Former Capital One 360 Customers Since 2019 Qualify for Payout: Refund $425 Million

Capital One has agreed to a major $425 million class-action settlement, impacting millions of current and former 360 Savings Account holders. This deal follows allegations that the bank failed to inform customers of higher-interest alternatives, causing many to miss out on better earnings. If you’ve held a 360 Savings account since September 18, 2019, you could be entitled to compensation.

Here’s a full breakdown of why the refund matters, who qualifies, and what steps to take.

Why Capital One Is Paying $425 Million

The issue began when Capital One launched the 360 Performance Savings account, offering higher interest rates. However, the bank allegedly did not notify existing 360 Savings account holders of this better option. As a result, many customers unknowingly earned lower interest on their savings for years.

A complaint filed as a class-action lawsuit accused Capital One of unfair and deceptive practices. Although the bank denied wrongdoing, it chose to settle to resolve the matter and avoid further litigation.

The Consumer Financial Protection Bureau (CFPB) noted that the bank may have avoided paying over $2 billion in interest by keeping account holders on less competitive rates.

Who Is Eligible for the Refund?

You may be eligible for part of the $425 million payout if:

• You held a Capital One 360 Savings account at any point after September 18, 2019
• You are a current or former customer (an open account is not required)
• You were not informed about, or did not switch to, a 360 Performance Savings account

Refund Allocation Breakdown

Group	Amount	Details
Former and current customers	$300 million	Compensates for lost interest due to lower-rate accounts
Current 360 Savings holders	$125 million	Includes interest rate improvements and direct payments

How to Claim Your Capital One Refund

Filing for compensation is simple and does not require a lawyer. Once the settlement receives court approval, a dedicated claims website will go live.

Here’s what you need to do:

1. Confirm Eligibility
   Check if you held a 360 Savings account on or after September 18, 2019.
2. Watch for Official Notices
   You’ll receive instructions via email or mail if you’re included in the class.
3. Visit the Settlement Website
   Once active, the website will offer online claim forms and step-by-step guidance.
4. Submit Required Information
   Follow the instructions to file your claim. No attorney is needed.

Quick Reference Table

Requirement	Action	Your Benefit
360 Savings account post-2019	Visit the official settlement website	Potential share of the $300 million fund
Currently hold a 360 Savings account	Check for increased rates in coming months	Part of $125 million in ongoing benefits
Former account holder	Watch for notices and file your claim	Direct compensation possible

What Happens Next?

The settlement still needs judicial approval, expected sometime in mid to late 2025. After that, Capital One will begin processing eligible claims and issuing payments.

Note: Capital One has not admitted any wrongdoing as part of the agreement.

To avoid missing out:

• Ensure your contact details are up to date with Capital One.
• Check your inbox and mailbox for settlement instructions.
• Act promptly once the claim window opens.

This refund marks a major win for banking transparency and consumer rights. Whether you’re a current or former customer, this could mean hundreds—or even thousands—of dollars back in your pocket.

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