Here's How Eligible Customers Can Claim Their Capital One Settlement Cash

Customers who've had a 360 Savings Account at Capital One want to know how to claim their cash after a judge approved a multi- million settlement in a class action lawsuit. According to CBS News, the lawsuit was filed over savings account interest rates. The class action lawsuit was a result of the Capital One interest rates the bank paid to savings account customers.

The bank offered customers a 360 Savings Account at a specific rate prior to rolling out the 360 Performance Savings Account option to consumers back in 2019, which is a high-yield interest savings account.

According to Yahoo! Finance, Capital One repeatedly paid a higher return on the 360 Performance Savings Accounts than it did on the 360 Savings Accounts. The two savings accounts were identical otherwise, and customers claimed in the lawsuit that Capital One hid the fact that the 360 Savings Accounts were no longer the bank's high-yield interest savings accounts, as well as that there was an option of opening a higher-interest 360 Performance Savings Account. So, how do you get your Capital One settlement cash?

Capital One customers who had a 360 Savings Account during any time between Sept. 18, 2019, and June 16, 2025, are eligible for a payout from the settlement. Eligible Capital One customers do not need to file a claim in order to receive their cash from the settlement and they will be automatic, but if they want to receive the cash payment in the form of a check instead of electronically, they would need to decide before March 30, 2026. The request also needs to be in writing.

People whose settlement amount is more than $5 will receive a check in the mail if they opt out of the electronic option, but if the amount is less than $5, an electronic payment is the only option to receive the funds.

The amount of each customer's settlement cash depends on the amount of extra interest they would have earned with a 360 Performance Savings Account instead of with the lower-interest savings accounts. The settlement cash from the lawsuit will be divided between all eligible customers with the total amount being reduced to cover legal fees and administrative costs. The remainder will then be shared among eligible customers.

Folks on social media were less than impressed with the news about the cash settlement. One user on X wrote, "425 million and the payout will still be twelve dollars." Another replied, "$425M sounds big, your cut is $4. Still worth the paperwork?"

One user had another idea. "Get rid of all big banks!!! They're corrupt AF!!!"

The settlements were reportedly approved by the judge on April 20, and payments should began going to customers around July 21, that is if there aren't any issues in the meantime, such as legal appeals.