Capital One is defending itself from the CFPB's claims that it cheated customers out of billions of dollars in interest payments.

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking

If you had a savings account at Capital One between 2019 and mid-2024, you may have been misled into accepting a lower return on your deposits than the marketing suggested, according to a lawsuit filed Tuesday by the government's consumer watchdog agency.

The bank didn't give some existing customers the higher rates it was offering new customers, the agency alleged. The bank said it would fight the suit, which comes just days before the Trump administration takes over the regulator.

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

The Consumer Financial Protection Bureau alleged the bank misled some of its customers by not paying them the rate it advertises on its main savings account.

Capital One faces a lawsuit for deceiving consumers on savings account rates, causing $2B in potential losses.

A new lawsuit alleging that Capital One cheated savers out of larger yields is a wake-up call for people who want to wise up and get the most out of their deposits, experts say.