Capital One accused of cheating interest rate payments

West Virginia (CNN)- The U.S. government’s consumer watchdog agency is suing Capital One, accusing it of cheating millions of consumers. 

The Consumer Financial Protection Bureau(CFPB) accuses Capital One of freezing the interest rates of its flagship high-interest rate savings account at low levels despite rates rising nationwide. 

Additionally, the agency says the bank launched a new account that offered better interest rates without telling customers about the other type of savings account. 

It claims that the decision cost consumers more than two billion dollars in lost interest payments. 

Capitol One says it strongly disagrees with the claims. 

It says the new account was marketed widely, including on national TV, with the simplest and most transparent terms in the industry. 

 

 

 

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