The Consumer Financial Protection Bureau is suing Capital One for deceiving consumers about savings account interest rates, resulting in over $2 billion in lost interest. The bank allegedly misled customers by promoting its “360 Savings” account without informing them of the higher-yield “360 Performance Savings” option. Despite significant interest rate differences, Capital One allegedly marketed the two accounts similarly, leading customers to believe they were the same. The CFPB accuses Capital One of keeping customers in the dark about the better option by replacing references to the 360 Savings account with the 360 Performance Savings option on its website and excluding them from marketing campaigns. Capital One denies the allegations, stating that it transparently marketed the 360 Performance Savings account. The bank claims the product was widely advertised with clear terms.
