In case you have a Capital One 360 Savings Account or you opened one in the mentioned period, the information is really significant for you. Capital One has disclosed a great comfort for the customers who held accounts from September 18, 2019, to June 16, 2025. The American bank giant, Capital One, has opted to resolve a huge legal battle for an amount of $425 million as a part of the settlement. The settlement is for those customers who suffered financial losses due to the company’s policies or wrong information.
What was this lawsuit? – Allegations of Interest Rate Misappropriation
The legal action claims that both Capital One, N.A. and Capital One Financial Corp. have misled their customers about the interest rates. To the company’s credit, they only communicated the very new account, the “360 Performance Savings Account,” open for existing customers that had better interest rates than before.
On top of that, the company supposedly deceived its customers and did not inform them about the discontinuation of the high interest rate on their accounts. Consequently, the financial losses permeated to millions of customers because of this. The purpose of this legal action is to restore fairness to all the victims of the interest rates imposed on their hard-earned money.
Purpose of the Settlement and Eligibility Criteria
The primary purpose of this settlement is to provide financial compensation to customers who suffered losses due to the company’s policies.
If you opened or operated a Capital One 360 Savings Account between September 18, 2019, and June 16, 2025, you are automatically eligible.
Best of all, eligible customers don’t need to fill out a separate form. Payments will be made automatically.
How will you receive payment – by direct deposit or check?
Every eligible customer will receive a “Class Cash Payment.” Two payment options are available:
- Electronic Payment (Direct Deposit): This is the fastest and most secure method.
- Paper Check Payment: If you don’t choose electronic payment and your balance is $5 or more, a check will be mailed to you.
If your balance is less than $5, you will only receive electronic payment. Therefore, all customers are advised to prioritize the Direct Deposit Option to avoid any delays.
Deadline to Select Payment Option: October 2, 2025
What if your account is closed?
If your 360 Savings Account has already been closed or you close it before October 2, 2025, you will receive approximately a 15% Extra Payout Bonus.
However, if you close it later, this bonus will not be available—only the normal payout and a small additional interest amount will be credited.
If your account has been converted to a 360 Performance Savings Account, it will also be considered “closed.”
For more information, customers can call 1-833-248-5026.
If You Don’t Want to Participate – opt Out Process
Some customers choose not to participate in this settlement. This is called Opt Out. If you do so, you will not receive any payment, but you can independently file a lawsuit against Capital One.
Opt-Out Deadline: October 2, 2025
What to do if you disagree with the settlement?
If you believe this settlement is not fair, you can file an Objection with the court.
You can object to the following points:
- Settlement terms
- Attorneys’ fees and expenses
- Amount paid to representatives
If you wish, you can also present your views to the court during the Final Approval Hearing, although this is not mandatory.
Deadline to file objections: October 2, 2025
When and where will the Final Approval Hearing take place?
The final hearing in this case will be held on November 6, 2025, at 11:00 a.m. (EDT).
During this hearing, the court will decide on the validity of the settlement, attorneys’ fees, and other related aspects.
If you filed your objection in writing, you may request permission to present your case in person.
How much will you receive?
It has not yet been determined how much each customer will receive. The payment amount will depend on your account status, interest rate differential, and eligibility.
However, it is certain that every eligible customer will receive some amount.
To receive payment quickly, it is best to choose the electronic payment option.
What lessons did you learn from this settlement?
This situation illustrates the point that even a large bank can find itself embroiled in litigation just because of its non-transparent practices.
Moreover, being a big bank, Capital One had to ensure that its clients were fully informed and not misled about the rates and the accounts.
The settlement will not just be a way of compensating the customers, but it will also act as a reminder to the entire banking sector that the era of taking the consumers for granted is over.
What should you do now?
Electronic or Check — The deadline is October 2, 2025.
- If the account is open: Decide if you want to close it to receive the additional 15% bonus.
- If you disagree: Submit a timely objection or opt-out.
- Remember the Final Hearing: The court will deliver its final decision on November 6, 2025.
Conclusion—Relief for Customers and Lessons for Companies
The $425 million Capital One Settlement is a symbol of justice and relief for millions of customers. The customers who have been deprived of the right amount of interest for so long are now going to get their dues.
The case has reached its final stages, so it is highly recommended that all the eligible customers choose a payment option and update their information without delay.
If you are eligible, don’t put it off—choose your payment option before October 2025 and make the most of your rights.
FAQs
Q1. Who is eligible for the Capital One settlement?
Anyone who opened or held a Capital One 360 Savings Account between September 18, 2019, and June 16, 2025, is automatically eligible for payment.
Q2. Do I need to fill out any form to receive my payment?
No, eligible customers will automatically receive their settlement payment without submitting any claim form.
Q3. How will I receive my payment?
Payments will be made either through direct deposit (electronic transfer) or by paper check, depending on the option you choose.
Q4. What is the deadline to choose my payment method or opt out?
The deadline to choose your payment option or opt out of the settlement is October 2, 2025.
Q5. When will the final hearing take place?
The court’s final approval hearing for the settlement is scheduled for November 6, 2025, at 11:00 a.m. (EDT).