Do You Qualify For A Payment In Capital One's $425 Million Class Action Lawsuit?

A class action contributed to the bankruptcy of 23andMe, and featured in one of the biggest recalls at Burger King. Now in 2025, Capital One is on the verge of paying a class settlement because of how it handled two very similar savings accounts. One was called 360 Savings, and the other, launched in September 2019, was called 360 Performance Savings. The plaintiffs alleged that the newer account paid more interest, but many people who had the older account weren't told clearly or moved to the better one. As a result, they earned less.

Capital One says it did not do anything wrong. Still, a judge gave early approval for a $425 million settlement on June 16, 2025. You can be a part of the suit if you had a Capital One 360 Savings account at any time from September 18, 2019, to June 16, 2025. That includes people who shared accounts. The bank will use its own records to figure out who's part of the group. You don't have to do anything to get paid. If you're eligible, Capital One will send your payment automatically unless you choose to leave the case, which might be unlikely with the rising cost of groceries.  Some people are not included in this case; Capital One itself, companies it owns or controls, their top staff, and the judge and court staff handling the case. The group in charge of handling everything is Epiq, the official settlement administrator.

Payout is in two parts; there's a $300 million cash fund that will be split among account holders based on the interest each person missed. The calculation looks at what you would've earned if your savings account received the better rate during that time and you get a share of the money based on that amount. If some payments don't go through or aren't cashed, the leftover money can be sent out to the group or used to cover interest payments later.

If you keep your 360 Savings account open after October 2, 2025, Capital One has to give out $125 million in extra interest plus any unclaimed amounts under Section 4.9 of the settlement agreement. It will pay at least double the national average savings rate on those accounts until the full amount is paid out. This "extra interest" is the difference between what your account actually earned and what it would have earned if Capital One only paid the national average.

You can take a few steps now. Go to the settlement website and either choose electronic payment or update your mailing address by October 2, 2025. Small payments will only be sent electronically, while paper checks will only go out if the amount is $5 or more. If your 360 Savings account was closed or changed into a 360 Performance Savings account by October 2, 2025, you'll get a bigger cash payment of 15% because you won't get future bonus interest payments.

If you don't want to be part of the settlement and want to sue Capital One yourself, you need to send a letter by mail. It must be postmarked by October 2, 2025. Send it to: Capital One 360 Savings Account Class Action Settlement Administrator, P.O. Box 4876, Portland, OR 97208-4876. In the letter, include your name, contact info, a clear note saying you want to be left out of the case, and sign it.

If you want to stay in the case but disagree with the settlement, send a written objection to the court by October 2, 2025 via: Clerk of Court, U.S. District Court for the Eastern District of Virginia, Albert V. Bryan U.S. Courthouse, 401 Courthouse Square, Alexandria, VA 22314. Your letter must include the case name and number, and explain why you think the settlement is unfair. It must also list your contact info, say whether the objection applies to you/a subset/the whole class, state whether you plan to appear (and if represented, include any evidence or exhibits your lawyer will offer).

The final court hearing is set for November 6, 2025, at 11:00 a.m. Eastern, in Courtroom 601 at the Alexandria, Virginia courthouse. Judge David J. Novak will lead the hearing and you can go in person or have your lawyer attend for you. The court will decide at or after that date if the deal is approved and there will be no payments until the judge gives final approval.