Millions of current and former Capital One customers should soon start receiving payments from the bank’s $425 million settlement — and it takes just a few steps to check if you’re eligible.

Capital One has agreed to pay the nearly half a billion dollar sum to settle accusations it ripped off customers by advertising two savings accounts — 360 Savings and 360 Performance Savings — with very similar names, but vastly different interest rates.

Current and former customers who held a Capital One 360 Savings account at any time between Sept. 18, 2019, and June 16, 2025, are eligible for settlement payments.

Eligible customers should start receiving their payments within the next month or two without taking any action. Payment amounts will vary based on how long you held your account, how much money was in the account and how many people are included in the settlement class.

How to check if you’re eligible

The lawsuit accused Capital One of leaving customers in the dark about which savings account they held and steering them away from switching to the higher-yield option.

Customers can check which savings account they hold to see if they are eligible for the payments – though those who opened accounts after June 16, 2025 will not be eligible.

If you are unsure of which savings account you hold, you can sign into Capital One’s mobile app or website, select the specific account you’d like to check, go to “Account Details” and then tap “View All.”

Current and former customers can also check their bank statements, which will show which account they hold.

To find your statements on Capital One’s website, click on the account you want to view and then select “View Statements.”

On the mobile app, customers can tap the account you want to view, scroll to the bottom of the page and tap “Statements.”

The 360 Performance Savings account launched in 2019 with a 1.9% interest rate – just slightly above the original 360 Savings’ 1% yield, according to the lawsuit.

But that soon changed drastically – with 360 Savings dropping to a 0.3% rate while the new 360 Performance Savings jumped as high as 4.35%, according to the suit.

Since Capital One did not make it clear that the two accounts had vastly different interest rates, customers lost out on millions of dollars in interest payments, the suit alleged.