Judge approves $425 million Capital One settlement ... - CBS News
The settlement stems from claims Capital One paid lower interest on older savings accounts while offering higher rates on a similar product.
www.cbsnews.comHere’s the latest on Capital One 360 settlement payouts, based on recent reporting.
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The settlement order: A judge approved a $425 million settlement to address alleged differences in interest paid to older Capital One 360 Savings customers compared with the higher-rate 360 Performance Savings accounts. Payments are set to be distributed to eligible customers, with the exact amount per person varying based on factors like account type, balance, and duration of eligibility.[6][9]
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Timing of payouts: In the approved settlement, automatic payments to eligible class members are anticipated to start within a few months of final approval, but the exact date can depend on court processes and any potential appeals. Some reports indicate payments could begin around July 2026 if there are no appeals; if an appeal is filed, distributions would occur after the appeal is resolved.[5][6]
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Who is eligible: The settlement covers current and former Capital One 360 Savings account holders from the September 18, 2019 through June 16, 2025 window, and may also affect ongoing account terms by aligning rates with the higher-yield counterpart for a period. People who held or held and closed accounts within that timeframe are generally included unless otherwise excluded by the settlement administrator.[2][3][6]
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How payouts are calculated: The payout amount for each member is determined by the interest a holder would have earned had their funds been in the higher-yield 360 Performance Savings account during the relevant period. After deducting legal and administrative costs, the remainder is distributed among eligible participants. Some sources note that payments will be automatic, with no action required by claimants.[1][2][6]
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Notable context: The settlement arose after claims that 360 Savings and 360 Performance Savings had the same features aside from interest rate, leading to disputes about whether customers were fairly compensated. The settlement requires Capital One to align the 360 Savings rate with the higher rate for at least a defined period, which is intended to prevent similar gaps moving forward.[9][1]
If you want, I can:
- Check your eligibility based on your timeline with Capital One 360.
- Explain how to verify your status on the settlement administrator’s site.
- Summarize key dates and what to expect in the coming weeks once notices go out.
Please share your location details and whether you had a Capital One 360 Savings account between 2019 and mid-2025, and I’ll tailor the check. Sources: CBS News on the final approval and payout details, Today/NBC-affiliated coverage on eligibility and timeline, and settlement updates including the judge’s approval and payment timing.[2][6][9]