New York Attorney General Letitia James has filed a lawsuit against Capital One for allegedly deceiving its online savings account customers. The lawsuit claims that while Capital One promoted its 360 Savings accounts as offering competitive interest rates, the actual rates remained artificially low despite rising national averages. The company introduced a similar account, the 360 Performance Savings, which offered significantly higher interest, but failed to adequately inform existing customers about it. This led to customers losing out on potential earnings and raises concerns regarding misleading practices in the banking industry.
"Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice," James said.
The lawsuit claims that while interest rates rose nationwide, Capital One kept the rates for its 360 Savings accounts artificially low, misleading customers.
Capital One marketed its 360 Savings accounts as having one of the nation's best savings rates, yet created a similar account that paid significantly higher interest.
With compound interest, even a small difference in rates adds up over time, meaning customers lost substantial interest payments by staying in 360 Savings accounts.
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