Financial regulators on Tuesday accused Capital One of “cheating” millions of customers of more than $2 billion in interest by freezing the rate on their accounts even as rates soared nationwide.
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*The Consumer Financial Protection Bureau alleges Capital One claimed its “360 Savings” accounts provided the “top,” “best” and “highest” rates before freezing the rate at just 0.30%, even as deposit rates rose nationwide, and prevented account holders from switching into new higher-yielding “360 Performance Savings” accounts.
*Capital One introduced “360 Performance Savings” accounts in 2019, a savings account option identical to “360 Savings” accounts but with higher interest rates, including as high as 4.25% by August 2024, the CFPB claims.
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