Learn How to Secure Your Share from Capital One’s $425 Million Settlement Before the Claims Deadline Approaches

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Learn How to Secure Your Share from Capital One’s $425 Million Settlement Before the Claims Deadline Approaches

Important Deadline Approaches for $425 Million Capital One Settlement

A significant deadline is fast approaching regarding the $425 million settlement involving Capital One. This settlement entails compensation for customers who held a 360 Performance Savings Account between September 18, 2019, and June 16, 2025. Eligible customers should have received notifications detailing their eligibility on the settlement website.

Choose Your Payment Method by October 2

Customers affected by the settlement must make an important decision by the October 2 deadline regarding their payment method. Options include electronic payments or traditional checks, depending on the total amount owed. Here’s what you need to know:

Payments of $5 or more will automatically be sent via check to the last known address if no electronic payment option is selected.
For amounts less than $5, only electronic payment will be available.

The specific amounts that customers will receive from the settlement remain undetermined. However, the settlement website strongly encourages participants to opt for the electronic payment option to expedite the process. Payments will be calculated based on the interest customers should have earned and the duration of their account ownership.

Background of the Settlement

This settlement arises from a lawsuit claiming that Capital One deceived customers out of over $2 billion through its 360 Savings accounts. Although marketed as offering some of the best interest rates in the nation, the accounts allegedly remained at the lowest interest levels while rates increased across the industry. Furthermore, while these accounts were frozen, Capital One introduced the “360 Performance Savings” accounts, which offered higher returns but were not widely available to customers, according to the lawsuit. Capital One has denied the allegations made against them.

What Affected Customers Should Consider

Given the approaching deadline, affected customers should take the following steps:

Review the notification they received regarding eligibility.
Choose a preferred payment method by October 2.
Consider selecting the electronic payment option for a faster resolution.

For more details on the settlement and payment options, customers can visit the official website or consult the El-Balad publication for ongoing updates regarding the lawsuit and its implications.

By adhering to these guidelines, customers can ensure they are informed and adequately prepared ahead of the deadline, making the most of their eligibility for compensation.