The Consumer Financial Protection Bureau (CFPB) is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts, costing customers over $2 billion in lost interest. The CFPB alleges that Capital One froze the interest rate on its 360 Savings accounts for several years while promoting it as one of the nation's highest-paying accounts, and simultaneously created a 360 Performance Savings account with a much higher rate but failed to notify existing 360 Savings customers.
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“Banks should not be baiting people with promises they can’t live up to," CFPB Director Rohit Chopra said in a prepared statement. According to disclosures on the Capital One's website, 360 Savings accounts currently carry an interest rate of just under 0.50%. 360 Performance Savings accounts have an interest rate of about 3.74%.
CONSUMERPROTECTION CAPITALONE BANKING INTERESTRATES SAVINGSACCOUNTS
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