Major Bank Sued for Fraud — You Could Be Owed Big Money

It certainly doesn’t happen often, but banks do get into trouble sometimes for some shady business operations.

That’s allegedly the case with Capital One Bank, which is being sued for $2 billion for fraud.

According to ABC7 New York, the Consumer Financial Protection Bureau has sued the bank over the way it managed its “360 Savings” accounts.

Capital One spent its fair share of ad dollars promoting how its “360 Savings” account offered one of America’s highest interest rates.

However, the CFPB alleges that Capital One froze its rate at a lower level for several years, while rates increased nationally

That alone is enough to raise eyebrows with customers who noticed, but it allegedly goes a little further.

The CFPB is accusing Capital One of creating a secondary “360 Performance Savings” offering with the increased interest rates, while hiding that fact from the regular “360 Savings” customers.

While the “360 Savings” customers believed they were getting the highest interest rate, Capital One allegedly hid the fact that they offered an account with even higher rates from existing customers, so they wouldn’t have to pay out that money to “360 Savings” customers.

According to the CFPB, that was some trickery, and they believe that those clients with the base “360 Savings” accounts are owed a total of $2 billion to split amongst themselves.

CFBP Director Rohit Chopra said, “Banks should not be baiting people with promises they can’t live up to.”

In response, Capital One said that it strongly disagreed with the CFPB’s allegations and plans to “vigorously defend” itself in court.