The capital that pays $ 425,000,000 to customers after customers cheated on higher returns on bank balances
The American Capital One will hand over $ 425 million to customers in a huge collective settlement.
Account holders accused a bank intentionally preventing them from reaching higher interest rates in their savings accounts.
Specifically, the bank is accused of misleading customers by not informing them of the 360 -yield performance provision accounts.
This is alleged to prevent customers from reaching better interest rates, while maintaining low 360 -savings account rates of up to 0.3 %.
Settlement, first I mentioned By Reuters, the judge’s approval will require.
300 million dollars are allocated to compensate for depositors for the benefits they can obtain on 360 performance saving accounts, which offered prices of up to 4.35 % last year.
The remaining $ 125 million will provide an additional benefit for depositors who are currently holding 360 accounts of savings, the low price processing they have received.
The agreement, which was presented at the Federal Court in Alexandria, Virginia, is covering 360 accounts since September 18, 2019.
Capital One, based in McLean, Virginia, did not recognize no violations and did not issue a statement on the settlement time.
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