Latest BAD GUY NEWS IS … “Capital One Sued by CFPB”

In an article from the WSJ today by By Angel Au-Yeung Jan. 14, 2025 9:46 am ET

“Millions of customers lost out on

more than $2 billion in interest payments!”

“The Consumer Financial Protection Bureau is suing Capital One Financial, alleging the bank misled some of its customers by not paying them the rate it advertises on its main savings account. 

In 2019, the lender introduced a new savings account called 360 Performance Savings. Existing customers were kept in older accounts with a similar name, 360 Savings, which are no longer open to new customers.

When the Federal Reserve started its rate hikes, Capital One only raised rates on the 360 Performance Savings accounts. Those accounts today pay a rate of 3.8%. The older accounts pay 0.5%, according to a Capital One spokesperson. 

Capital One did not specifically notify 360 Savings accountholders about the new product,

and instead [they] worked to keep

[paying customers] in the dark

about these better-paying accounts,”.

The agency said Capital One obscured the new product from its 360 Savings account holders and

FORBADE employees

from proactively telling [paying customers] about it.

Millions of [paying] customers lost out on

more than $2 billion in interest

I HAD TO MAKE YOU READ THAT AGAIN!!

How’s that for a bait and switch?

WHEN YOU’RE ALREADY A PAYING CUSTOMER,

WHY WOULD THEY SCREW YOU???

COME ON - YOU KNOW THE ANSWER!!!!

When you’re tired of being screwed by Wall Street,

WE’LL SHOW YOU HOW TO TAKE ADVANTAGE OF THEM!!!

USE THEIR MACHINES AND GAMES AGAINST THEM!!