A U.S. watchdog has filed a lawsuit against Capital One, accusing the bank of deceiving consumers regarding its high-interest savings accounts and causing them to lose over $2 billion in interest payments. The Consumer Financial Protection Bureau (CFPB) alleges that Capital One misled customers about its '360 Savings' accounts, which were marketed as offering one of the nation's highest interest rates.
The complaint states that Capital One froze the interest rate on its 360 Savings accounts at a low level for several years, despite national rate increases. The bank introduced '360 Performance Savings' with a significantly higher rate but failed to inform 360 Savings accountholders about this new option, keeping them unaware of the better rates available.
