Consumer complaint received 2025-03-20 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: CAPITAL ONE FINANCIAL CORPORATION
State: TX

Complaint narrative:
This Complaint is about Capital One 360 High Yield Savings Account. I have had an account with Capital One 360 for years. It was always advertised as XXXX of the highest yield savings accounts, but of course would fluctuate based on the market. Well, I discovered in XXXX that we were Not actually receiving the advertised interest rate that has been widely advertised and at the time we were in fact receiving .03 % when the advertised rate was about 3.75 %. I realized that we haven't been receiving anywhere near what they have been advertising for a few years now. ( I know it may seem strange I didn't notice sooner, but I had just parked a large sum of money -Over {$100000.00} in there for the past few years and just assumed it was getting the fair amount as I knew rates have been on the low side the past several years ) When I realized how much I have been cheated out of, I contacted Capital One on XX/XX/year> and spent a long time on the phone with a couple of different people and finally with a XXXX named XXXX XXXX I asked them why we weren't getting the right amount and told him we wanted to get the back interest ( Which not knowing exactly what all the rates have been for the past few years is well over {$12000.00} dollars ) he gave me some excuse saying that the advertising had changed and the account receiving the high advertised rate is now called Capital One 360 XXXX account. He told me he could change my account over to that account real quick and I would begin receiving that amount of interest. I asked if this was a new account number or what and he said " No, we can just change it over from out end, no new numbers or anything '' I was shocked and appalled that they were being so deceptive! I told him to just leave it and that I would be moving my money out of their bank anyway because I am not going to continue to do business with a totally dishonest company! I asked him if he had gotten a lot of other complaints because I was guessing there are a lot of other super mad customers about this! He said XXXX and he hadn't really heard anything about it. I told him if there is a class action lawsuit I will be in on it! I also told him I wanted a complaint filed and a review of my request for the back interest that they rightfully owe me. He said he would file it. I did get a ridiculous response a couple weeks later saying they had looked into it and I am receiving the right amount for my account because it's a " different product ''! This is complete garbage as if they can change it over that easily it's not even close to a different product, but rather a way to cheat thousands of customers out of a TON of interest! Well, Imagine my surprise when not long after my call, where I spoke to XXXX, I heard a news report about their being a lawsuit against Capital One for this very thing! Turns out I'm not the only XXXX scammed out of thousands of dollars! I'm not sure how this whole thing works, but when I called the CFPB the kind lady said I should go ahead and file a formal complaint here. I can only hope that we will all get the interest that we thought we were earning back! Stay Far away from Capital One bank! They are a dishonest bunch!

Company response to consumer: Closed with explanation