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Capital One Class Action Lawsuit Payout Per Person

Capital One Class Action Lawsuit Payout Per Person

When big banks are accused of unfair practices, the consequences often don’t stay with just the lawyers — they reach regular customers. The Capital One class action lawsuit payout could return money (or extra interest) to people who were shortchanged. If you ever held a “360 Savings” account with Capital One between certain years, this case could affect you. And more broadly, it could push banks to be more transparent in how they advertise rates and treat existing customers.

Background: What Is This Lawsuit All About?

Capital One Class Action Lawsuit Payout Per Person

What’s the issue?

The lawsuit claims that Capital One misled customers by leaving its older 360 Savings accounts at a low interest rate, while offering much higher rates on a new product called 360 Performance Savings. Meanwhile, many existing 360 Savings account holders were not informed or given the chance to move to the higher rate. In effect, customers say they lost out on interest they deserved.

In numbers: when national interest rates rose, the newer account (Performance Savings) had rates as high as ~4.3% in some periods, while the older 360 Savings accounts remained as low as 0.30%.

Who filed it?

A group of customers (plaintiffs) filed the class action. They alleged Capital One engaged in deceptive marketing and unfair practices. Capital One denies the allegations but agreed to a $425 million settlement to resolve the dispute.

The settlement has two parts:

  1. $300 million to be paid as cash to eligible class members.
  2. $125 million in additional interest — for those who keep their 360 Savings accounts open after certain dates. Capital One promises to maintain a rate at least double the national average until that additional amount is paid.

Who’s Affected / Who Can Claim

The “class” in this case includes:

  • People who held a Capital One 360 Savings account at any time between September 18, 2019 and June 16, 2025.
  • Both current and former account holders qualify — even if the account has since been closed.
  • Joint or co-holders of accounts (if the account is jointly held) are also covered.

Exclusions include:

  • Capital One itself, its officers, subsidiaries, etc.
  • Anyone who opts out (formally removes themselves from the class) by the deadline.

So, if you had one of these 360 Savings accounts during that timeframe, there’s a chance you’re included — you’ll want to check notices or the official settlement website.

Timeline: Key Events

Here’s a simplified schedule of what’s happened (or is happening) in this case:

  • September 18, 2019 — Starting date for the class period (when the 360 Performance Savings account was introduced)
  • June 16, 2025 — End of the class period (date when the settlement’s preliminary class period closes)
  • Before October 2, 2025 — Deadline for class members to update payment info, choose how they’ll receive a payout, or opt out / object.
  • November 6, 2025 — Final hearing on settlement approval.
  • After approval — Payments begin (dates depend on administrative processing)

Because the case is still being approved by the court, payments haven’t started yet.

What’s at Stake: How Much Will You Get?

Cash payment (the $300 million portion)

  • Your share is based on how much interest you would have earned if your 360 Savings account had the higher 360 Performance Savings rate during the class period.
  • After legal fees, administrative costs, and notice costs, the remaining pool is split pro rata to all class members.
  • The multiplier is estimated to be ~1.15 (i.e. ~15% extra) depending on how many accounts remain open and how fees get allocated.

Additional interest (the $125 million portion)

  • If you continue to keep your 360 Savings account open, you can earn extra interest above the national average until the $125 million is fully paid out.
  • Capital One must maintain a rate at least twice the national average until that obligation is fulfilled.
  • If you close your account (or convert it / opt out) before the relevant date, you likely won’t receive that extra interest component.

What do these numbers look like?

Because the payout depends on each person’s account history, estimates vary:

  • Someone with a higher average balance over many years will receive more.
  • Someone with a low balance or only held the account briefly will get a smaller amount.
  • Some media reports suggest average recoveries might be tens to a few hundred dollars (or more) depending on account size.

One important note: legal fees (up to 20% of the $425 million) and administrative costs are paid from the fund. That means individual payments get reduced accordingly.

What to Watch Next / Case Update

  • Court approval (Nov 6, 2025) — If the judge approves, the settlement becomes final.
  • Payments processing — After approval, the administrators will process payments and send them out.
  • Objections or appeals — Some parties (states, attorneys general) have already objected, saying the settlement is too favorable to Capital One.
  • Claim updates / notices — The settlement website will give updates on when checks or direct deposits go out.
  • Opt-out and objection period — Be careful with deadlines: if you miss the October 2, 2025, opt-out/objection deadline, you may lose rights.

If you’re keeping your account open to get extra interest, monitor communications and keep your account active.

FAQs

Q1: Am I eligible for a payout?
You might be, if you held a Capital One 360 Savings account anytime between September 18, 2019 and June 16, 2025. That’s the class period. Even if your account is now closed, you may still qualify.

Q2: Do I need to submit a claim form?
No — this settlement is structured so that payments are automatic, as long as you don’t exclude yourself from the class. But you do need to update your payment information or choose payout preferences by October 2, 2025.

Q3: When will I receive my money?
Once the court gives final approval (scheduled for November 6, 2025) and after administrators process the payments. It might take weeks to months after that.

Q4: If I close my account, do I lose out on extra interest?
Yes — closing or converting your account before certain cutoff dates likely disqualifies you from the additional interest portion (the $125 million pool). You may get the cash part but not the ongoing benefit.

Q5: Can I opt out and sue separately?
Yes, if you opt out by the deadline (October 2, 2025), you preserve your right to bring your own lawsuit later. But once you don’t opt out, you’re bound by this settlement and can’t pursue similar claims tied to this issue.

Q6: Can the settlement change or be rejected?
Possibly — courts must approve it. Also, some states have already objected to the fairness, arguing the payout is low relative to losses.

If you think you’re part of this, check your latest bank statements or Capital One communications, keep your account active, and watch for settlement notices. This could mean a small (or not so small) recovery for what you lost in missed interest.

Author

  • Oliver Johnson

    Oliver JohnsonOliver Johnson is LawScroller’s Senior Legal Correspondent specializing in civil litigation, class actions, and consumer lawsuit coverage. He breaks down complex settlements and court decisions into clear, practical guidance for readers.

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