Reported about 23 hours ago
Capital One has reached a settlement of $425 million to resolve allegations that it misled savings account depositors regarding interest rates. The bank allegedly failed to inform customers of higher rates available in its 360 Performance Savings accounts, while maintaining lower interest rates for its 360 Savings accounts. The settlement, pending judicial approval, will compensate affected depositors from September 2019 onwards, with a total payout of $300 million for missed interest and an additional $125 million for current account holders.
Source: YAHOO