If you held a Capital One 360 Savings account at any point between 2019 and 2025, a check may be headed your way this summer without you doing a thing. Under the terms of a $425 million class-action settlement in the case Zink v. Capital One, N.A., automatic payments are scheduled to start mailing July 27 to eligible account holders, according to the settlement notice distributed to class members. No claim form is required.
The settlement resolves allegations that Capital One quietly funneled new customers into a higher-yield product called 360 Performance Savings while leaving millions of existing 360 Savings holders stuck earning a fraction of a percent. The case is one piece of a broader legal reckoning: New York Attorney General Letitia James has filed a separate lawsuit accusing the bank of deliberate bait-and-switch tactics, and the Consumer Financial Protection Bureau ordered Capital One in 2024 to pay roughly $100 million in restitution over the same conduct.
What Capital One is accused of doing
The New York AG’s complaint lays out a blunt narrative. Capital One attracted depositors with competitive rates on its 360 Savings account, then launched 360 Performance Savings in 2019 offering dramatically higher yields. Rather than migrating existing customers or even alerting them to the new option, the bank kept legacy account holders right where they were.
“Capital One exploited its customers’ trust, keeping them in the dark about higher-yield accounts while profiting off their loyalty,” Attorney General James said in a statement announcing the lawsuit.
The gap between the two products grew stark over time. As the Federal Reserve raised interest rates through 2022 and 2023, 360 Performance Savings climbed above 4% APY. Meanwhile, 360 Savings holders were earning as little as 0.30%. The AG’s office argues Capital One designed its communications to spotlight introductory offers for new customers while keeping long-term depositors uninformed about better-paying alternatives sitting on the same platform.
That pattern, investigators say, crosses the line from a routine business decision into a potential violation of New York’s consumer protection statutes.
Why the automatic payment structure matters
Most financial class-action settlements require affected consumers to fill out a claim form, and most people never bother. Redemption rates in these cases often land in the single digits. This settlement works differently: checks go out automatically to qualifying account holders based on Capital One’s own records.
Payments are calculated using the interest rate differential each customer experienced, factoring in account balance and how long the account was open during the 2019 to 2025 window. That means someone who kept $50,000 parked in 360 Savings for several years will receive a meaningfully larger check than someone who held a small balance briefly. Exact per-person amounts have not been publicly disclosed, but the automatic structure should ensure that far more of the $425 million fund actually reaches affected customers.
Checks will be mailed to the address Capital One has on file. That detail matters. If you moved, closed your account, or simply have not logged in for a while, your check could end up at an old address. Before July, take one of these steps:
- Log into your Capital One online account and confirm your mailing address is current.
- Call Capital One’s customer service line at 1-877-383-4802 to update your information.
- If your account is closed, contact Capital One at the same number to ask how address updates are being handled for former customers. You can also check with the settlement administrator at CapitalOneSavingsSettlement.com or by calling 1-855-604-1811 for information about eligibility and payment status.
When the check arrives, read the enclosed notice carefully. It should explain how your payment was calculated and whether cashing it affects your rights in any related legal proceedings.
How this fits with the federal enforcement action
The class-action settlement does not exist in a vacuum. In August 2024, the CFPB found that Capital One had “cheated tens of millions of consumers” by keeping them in low-yield 360 Savings accounts and ordered the bank to pay approximately $100 million in restitution. That federal action targeted the same core conduct: failing to notify existing customers about the higher-rate 360 Performance Savings product.
The New York AG’s lawsuit adds a state-level enforcement track on top of both the federal order and the private class action. These are separate legal proceedings, and it remains an open question whether the class settlement resolves potential state-level claims or whether New York could pursue additional penalties independently.
Other states could follow. The conduct described in the New York complaint was not limited to New York customers. If additional attorneys general determine that Capital One applied the same strategy nationwide, the bank’s legal exposure could extend well beyond the current $425 million figure. As of June 2026, however, only the New York case, the CFPB order, and the class settlement are publicly documented. Capital One has not released a public statement confirming the July 27 mailing timeline or describing its eligibility criteria in detail.
What the settlement does and does not prove
A $425 million payout is substantial, but settlements of this kind typically do not require the defendant to admit wrongdoing. Capital One agreed to the financial terms, which suggests both sides saw risk in going to trial, but the bank has not conceded the AG’s allegations. The AG’s lawsuit, filed independently and backed by a state investigation, carries different weight. It contains specific factual claims about Capital One’s internal decisions and communication strategies, and it will be tested in court.
For customers, the distinction is mostly academic. The money is coming regardless of how the state case plays out.
What 360 Savings holders should do before July 27
Beyond updating your address, this is a good moment to audit where your savings are actually sitting. The entire controversy started because customers did not realize they were earning far less than what was available, sometimes from the same bank. Check your current APY. Compare it to what Capital One’s 360 Performance Savings and competitors are offering today. If you are still in a legacy product paying a fraction of current market rates, moving your money could matter more than any settlement check.
The July 27 mailing date is approaching. If you held a 360 Savings account at any point during the covered period, confirm your address, watch your mailbox, and read the fine print when the envelope arrives.
