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NEW YORK CITY (WPIX) – If you were a Capital One customer with a 360 Savings account, you may be entitled to financial compensation.

A Virginia Court has given final approval of a class action lawsuit settlement that alleged the banking company failed to raise interest rates on the 360 Savings account in accordance with rates paid on the separate, but similar 360 Performance Savings account.

The suit alleges Capital One deceptively marketed the 360 Savings account, concealing that it was no longer the company’s high-yield account, and that the 360 Performance Savings account offered a higher interest rate.

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“Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice,” New York Attorney General Letitia James said when announcing the lawsuit last May.

Capital One has not admitted to any wrongdoing.

Anyone who held a Capital One 360 Savings account between Sep. 18, 2019, and June 16, 2025, qualifies for the settlement money. Customers with eligible accounts did not need to file a claim to receive payment, but were already required to select a payment option by March 30, 2026 — meaning some eligible account-holders may not receive any payment at all.

Settlement administrators had noted that eligible customers, by default, would receive a paper check for their share of the settlement fund. But if the payment amounts to less than $5, no check will be issued. (Checks will be mailed to their “last known address,” according to the settlement website.)

Customers who opted to receive an electronic payment — an option they had to choose by March 30, 2026 — will get all the funds they are entitled to, no matter the amount.

Payments will only be issued to the primary account holder listed on the impacted 360 Savings account.

Every eligible member of the class action settlement will receive what they “would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account,” the settlement administration website says. But the attorneys representing the plaintiff class will first be paid from the $425 million settlement amount, and a portion will be used to cover other court and administrative fees. Any remaining funds could be divided among the settlement class, too.

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Payments are scheduled to go out around July 21, 2026, barring any appeals.

“If an appeal is filed, payments will be issued after the appeal is resolved,” the settlement website states.

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