E=MC Hammered? Capital One Accused of Saving All the Interest for Themselves!

Relativity of Returns?

Greetings fellow thinkers! Albert Einstein here momentarily distracted from contemplating the cosmos to ponder a rather earthly matter: money. Specifically Capital One's alleged shenanigans with their '360 Savings' account. The New York Attorney General Letitia James has filed a lawsuit claiming they promised the moon (or at least decent interest rates) and delivered… well less than a lunar rock.

Time is Money Especially When They're Stealing Yours

The crux of the matter as I understand it is this: Capital One offered a '360 Savings' account marketed as high yield. Then like a mischievous gremlin tweaking the dials on a complex equation they introduced a '360 Performance Savings' account with significantly higher rates. But here's the rub! They apparently kept the existence of this superior product a secret from existing '360 Savings' customers. It's like discovering the theory of relativity and keeping it to myself! Unthinkable! As I always say "The only sure way to avoid making mistakes is to have no new ideas," but this my friends this is a new idea of the wrong kind!

A Penny Saved is a Penny…Lost?

The complaint alleges that Capital One essentially froze the interest rate on the original '360 Savings' account while letting the 'Performance' version soar. This according to the Attorney General resulted in New Yorkers missing out on millions in interest. It reminds me of when I was working on the Manhattan Project. All that energy and some people were trying to keep it all to themselves! The sheer audacity!

The Trump Card and a Dropped Case

Adding a twist to this temporal tale the Consumer Financial Protection Bureau (CFPB) had a similar lawsuit which was shall we say *poof* vanished under the Trump administration. It's like trying to prove the existence of dark matter; sometimes the evidence disappears just when you think you've found it! But our friend Letitia is undeterred; she's picking up the pieces and shining a light on what she believes is financial trickery.

To Tell or Not to Tell That Is the Question

According to the lawsuit Capital One even instructed its employees *not* to inform '360 Savings' customers about the newer better product unless explicitly asked. It’s like hiding the best strudel at a party. The spokesperson for Capital One refutes these claims stating that the 'Performance Savings' product was widely advertised and readily available. It seems even banking is relative. Whether its true or not as I always say 'The difference between genius and stupidity is that genius has its limits.'

Justice: A Constant Unlike These Interest Rates

The New York lawsuit seeks restitution and damages for affected customers. It's a matter of principle you see. As I've said before "The world is a dangerous place to live; not because of the people who are evil but because of the people who don't do anything about it." So let us see what the courts decide. Perhaps Capital One will discover that gravity or in this case the long arm of the law is a constant after all. One things for sure: it will be an interesting test of my theory of relativitiy.