Capital One is issuing a $425 million settlement payout to eligible 360 Savings account holders. This payout compensates customers for forgone interest due to lower rates compared to a newer high-yield option. If you were an account holder during the specified eligibility period, it is important to select your payment method online before the deadline to ensure timely disbursement.
Who is Eligible for the Settlement
Eligibility is limited to Capital One 360 Savings account holders during the defined timeframe. Customers do not need to submit a separate claim form. Notices were sent via email or postal mail and include a unique ID and four-digit PIN. These credentials are required to log into the settlement portal and select a payment method.
Closed or converted accounts can still receive a one-time payout, which is often higher than payments for accounts that remain open. Keeping your account open after the deadline may result in additional interest payments from a dedicated pool.
How the Settlement Amount is Determined
The payout is based on the interest difference between what was actually earned and what would have been earned if the higher-rate product had applied during the covered period. Factors influencing the payment include:
- How long the 360 Savings account was held
- Historical account balances
- Whether the account remained open or was closed/converted
Payment Options
Customers can choose from the following methods:
- Electronic payments, such as direct deposit or digital wallet, which are faster and pay out regardless of amount
- Paper checks, which may require a minimum amount and can be delayed due to mailing issues
Selecting an electronic option is generally recommended to ensure that even small amounts are received promptly.
How to Complete the Payment Election
To select your payment method:
- Access the settlement portal using the unique ID and PIN from your notice.
- Choose between electronic or paper payment.
- Confirm account details for electronic transfer or mailing address for a check.
- Save the confirmation email for your records and monitor follow-ups from the settlement administrator.
Timeline and Key Dates
- Payment selection deadline: Complete the election by the date provided in the notice.
- Final approval: Payments are issued after court approval. Appeals may delay disbursement.
- Additional interest payments: Accounts that remain open after the deadline may earn extra interest until the dedicated pool is exhausted.
Why the Settlement is Being Paid
The settlement addresses allegations that Capital One 360 Savings accounts earned consistently lower interest than newer high-yield accounts. While there is no admission of wrongdoing, the settlement aims to compensate customers for the interest shortfall and provide improved outcomes for those maintaining eligible accounts.
Practical Tips
- Locate your notice email or letter and log in as soon as possible.
- Choose an electronic payment for faster and guaranteed delivery.
- Decide whether to keep your account open for potential additional interest or take a one-time payout if closed.
- Keep your contact information up to date to avoid delays.
Frequently Asked Questions
Do I need to submit a separate claim?
No, but selecting the payment method online with your notice credentials is required.
What if my payout is below the check minimum?
Electronic payments will still be delivered regardless of amount.
Can I receive a payout if I closed or converted my account?
Yes, closed or converted accounts generally receive a one-time payout, often higher than ongoing payments for open accounts.
When will I receive the money?
Payments are issued after court approval. Appeals may extend the timeline, so it is important to keep contact details current.
