https://www.forbes.com/sites/tylerroush/2025/01/14/us-accuses-capital-one-of-cheating-savings-account-holders-out-of-2-billion-in-interests/

Interesting to me because I was a customer who originally had one of the 360 savings accounts, going back well over 10 years. Mine was actually called a 360 Money Market account.

One day I noticed the option for the 360 Performance Savings (I think it popped up as an "ad" when I logged into my account) and that it had a higher interest rate. So I opened a new account and moved my money. But I was annoyed they didn't just increase the interest rate on the account I already had.

I made the change back in early 2020, when interest rates first started going back up. I don't think I lost out on much interest, but I thought the change was pretty shady.

Ol Jock 99 said:

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I was with ING since the early 00s (maybe even late 90s...I forget) and forced into CapOne. I got a notice in March 2023 about the new "performance" savings and opened one. The appropriate interest rates, which are significantly higher than the old savings (I still have a small amount there too), have paid like clockwork.

Where is the issue?

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https://www.cbsnews.com/news/capital-one-cfpb-lawsuit-savings-account-rates/

Quote:

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But at the same time, some banks haven't boosted rates on their savings accounts, creating a gap between low-and top-paying accounts, similar to that of Capital One's two offerings. According to the CFPB, Capital One marketed the products similarly to obscure their distinction and forbade employees "from proactively telling" those with 360 Savings accounts about the higher-paying 360 Performance Savings, the agency said.

"Capital One did not specifically notify 360 Savings account holders about the new product, and instead worked to keep them in the dark about these better-paying accounts," the CFPB said in a statement. The lawsuit comes at a time when savers have benefitted from the Federal Reserve's decision to ratchet interest rates to fight soaring inflation, which allowed banks to roll out high-interest savings accounts after years of meager rates.

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If an email or letter got sent, I missed it. When I opened a Capital One savings account it was intended to be a HYSA. They changed the structure with little notice (and little reason) to make the type of account I had be frozen in interest rates right as interest rates began rising. The burden was fully on the customers to know about the switch, open a new account, and transfer assets.

Capital One pretty clearly put up roadblocks to this with their marketing scheme and lack of proper notice. I'm glad you saw this email/letter, but clearly a lot of people did not - to the tune of $2 billion in lost interest payments per the CFPB lawsuit.

There was no reason they could not have automatically converted everyone's account over to the new structure. I also do not see the reason why the change in structure was done at all.