Millions of Capital One customers are getting cash payouts starting in July

You might be getting some money from Capital One this summer, and you don’t even have to do anything for it.

A $425 million settlement just got approved this week and millions of Capital One customers could be getting paid starting around July 21, all because of how interest rates were handled behind the scenes.

This goes back to 360 Savings (older account) and 360 Performance Savings (newer, higher interest). In 2019, Capital One introduced the newer version with better rates.

Now, the lawsuit claims the bank didn’t clearly tell existing customers that a better option existed and that their current account wasn’t earning as much anymore. So people kept their old accounts, earning less the whole time.

Meanwhile, a nearly identical account was sitting right there with higher returns.

How much is in play?

It depends. Each person’s payout is based on the difference between what they earned vs. what they could have earned if they had the higher-rate account.

So a bigger balance means a bigger payout. How long you held the account also plays a role.

After legal fees and admin costs, whatever is left gets split across eligible users. So, if you are eligible for the payout, don’t expect life-changing money. But it’s still your money.

And in case you are wondering, you don’t have to file a claim. If you qualify, you’re automatically in. Payments over $5 are going to be sent electronically or by check while payments under $5 will only be sent electronically. 

So if you had a 360 Savings account at any point between Sept. 18, 2019 and June 16, 2025, and you’re not sure what amount you will receive, you might want to opt for electronic payment to be covered either way. You have until March 30 to do that.

Source: CBS News