Economics

498 readers

28 users here now

founded 2 years ago

CFPB sues Capital One for 'cheating' customers out of over $2 billion in interest (www.cnbc.com)

submitted 2 weeks ago by MicroWave to c/economics

4 comments fedilink hide all child comments

Summary

The Consumer Financial Protection Bureau (CFPB) is suing Capital One for allegedly misleading customers about interest rates on its savings accounts, resulting in over $2 billion in lost interest.

The CFPB claims Capital One failed to inform "360 Savings" account holders about the higher-yield "360 Performance Savings" account, freezing the former's rate at 0.3% while the latter rose to 4.35% by 2024.

Capital One denies the allegations, asserting transparency and vowing to defend itself.

The lawsuit highlights concerns over deceptive banking practices and customer trust.

you are viewing a single comment's thread
view the rest of the comments

[–] brlemworld 2 points 2 weeks ago

In addition to back payments.