New York CNN —
Capital One is being sued by the US government’s consumer watchdog agency for “cheating millions of consumers” and not paying more than $2 billion in interest to holders of its high-interest savings accounts.
The Consumer Financial Protection Bureau (CFPB) accuses Capital One of freezing the interest rates of its flagship “360 Savings” accounts at low levels despite rates rising nationwide and said the bank launched a new account that offered better interest rates without telling “360 Savings” customers. As a result, that decision cost consumers more than $2 billion in lost interest payments.
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