New York Attorney General Letitia James has filed a lawsuit against Capital One Bank for allegedly deceiving customers of its '360 Savings' accounts. She claims that although the bank marketed these accounts as offering high interest rates, they kept the rates artificially low while simultaneously launching '360 Performance Savings' accounts that offered far higher rates. The lawsuit argues that customers were not informed by Capital One about the option for higher interest rates unless they directly inquired, raising concerns about consumer rights and accountability in banking practices.
Capital One has allegedly misled customers by promoting its '360 Savings' accounts as high interest, while keeping rates artificially low compared to other products.
Attorney General James claims Capital One's strategy effectively concealed better interest opportunities from existing customers, thus violating consumer trust and expectations.
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