U.S. Government sues Capital One, claiming it cheated customers out of interest payments
The U.S. government’s consumer watchdog agency is suing Capital One, accusing it of cheating millions of consumers.
The Consumer Financial Protection Bureau accuses Capital One of freezing the interest rates of its flagship high-interest rate savings account at low levels despite rates rising nationwide.
It also claims the bank launched a new account that offered better interest rates without telling customers with the other type of savings account.
It says that decision cost consumers more than $2 billion in lost interest payments.
Capital Oone says it strongly disagrees with the claims. It says the new account was marketed widely, including on national TV, with the simplest and most transparent terms in the industry.
— CNN
