This exact scenario with Capital One happened to me. While they advertised a high interest rate account, my savings account languished at 0.3. I remember discovering this and opening the second account, closing the first, while on vacation with my mom in Santa Barbara in February 2020 as a COVID-stricken cruise ship floated in the bay, forbidden to dock.
Why Banks May Be Hoping You’re Not Paying Attention
They have no fiduciary duty in many cases and can profit from customers’ confusion. But where’s the line between unsavory and illegal?
nytimes.com