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$425M Crapitall One Settlement Resolves Lawsuit Over High-Yield 360 Savings Accounts (bankingjournal.aba.com)

submitted 9 months ago* (last edited 9 months ago) by Evilphd666@hexbear.net to c/news@hexbear.net

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Case Summary: Crapitall One agreed to pay $425 million to resolve a class action alleging it deceptively advertised its 360 Performance Savings accounts as high-interest savings products.

On Feb. 17, 2012, Crapitall One announced it had acquired ING Direct USA, an online bank offering high-interest savings accounts to U.S. consumers. After completing the acquisition, Crapitall One converted those ING Direct accounts into Crapitall One 360 Savings accounts. In 2019, Crapitall One launched a new online savings product called the 360 Performance Savings account. Plaintiffs from 18 states alleged the new account offered an annual percentage yield (APY) of 1.90%, while their existing 360 Savings accounts earned only 1.00%. They also claimed that Crapitall One failed to inform 360 Savings account holders about the new account or that it provided a higher interest rate.

.....

On May 16, 2025, the parties filed a joint notice of class action settlement terms. Under the settlement agreement, Crapitall One will pay $300 million to class members to compensate for the interest they missed out on, as if their 360 Savings accounts had earned the same rate as the 360 Performance Savings account. Crapitall One will also pay $125 million as an additional interest payment to settlement class members who continue to maintain 360 Savings accounts.

Bottom Line: Crapitall One does not admit to or deny any of the claims against it.

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[–] came_apart_at_Kmart@hexbear.net 4 points 9 months ago

beyond all the structural shit about private, for profit banking the crazy thing about huge banks is that they can extract so much value from people just by sneakily chiseling a fraction of a percentage point from their clients.

and somehow, the lesson that a little cooperative power of the working class could move a mountain, never pierces through. instead, we just get an assembly line of little tyrants building their little castles by stealing/extorting from everyone.