An explosive new lawsuit filed by the Consumer Financial Protection Bureau (CFPB) alleges that Capital One bank cheated its customers out of $2 billion.
Of course Republicans will try, again, to eliminate the CFPB. After all, it actually does good things for real people and has paid for itself many times over. That is an example of good government that Republicans cannot tolerate. Will they succeed this time? They are so high on their own supply right now you can be sure they will give it their best shot. But given all of the other bad shit they want to do, the CFPB might find a way to fly under the radar and suffer no worse fate than being run for four years by some incompetent Trump hack.
I hope that you are right in your assertion and without the benefit of proof, I believe that you are.
Overreach is a real thing and these morons (including the MoronKing), criminals, grifters, hangers-on and other neer-do-wells have a tendency to overplay their hand(s).
The whole country and all of the world will get to witness not only how low they can go, but how far they are willing to drag us all down to have a few more nickles in their personal pockets.
Obviously, these folks have never read "The Goose That Laid the Golden Eggs!"
I am one of these customers. I appreciate learning about it. Sounds like I will never see a penny of it back though. One of the millions of ways the Biden administration will be missed, is this seeking to root out fraud.
I am so sorry to learn that! For some reason, my intuition kicked in, and I've been throwing away their mail, erasing their ads, and ignoring them for years. Maybe 10 years ago I inquired about a card, but decided against it. Now, I am actually plagued by them--Their ad comes up everytime I log in on my laptop!
I have had a small online savings account for decades, that never seems to earn any interest, so even at tax time it can be discounted. But I opened it as ING Orange a long time ago. I think it was a Dutch company back then.
i was in same situation. at one time i was earning 1% but had no idea of the other savings that paid much higher. i was researching other savings and learned about this other acct. ugh. i called and asked about it and they told me that i had to open the one that pays more interest, transfer the money from old acct, and then close the old acct. ridiculous. might be time to look for another institution.
My husband found a local bank paying 3% where he has an account for my daughter that I could add to, but he suggests I switch to a 360 account at the same bank so that if there is a class action still having an account may be beneficial to still have my account there. I have a small amount of money there so I can try that.
it is sad how the Orange Antichrist will probably help fraudulent banks steal more $$$....Suggest you move your money. Check Bankrate.com for a list of bank accts that much much higher interest. good luck
Was thinking of moving this small amount of money to our savings account in the bank where we have our checking account. I guess selling it changed the bank and that is the curse of the American government and economy. One has to stay so vigilant about anything because bad people buy businesses with a good reputation and it takes a while for people to figure out that it has gone downhill. It is exhausting. That is why I am transitioning my family elsewhere.
Best how ? Defrauding & scamming customers ? LOL. i just checked Bankrate.com and for Savings, Cap1 only pays 3.8% But there are many who pay more, like Brio Direct who pays 4.75% or Bask Bank 4.5% or Popular Direcxt 4.6%. So theyre hardly the "best bank"
We are customers since it was Ing and were never told about the new program either. I am in hopes we will get a return of the interest we lost but we shall see. Of course we'll move our funds to a much better on line bank.
Me too. Never knew a thing and finally closed my account because it was paying less than even the meager interest at my local bank. I had stopped automatic deductions from my bank account prior to that.
I am also one of the customers who started with an ING account. A few years ago I did notice some target advertising from Capital One about interest rates which were higher than what I was receiving. In order to get the higher rate I had to transfer the 360 account into a new 360 High Performance. At the time I wondered why Capital One hadn't automatically initiated this. Now I know.
Me too- I've had a savings account for years through them. When I sold my house, I figured I should look into a high interest savings account to put the money in. If I hadn't had that random thought, I would've been getting like 0.1% on a significant amount of money. Scummy corpos continue to be scummy.
Dang! Just lost my whole comment while looking up the name of another famous operating criminally corrupt bank: it is Wells Fargo!
Thank you Judd an team for doing this painstaking research and examination of Capitol One and the work of Consumer Financial Protection Bureau. Of course Musk and Vivek are in alignment with all that is corrupt and subject to oversight. We must support and publicize Judd's work because our country's well-being is increasingly dependent upon investigation of rampant deceit, disinformation, and horrible advice from the incoming band of marauders. Lead by Putin? Popular Information must become an international organization--this is global, not just our future White House.
I have a WF account & the Premier Banker keeps pushing their Credit Cards. I keep saying no as their reputation on those products is bad, too. I have an ATM card and one Cc that I’ve had for >40 years. That’s all.
I guess when Capital One asks, "What's in your wallet?" they're looking to see not what type of credit card you have, but how much money they can take out of it. Needless to say, re the big commercial banks, I'm over it.
I was one of the ING account holders moved to Capital One and I absolutely thought that variable rate would go both down and up. I eventually noticed and opened a new account to get the higher rates, and have had to do that a second time to keep pace with Capital One's advertised rates. What struck me is their defense is that this was filed to close to the change in administration - what bullshit is that! Hate the time it takes to research companies these days, but sounds like it's time to find a new location for my savings account.
Good for the CFPB. Capital One and many other national/global banks are only out to make money, they dont give a sh1t about their customers. And of course the repukkkelikkkans will try to eliminate a great federal agency that is helping & protecting CONSUMERS vs the Evil Fascist Billionaires, and of course FElon SKKKum (aka elon) & That smarmy Vivek douchebag want it gone too, theyre rich and only care about their profits, that's why theyre sucking up to the Orange Antichrist tRUMP. #RESIST
I am a 360 customer and noticed this difference in this interest rate maybe 4 years ago, not sure. But after several months I called and asked about it and they switched me to the new account. I was not aware of the extent of this deception. Hope this suit prevails.
Just a quick note. For those of us who are colorblind, it would be really useful if you used chart colors that color-blind people can easily distinguish.
I’ve had a Capital One credit card for more than twenty years. No annual fee, and since I pay off the balance every month, it’s been entirely free to me. Customer service has been excellent - so far. They caught hacks of my account three times before I noticed any problem (and missed two). In those cases they instantly closed that account and sent me a new card (once I told them I was leaving for Cuba in 48 hours and they had the new card to me in 24. I hope their credit card business continues as is, as I have been very satisfied. However, I have never signed up for their other products, such as savings accounts. In credit card parlance I’m a freeloader - and happy to be. My only beef is that they reduced the value of all my points from 10 cents to a penny, which makes them pretty useless.
If every every every bit of news weren’t completely debilitating I would have some hope for my country. So far I have only hope that huge amounts of people who get on the band wagon to make our elected representatives actually abide by our own “F” ing laws and mean it. My god!!!!!!!!! have we lost
our minds?
We are thinking about dumping amerika …. Big business and Christian nationalists want it all. Since the rest of us pay the taxes , make it illegal for these lying con artists to not be able to use our roads, airports, schools, or aid in disasters.
Terrible and embarrassing to be a citizen of such a crooked nation.
Sharon - Wells Fargo (WF) has been fined billions of dollars for its fraudulent practices. (Since the fines are in the billions, the actual fraud was probably in the trillions!) They continue their illegal behavior with impunity today. Not one executive/director has gone to jail.
Of course Republicans will try, again, to eliminate the CFPB. After all, it actually does good things for real people and has paid for itself many times over. That is an example of good government that Republicans cannot tolerate. Will they succeed this time? They are so high on their own supply right now you can be sure they will give it their best shot. But given all of the other bad shit they want to do, the CFPB might find a way to fly under the radar and suffer no worse fate than being run for four years by some incompetent Trump hack.
I hope that you are right in your assertion and without the benefit of proof, I believe that you are.
Overreach is a real thing and these morons (including the MoronKing), criminals, grifters, hangers-on and other neer-do-wells have a tendency to overplay their hand(s).
The whole country and all of the world will get to witness not only how low they can go, but how far they are willing to drag us all down to have a few more nickles in their personal pockets.
Obviously, these folks have never read "The Goose That Laid the Golden Eggs!"
I am one of these customers. I appreciate learning about it. Sounds like I will never see a penny of it back though. One of the millions of ways the Biden administration will be missed, is this seeking to root out fraud.
I am so sorry to learn that! For some reason, my intuition kicked in, and I've been throwing away their mail, erasing their ads, and ignoring them for years. Maybe 10 years ago I inquired about a card, but decided against it. Now, I am actually plagued by them--Their ad comes up everytime I log in on my laptop!
I have had a small online savings account for decades, that never seems to earn any interest, so even at tax time it can be discounted. But I opened it as ING Orange a long time ago. I think it was a Dutch company back then.
i was in same situation. at one time i was earning 1% but had no idea of the other savings that paid much higher. i was researching other savings and learned about this other acct. ugh. i called and asked about it and they told me that i had to open the one that pays more interest, transfer the money from old acct, and then close the old acct. ridiculous. might be time to look for another institution.
My husband found a local bank paying 3% where he has an account for my daughter that I could add to, but he suggests I switch to a 360 account at the same bank so that if there is a class action still having an account may be beneficial to still have my account there. I have a small amount of money there so I can try that.
I do Discover Savings but need to check if Discover got sold
Bad news, it's being acquired by Capital One.
it is sad how the Orange Antichrist will probably help fraudulent banks steal more $$$....Suggest you move your money. Check Bankrate.com for a list of bank accts that much much higher interest. good luck
Was thinking of moving this small amount of money to our savings account in the bank where we have our checking account. I guess selling it changed the bank and that is the curse of the American government and economy. One has to stay so vigilant about anything because bad people buy businesses with a good reputation and it takes a while for people to figure out that it has gone downhill. It is exhausting. That is why I am transitioning my family elsewhere.
I just checked Bankrate.com. It lists Capital One as one of the best banks
Best how ? Defrauding & scamming customers ? LOL. i just checked Bankrate.com and for Savings, Cap1 only pays 3.8% But there are many who pay more, like Brio Direct who pays 4.75% or Bask Bank 4.5% or Popular Direcxt 4.6%. So theyre hardly the "best bank"
We are customers since it was Ing and were never told about the new program either. I am in hopes we will get a return of the interest we lost but we shall see. Of course we'll move our funds to a much better on line bank.
I will too.
Me too. Never knew a thing and finally closed my account because it was paying less than even the meager interest at my local bank. I had stopped automatic deductions from my bank account prior to that.
I am also one of the customers who started with an ING account. A few years ago I did notice some target advertising from Capital One about interest rates which were higher than what I was receiving. In order to get the higher rate I had to transfer the 360 account into a new 360 High Performance. At the time I wondered why Capital One hadn't automatically initiated this. Now I know.
same
I will be doing that too, but my husband thinks I should get in on the class action. I have very little money in it.
Me too- I've had a savings account for years through them. When I sold my house, I figured I should look into a high interest savings account to put the money in. If I hadn't had that random thought, I would've been getting like 0.1% on a significant amount of money. Scummy corpos continue to be scummy.
Me too!
Sounds like Capital One anticipates corruption in the next administration.
They were at it for over 10 years.
How much did they contribute to the elction
Excellent question!
Dang! Just lost my whole comment while looking up the name of another famous operating criminally corrupt bank: it is Wells Fargo!
Thank you Judd an team for doing this painstaking research and examination of Capitol One and the work of Consumer Financial Protection Bureau. Of course Musk and Vivek are in alignment with all that is corrupt and subject to oversight. We must support and publicize Judd's work because our country's well-being is increasingly dependent upon investigation of rampant deceit, disinformation, and horrible advice from the incoming band of marauders. Lead by Putin? Popular Information must become an international organization--this is global, not just our future White House.
I have a WF account & the Premier Banker keeps pushing their Credit Cards. I keep saying no as their reputation on those products is bad, too. I have an ATM card and one Cc that I’ve had for >40 years. That’s all.
I guess when Capital One asks, "What's in your wallet?" they're looking to see not what type of credit card you have, but how much money they can take out of it. Needless to say, re the big commercial banks, I'm over it.
I was one of the ING account holders moved to Capital One and I absolutely thought that variable rate would go both down and up. I eventually noticed and opened a new account to get the higher rates, and have had to do that a second time to keep pace with Capital One's advertised rates. What struck me is their defense is that this was filed to close to the change in administration - what bullshit is that! Hate the time it takes to research companies these days, but sounds like it's time to find a new location for my savings account.
Wow! Talk about predatory capitalism! Will we ever send these white collar boys to jail in sufficient number?
Love to see it! Run them through the streets, whipping them along first!
Good for the CFPB. Capital One and many other national/global banks are only out to make money, they dont give a sh1t about their customers. And of course the repukkkelikkkans will try to eliminate a great federal agency that is helping & protecting CONSUMERS vs the Evil Fascist Billionaires, and of course FElon SKKKum (aka elon) & That smarmy Vivek douchebag want it gone too, theyre rich and only care about their profits, that's why theyre sucking up to the Orange Antichrist tRUMP. #RESIST
I am a 360 customer and noticed this difference in this interest rate maybe 4 years ago, not sure. But after several months I called and asked about it and they switched me to the new account. I was not aware of the extent of this deception. Hope this suit prevails.
This sort of sculduggery is precisely why Everyone needs to support independent, investigative journalism!
Thank you!
Just a quick note. For those of us who are colorblind, it would be really useful if you used chart colors that color-blind people can easily distinguish.
Is it safe to assume that there wasn’t any hocus pocus as far as credit card charges went?
I’ve had a Capital One credit card for more than twenty years. No annual fee, and since I pay off the balance every month, it’s been entirely free to me. Customer service has been excellent - so far. They caught hacks of my account three times before I noticed any problem (and missed two). In those cases they instantly closed that account and sent me a new card (once I told them I was leaving for Cuba in 48 hours and they had the new card to me in 24. I hope their credit card business continues as is, as I have been very satisfied. However, I have never signed up for their other products, such as savings accounts. In credit card parlance I’m a freeloader - and happy to be. My only beef is that they reduced the value of all my points from 10 cents to a penny, which makes them pretty useless.
If every every every bit of news weren’t completely debilitating I would have some hope for my country. So far I have only hope that huge amounts of people who get on the band wagon to make our elected representatives actually abide by our own “F” ing laws and mean it. My god!!!!!!!!! have we lost
our minds?
We are thinking about dumping amerika …. Big business and Christian nationalists want it all. Since the rest of us pay the taxes , make it illegal for these lying con artists to not be able to use our roads, airports, schools, or aid in disasters.
Terrible and embarrassing to be a citizen of such a crooked nation.
Sharon - Wells Fargo (WF) has been fined billions of dollars for its fraudulent practices. (Since the fines are in the billions, the actual fraud was probably in the trillions!) They continue their illegal behavior with impunity today. Not one executive/director has gone to jail.
How could you miss the perfect subhead for this story? "What's NOT in your wallet?"
While the Republicans and financial institutions control our welfare it is vital that reports like this keep coming to light.