Capital One $425 million settlement approved—Who qualifies and how to claim money

Millions of current and former Capital One are set to receive their payout as the consumer banking commercial company has reached a $425 million settlement to resolve a massive class-action lawsuit.

The lawsuit involved Capital One’s “360 Savings” accounts, focusing on how the company managed the transition from the Saving accounts to its 360 Performance Savings.

The 360 Performance Savings account was introduced in 2019 with a high interest rate compared to 360 Savings; however during the transition it failed to migrate existing customers.

The legal battle accused Capital One of defrauding the customers regarding the marketing and payment of interest on its 360 Savings account product, as reported by Wolf Popper LLP in a press release, a law firm representing the original savings account holders.

As the result of confusion stemming from identical names of the accounts, customers lost millions of dollars in interest payments, as per legal documents.

This recent legal settlement with the bank was finalized by Judge David Novak, serving the Eastern District of Virginia, after years of battle.

Capital One’s initial $300 million offer was also rejected as the company was not paying fair money, not enough to make up for customers’ lost interest rates and just covering less than 10% of estimated damages.

What is revised Capital One $425 million settlement deal?

Under the revised settlement deal, the restitution will be given to millions of current and former account holders who held 360 Savings accounts between September 2019 to June 2025.

Capital One also agreed to raise the interest rates on the old 350 Savings accounts to match the higher 360 Performance Savings.

The bank must maintain and service both account types for at least two years to ensure customers aren't moved back into lower-tier brackets.

Who is eligible and how to claim the money?

According to legal settlement, all the affected Capital One customers are automatically eligible to receive the payment.

Per the court-approved settlement terms, only the primary account holder is designated to receive the payment.

There is no need to file a claim form to receive their payment, as confirmed by the settlement administrator.

If the claimed amount is worth $5 or more, the customers will get their check in the mail to their last known address.

The option of receiving an electronic payment was closed on March 30.