From CNBC: 2025-01-14 09:50:13

The Consumer Financial Protection Bureau is suing Capital One for misleading consumers about savings account interest rates, allegedly cheating them out of over $2 billion in interest. Capital One is accused of deceiving account holders by not notifying them of a higher-yield option, leading them to believe both accounts were the same despite substantial interest rate differences. Despite denial of allegations, Capital One faces legal action for allegedly keeping customers in the dark about the higher-yield option. The CFPB alleges Capital One aimed to keep customers unaware by replacing all references to the account with a similar name and excluding account holders from marketing campaigns advertising the higher-yield account. Capital One denies the allegations, stating it transparently marketed its higher-yield savings account and will vigorously defend itself in court.

Read more: CFPB sues Capital One, alleges it misled consumers on savings rates