US Financial Giant Capital One will hand over $ 425 million to customers in a huge Class Action scheme.
Account holders accused the bank of deliberately blocking access to higher interest rates on their savings accounts.
In particular, the bank is accused of misleading customers by not telling them about 360 performance-savings accounts with a higher result.
This has reportedly prevented customers from having access to better interest rates, so that their 360 savings account rates were only 0.3%.
The settlement, first reported by Reuters, requires the approval of a judge.
It assigns $ 300 million to compensate for deposits for interest they could have earned on 360 performance savings accounts, which offered rates to 4.35% last year.
The remaining $ 125 million will offer extra interest to deposits who currently have 360 savings accounts and tackle the lower rates they have received.
The agreement, submitted to the Federal Court in Alexandria, Virginia, treats customers with 360 savings accounts since September 18, 2019.
Capital One, based in McLean, Virginia, has not admitted misconduct and has not released a statement about the settlement at the time of publication.
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