NY-AG v. Capital One

Capital One allegedly misled its online savings account customers about the interest rates they would receive. According to NY-AG, this allowed the bank to avoid paying the high interest rates that it promised to customers. Capital One allegedly marketed its 360 Savings accounts as “high interest” accounts with “one of the nation’s best savings rates” yet kept the interest rates artificially low, and created a nearly identical account with higher interest rates. According to NY-AG, Capital One continues to pay 360 Savings customers below the national average.

Summary generated from official New York Attorney General press release