Financial regulators on Tuesday accused Capital One of “cheating” millions of customers of more than $2 billion in interest by freezing the rate on their accounts even as rates soared nationwide.
The bank misled its customers after promising a new savings account with a higher interest rate not ... [+]
The Consumer Financial Protection Bureau alleges Capital One advertised its new “360 Savings” accounts provided the “top,” “best” and “highest” rates before freezing the rate at just 0.30%, even as deposit rates rose nationwide.
Capital One did not immediately respond to a request for comment.
This is a developing story.
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