Read more here: https://www.cnn.com/2025/01/14/investing/capital-one-cfpb-ruling/index.html
Looking forward to receiving a $6 gift card in a few years.
Zaren said:
Looking forward to receiving a $6 gift card in a few years.
Lmao it’ll be a settlement check for $0.50 which costs more to make and mail than what it’s ‘worth’.
Zaren said:
Looking forward to receiving a $6 gift card in a few years.
Depends if we still have CFPB then.
Zaren said:
Looking forward to receiving a $6 gift card in a few years.
I received my huge payday last week - $29.
Zaren said:
Looking forward to receiving a $6 gift card in a few years.
And yet another subscription to some predatory credit monitoring service.
Zaren said:
Looking forward to receiving a $6 gift card in a few years.
Anyone who doesn’t know to move money out of the old account to the new one is no worse than anyone sitting on 100k in checking.
It was very scummy of Capital One to do that. They essentially had their first savings account product with high interest, then made a new one with high interest while lowering the original one to 0.30% without informing anyone. I don’t get the point other than trying to steal people’s interest money.
@Conn
I remember being surprised that my Capital One account’s interest rate was lower than it was when I opened it, despite interest rates rising everywhere else. I simply opened a new account at a competitor and moved my money there. Found out later I could have opened a new ‘performance savings account’ to get the high rate I had been accustomed to, but by that point I didn’t want to go back because it felt so scummy of them.
@Conn
Yeah, it’s a bait-and-switch, and gagging their employees from assisting customers makes it worse. Not everyone is up-to-date on their savings account names and interest rates.
@Conn
It feels kind of like that ‘Savor card for good credit’ that’s just the Savor without the SUB for people who don’t get approved for the normal Savor.
Brighterhy said:
@Conn
It feels kind of like that ‘Savor card for good credit’ that’s just the Savor without the SUB for people who don’t get approved for the normal Savor.
Ironically, they also got a class action lawsuit regarding that as well.
@Conn
This is common practice in my experience, and I’ve never used Capital One. Doesn’t make it right, of course, but those leaving money in a high-interest cash account should periodically compare rates; all banks do this.
@Thane
Especially since the Fed has cut rates.
@Conn
Almost. When interest rates were super low, they lowered their savings account to 0.3%. Then when interest rates raised again, rather than raise their interest rates, they left the rate at 0.3% and created a new savings account line with a higher rate. This was all informed, but the original 360 savings account was promised as a ‘competitive’ product. Essentially a bait-and-switch that saved them $2 billion.
Wow!!! Thank you for posting this. I have a savings account with Capital One and had no idea. I just checked my most recent statement; sure enough, my rate is 0.44%. I’m more mad than I can say. I’ll definitely be researching a new account to move my money into after work and check monthly statements to ensure I don’t get scammed again.
@Tobin
I’ve been having the higher interest one; had no idea there was another version for a lot less—ridiculous. I’m sorry they did that to you. For mine, I’ve noticed they’ve been reducing the interest without notice, so I have to check frequently. Ally Bank, for example, actually will notify you of changes, which is odd for Capital One.
@Montana
I thought there was only one savings account with them that got 4%; I had no idea they changed it and made it tiered.
@Tobin
For what it’s worth, I’ve used Ally for over a decade and they don’t do this. Very consistent.
patrickseed said:
@Tobin
For what it’s worth, I’ve used Ally for over a decade and they don’t do this. Very consistent.
Thanks, they’re on my list to check tonight.