News Summary
Capital One has reached a $425 million class action settlement for customers in Georgia with 360 Savings accounts, addressing claims of unfair interest rate freezes. Eligible customers can receive compensation based on the difference in interest rates that should have been applied. The deadline for submitting claims or objections is set for October 2. An additional $125 million is allocated for ongoing interest payments to qualifying class members. Capital One’s failure to adjust rates in time has led to this significant financial remedy for affected customers.
Atlanta, Georgia – Capital One has agreed to a $425 million class action settlement for its customers in Georgia who held a 360 Savings account, providing a potential financial remedy for many individuals affected by interest rate freezes. This settlement follows a class action lawsuit initiated by customers in 2024, along with a related lawsuit by the Consumer Financial Protection Bureau (CFPB) that accused the bank of unfairly freezing interest rates on these accounts.
The CFPB lawsuit was filed in January 2025, alleging that while interest rates nationally were increasing, Capital One kept the interest rate for its 360 Savings account at just 0.3%. Meanwhile, the interest rates for competing accounts, like the 360 Performance Savings account, reached as high as 4.3% due to hikes from the Federal Reserve. Just a month later, in February 2025, the CFPB dropped the lawsuit, but Capital One agreed to the settlement to resolve the issues raised by impacted customers.
Customers who held 360 Savings accounts between September 18, 2019, and June 16, 2025 are eligible to receive payments from this settlement. The compensation for eligible customers will be calculated based on how much interest they would have earned if their accounts had been earning the higher applicable rate afforded to the 360 Performance Savings account.
Eligibility and Payment Process
To qualify for the settlement, individuals must adhere to specific requirements outlined on the settlement website. Notably, customers who object to the settlement will be disqualified from receiving any payment. Eligible customers are encouraged to request their payments electronically through the settlement website to ensure a smoother transaction process.
The deadline for customers to either submit claims or voice objections is set for October 2, 2025. A final approval hearing for the settlement has been scheduled for November 6, 2025.
Additional Compensation Details
As part of the settlement, there is an allocation of $125 million specifically earmarked for additional interest payments to class members who continue to maintain their 360 Savings accounts. However, it’s important to note that account holders who closed their accounts before the deadline will not receive any additional interest payments.
Context on Capital One’s Banking Services
Despite having no physical branches in Georgia, Capital One provides various ATMs and online services to its customers. Those interested in utilizing these services can locate the nearest ATM and cash addition locations through the bank’s online portal.
The situation emerged as Capital One marketed its 360 Savings account aggressively as a high-yield savings option, only to draw criticism when it failed to adjust rates in line with overall market trends. As a result of the lawsuit and subsequent settlement, impacted customers may finally receive compensation after years of interest rate disparity.
As the deadline approaches, eligible customers are urged to stay informed of the requirements to ensure they do not miss out on this significant financial opportunity resulting from the class action settlement.
Deeper Dive: News & Info About This Topic
- Savannah Now: Capital One $425 Million Settlement
- WSB TV: Capital One $425M Settlement Qualification
- USA Today: Capital One Class Action Settlement
- Google Search: Capital One settlement
- Encyclopedia Britannica: Capital One
Author: STAFF HERE AUGUSTA WRITER
AUGUSTA STAFF WRITER The AUGUSTA STAFF WRITER represents the experienced team at HEREAugusta.com, your go-to source for actionable local news and information in Augusta, Richmond County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Arts in the Heart Festival, Westobou Festival, and Masters Week. Our coverage extends to key organizations like the Augusta Metro Chamber of Commerce and Greater Augusta Arts Council, plus leading businesses in manufacturing and healthcare that power the local economy such as Textron Specialized Vehicles, Cardinal Health, and Nutrien. As part of the broader HERE network, including HEREAtlanta.com and HERESavannah.com, we provide comprehensive, credible insights into Georgia's dynamic landscape.
