For many of the Capital One Consumers, this serves as a final warning to claim their settlements. After this, they might lose the opportunity to obtain their share of the $425 million settlement. Consumers only have 48 hours left to make their claim. Therefore, they are encouraged to do so before the time runs out.
Warning: Apply now before it’s too late
Those who can apply for this settlement only have a few days left to claim their portion. Therefore, a warning has been made that the customers who are affected by this, should claim as soon as possible. This is part of a massive settlement in a class action lawsuit that was brought against Capital One. Previously, Capital One was sued over its savings accounts.
This occurred with the Consumer Financial Protection Bureau accusing the company of freezing its rate at a low level for several years. This happened despite the fact that the rates keep rising nationally, “cheating” customers out of more than $2 billion in lost interest payments as a result.
When it comes to other lawsuits, they been brought over Capital One’s 360 Savings accounts in specifically. Capital One, which has not admitted to wrongdoing, has agreed to pay $425 million to settle the class action suits that was issued against the company.
How to qualify for this class action settlement
To qualify, customers are required to have had a 360 Savings account, this is not a 360 Performance Savings account. This account of possible claimants should have been active between September 18, 2019, and June 16, 2025. They who qualify to apply for this settlement might also have received a communication from the settlement managers notifying them that they are eligibility.
However, it is important to note that those who are eligible to apply, do not need to file a claim to receive a payout. Instead, they would have to use the ID and four-digit PIN found on the settlement notice to select their payment option online. The deadline to make their selection is Thursday, October 2, 2025.
In addition, Settlement administrators should note that, if claimants opt for a paper check, they will not receive one if their payout amount is less than $5. If they opt for an electronic payment, they will receive their payout regardless of how much it is.
It is also important to note that how much you receive, will be depended on the life of their account. Also, it will be depended on the amount of interest they would have received. As part of the $425 million settlement, will be dispersed to the qualifying account holders. In total, what they “would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account.” The latter are accounts that did experience rising rates but were allegedly hidden.
Additional details about the settlement
Another crucial aspect to consider is the fact that the portion of the settlement, $125 million, is earmarked for paying qualifying account holders “additional interest payments.” As stated by the settlement website, Capital One will “maintain an interest rate on the 360 Savings account of at least two times the national average rate for savings deposit accounts as calculated by the FDIC” this is specifically to those who still have 360 Savings accounts.
It is important to keep in mind that those payments will continue until all of the $125 million has been dispersed. Those who apply for this will receive the aforementioned “additional interest payments” if people decide to keep their Capital One 360 Savings account open after October 2. They do not need to file a claim for these payments.
Thus, if your account has already closed or been converted to a 360 Performance Savings account. Customers can either do this before October 2, “you will receive a Class Cash Payment that is currently estimated to be approximately 15% larger,” the settlement site explains.