Capital One 360 Savings customers who are part of a $425 million class action settlement still have no payment date. The settlement administrator says it is “not currently able to estimate” when class members will be paid, because an appeal of the court’s approval is pending. Nothing goes out until that appeal is over.
More than 5 million people are in the class, and none of them had to file a claim. Anyone who held a 360 Savings account at any point from Sept. 18, 2019, through June 16, 2025, is covered. The amount each person receives has not been set.
Why one appeal freezes every payment
The official settlement website, run by the administrator Epiq, lists distribution as “TBD – Delayed due to Appeal.” It says no Class Cash Payments will be paid until the “Effective Date,” which arrives only after the April 20 final approval order is affirmed, or every appeal is dismissed and the time for further appeals has run out.
The notice of appeal was filed June 18. The appellant is Michelle Coles, a 360 Savings customer who represents herself and who worked as a Justice Department Civil Rights Division attorney through 2022, Money reports. She wants the settlement rescinded and the case sent back to litigation.
People who held a 360 Savings account in those years now face a simple question: is money coming, and is the right address on file? No claim form is needed, and payment goes only to the primary accountholder on each account.
Payments of $5 or more go out by mailed check to the last known address unless the person chose electronic payment. Payments under $5 are issued only to people who chose electronic payment, and the March 30 deadline for making that choice has passed. Anyone who has moved since opening the account can reach Epiq at 1-888-832-2704.
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This is the second try at a deal. The court did not approve an earlier proposal, and the current settlement replaced it with a larger fund. The settlement website says the new agreement “provides more money” than the one the judge turned down.
The Fourth Circuit calendar
The appeal is pending before the U.S. Court of Appeals for the Fourth Circuit as No. 26-1807, according to Beinsure. Coles’s opening brief and appendix are due Nov. 13, and the response brief is due Dec. 14. A ruling would come after that briefing is finished, and the appeals court has not said when it will rule.
Before the appeal, the settlement website warned that payments would be “substantially delayed (potentially over one year).” The page was updated Oct. 14 and now says only that Epiq cannot estimate a date. Appeals are common in large settlements and most fail, Money notes, but the clock runs until the court acts.
What Coles says is wrong with the deal
Coles argues that $425 million is too low. She says it is no more than about 15% of the damages class members could recover, while the settlement website puts the figure at 38% to 57%. “That means they’re keeping 85% of our damages,” she is quoted as saying.
Class lawyers call the appeal meritless and describe the settlement as “overwhelmingly favorable to the class.” The judge set a $25,000 appeal bond. Class counsel had asked for $6 million. Capital One denies wrongdoing.
Judge David Novak of the U.S. District Court for the Eastern District of Virginia approved the deal on April 20. At the hearing he said, “I think what they did is wrong,” but he weighed the risk of continued litigation against the reward. He had rejected an earlier, smaller proposal.
What the money is based on
The case grew out of the gap between two products. From April to September 2024, the 360 Performance Savings account paid 4.35% while 360 Savings paid 0.3%, Money reports. Plaintiffs say Capital One failed to raise 360 Savings rates to match and hid that the higher-yield account existed.
Each member’s share is based on approximate lost interest, so people with larger balances are expected to receive more. Fees, costs and service awards come out of the fund first. No individual estimates have been published. A special master put the settlement’s total value at just over $1 billion, a figure that includes the rate match.
Effective Aug. 4, 2026, Capital One raised the 360 Savings rate to match the 360 Performance Savings rate, even though the settlement’s obligations have not taken effect, the settlement website says. Under the terms, Capital One keeps both products for at least two years.
Epiq’s wording shows how open the timeline is. The administrator says it cannot estimate a date, and the Effective Date depends on the Fourth Circuit affirming the approval or the appeal ending some other way. Coles is asking the court to undo the settlement and send the case back to litigation.
When the money arrives is still open
The first date on the calendar is Nov. 13, when Coles’s brief is due at the Fourth Circuit. Epiq has not named a payment date and has not said when it will. The administrator’s site is the place Epiq will post any change, and it carries the toll-free line and email for class members.
For a 360 Savings customer from 2019 through mid-2025, that leaves one open question: when the money actually arrives. Until the appeal ends, the only fixed points are the Fourth Circuit’s briefing dates and the Epiq page, last updated Oct. 14.
Still waiting on a Capital One 360 Savings payment?
Anyone in a settlement with no payment date can lose track of it. The notice gets filed away, an address goes stale, and a check mailed to an old home is easy to miss once the appeal finally ends.
The Settlement & Refund Recovery System includes a claim log and payment tracker, so each settlement sits in one place with its status and deadlines. It also covers how to get an expired or uncashed settlement check reissued, which matters if a check lands months or years from now.
Log the Capital One 360 Savings payment in the settlement payment tracker →
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This article was produced with the assistance of AI and reviewed by the editorial team.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
