Capital One (COF) is facing legal action from the U.S. Consumer Financial Protection Bureau (CFPB), which filed a lawsuit against the bank. The CFPB claims that Capital One unlawfully withheld over $2 billion in interest payments to customers holding its popular “high interest” 360 Savings accounts.
The lawsuit, filed in federal court in Alexandria, Virginia, accuses the bank of misrepresenting the benefits of its savings accounts. According to the CFPB, Capital One promised consumers that its 360 Savings accounts would offer some of the best interest rates in the country. However, as interest rates across the nation increased, the bank allegedly froze the rate on its accounts at a lower level, depriving account holders of potential earnings.
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