Posted on 01/15/2025 5:07:23 PM PST by george76
Government consumer watchdog claims Capital One misled consumers..
The Consumer Financial Protection Bureau (CFPB) is suing Capital One, alleging the bank illegally misled customers by not notifying them of account options that paid higher interest rates.
The federal government's consumer watchdog claims Capital One's practices meant millions of customers missed out on a collective $2 billion they could have made in interest payments.
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CFPB accused Capital One of promising depositors that their 360 Savings account provided one of the nation's "top," "best" and "highest" interest rates but froze their rate at just 0.30% even as deposit rates rose nationwide.
The CFPB also said Capital One kept 360 Savings depositors in the dark when, in 2019, it launched the 360 Performance Savings account, which was identical except for carrying a substantially higher interest rate that reached 4.35% in January 2024.
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Capital One allegedly told branch employees not to proactively tell depositors they could switch accounts or send depositors to the bank's account conversion unit unless they asked whether conversions were allowed.
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Banks should not be baiting people with promises they can't live up to," CFPB Director Rohit Chopra said
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Capital One stopped offering 360 Savings to new customers when it introduced 360 Performance Savings, which now yields 3.8% annually,
(Excerpt) Read more at foxbusiness.com ...
Where’s your wallet?
What’s a wallet?
MY FAVORITE IS THIS WINTER’S AD WITH JOHN TRAVOLTA DRESSED AS SANTA & ghe music is from “SATURDAY NIGHT FEVER”.
I learned my lesson with Capitol One about 20 yrs ago. They’re thieves, no ifs ands or buts about it.
Banks should not be baiting people with promises they can’t live up to,” CFPB Director Rohit Chopra said
Consumers have some responsibility also.
Please go to the link and check out the article. The picture with Biden in the background is hilarious.
Jeff Dunham and Walter.................
Lawyers to victims: “Here’s your $1.70”
sure to a point. but advertising a producat as one of the highest interest rates while offering one 10 times higher... is defintiely false advertising.
Liz Warren needs some leftist community organizer walking-around money
I have several accounts with Capital, all paying different rates. The information on which accounts pay which rates are clearly available in their website and you can transfer easily between accounts. Last thing we need is a gov’t agency coming in to ‘help’ us.
Capital One stopped offering 360 Savings to new customers when it introduced 360 Performance Savings,
They can response to your request, but cannot sell. A financial advisor can make a recommendation to you.
The bank recommending the new savings plan opens up all kinds of liability for them.
I haven’t heard good things about Capital One. Only that they don’t treat customers the best.
Respectfully, I have to agree with PP on this. What next?
Will Invesco get sued for advertising heavily their QQQ tech fund, which has made 10.04% since inception, instead of advertising their OPTFX large cap fund, which has made 12.31% since inception?
Or maybe going after KFC for advertising their original recipe chicken if someone says their pot pie is better?
I’ve had no issues with them. What’s nice is with the Venture X card, I get access to the Capital One Lounge at DFW Airport.
I also have numerous accounts with Capital One and enjoy my returns which are clearly delineated on their website.
This outfit bought out ING Direct back in the 2010s. I had to move all my online savings away from these crooks.
“JPMorgan Chase and Goldman Sachs Post Surging Profits”
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