to interest payments, claims of explosive lawsuits

Capital One was sued Tuesday by the US Consumer Financial Protection Bureau, which accused the bank of illegally deceived customers who held his “high -interest” flag savings account from more than $ 2 billion in payments of interest.

In a complaint filed in Alexandria, VA., Federal Court, CFPB said Capital One promised the depositor that their account 360 savings only 0.30% even when deposit rates increased across the country.

CFPB also said Capital One held 360 Savings Depositors in the dark when in 2019 began the 360 ​​performance savings account, which was identical, except to maintain a fundamentally higher interest rate that reached 4.35% in January 2024.

Capital One supposedly told the branch employees not to actively tell the depositors that they can change the account, or send the depositors to the bank account conversion unit unless they asked if the conversions were allowed.

“Banks should not have people with promises who cannot live,” said CFPB Rohit Chopra director in one state.

CFPB said Capital One stopped offering 360 savings to new customers when presenting 360 performance savings, which now gives 3.8% per year, according to the Bank’s website.

Tuesday’s trial sees civil finins, return and other remedies for violations of the 2010 Consumer Financial Protection Law and the act of real savings.

“We are deeply disappointed when we see CFPB continue its last model of the eleven-eleven lawsuits of Philing ahead of a change in administration,” Capital One said in a state. “We do not strongly agree with their claims and we will be strongly defended in court.”

VA -based McLean Bank added that it traded the 360 ​​performance savings account including widely on national television, “with the simplest and most transparent terms in the industry”, and that its 360 accounts offer excellent rates.

Capital One is one of the largest US banks and credit card companies, with $ 353.6 billion deposits and $ 486.4 billion as well as September. 30, 2024.

A July 2025 trial in the Private Nationwide Private Proceedings over 360 Savings Account is scheduled to the Alexandria Court.

In a research note, TD Cowen Jaret Seiberg analyst said the CFPB lawsuit should not affect the proposed purchase of one $ 35.3 billion of the Rival of Credit Credit Discover Services.

The case is CFPB v. Capital One Financial Corp et al, District Court in the US, East District of Virginia, No. 25-00061.