Economics

479 readers

94 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 3 days 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.

top 4 comments

sorted by: hot top controversial new old

[–] [email protected] 5 points 3 days ago

All legacy banks do this... Smarr money knows to chase that yield.

Tbills is the GOAT, deny money changer profits 🐸

[–] [email protected] 3 points 3 days ago (2 children)

$500M fine sounds appropriate.

[–] Frozengyro 5 points 3 days ago

That'll stop them from ever doing it again. Only profiting 1.5 billion on it after all.

[–] brlemworld 2 points 3 days ago

In addition to back payments.