Capital One’s Lawsuit and Banking Outage: A Wake-Up Call to Take Control of Your Money

On January 17, 2025, countless Capital One customers woke up to find themselves locked out of their accounts—unable to access their own money. Paychecks that were expected to hit accounts were nowhere to be found, leaving people stranded just before the Martin Luther King Jr. holiday weekend. Capital One blamed a third-party vendor for the outage  (AP News), but let’s be real: that explanation doesn’t cut it. People depend on their paychecks to survive, and no one should have to wonder if their money will be available when they need it.

As if that wasn’t bad enough, earlier this week, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One, accusing the bank of misleading customers. The lawsuit claims that Capital One promoted its “360 Savings” accounts while secretly offering a separate “360 Performance Savings” account with significantly better interest rates—without informing existing customers. As a result, customers lost out on over $2 billion in interest earnings (AP News) . So not only are people losing money to inflation, but now they’re being cheated out of what they rightfully earned?!?!

The Oligarchy of It All: Who Really Wins in These Situations?

~a rant

At the end of the day, the executives at Capital One, Chase, Wells Fargo, and other big banks didn’t have their day interrupted by this outage. They didn’t have to worry about their paycheck hitting, about making rent, about putting gas in their car or food on the table. They sat comfortably, untouched by the chaos that everyday working people had to deal with.

And this isn’t just about Capital One—Wells Fargo has a history of shady financial dealings, including freezing accounts and preventing people from accessing their money. If you know, you know. #FreeWendyWilliams

Let’s be honest: if we were really the “greatest country in the world,” why do we still operate under a system where people have to wait weeks to get paid? We live in a world where technology moves at the speed of light, yet people are still waiting days or even weeks to get the money they already worked for. Why aren’t people being paid as soon as they clock out of their shifts? But that’s a whole other conversation for another day.

Why Was Capital One Even Offering Bank Accounts?

Capital One in my mind has always been known for its credit cards, and that’s what I associate them with. Their venture into personal banking always seemed a little strange to me, all the constant offers and now it feels like we’re seeing why. It’s all one big financial loop, designed to keep people in debt and dependent on the very institutions that profit from their struggles.

At the end of the day, this isn’t about blaming individuals for where they bank. Most people are just trying to find a financial institution that works for them, and unfortunately, these big banks know that. They operate in a way that makes it easy to get locked into their systems—until one day, something like this happens, and you realize just how vulnerable your money really is.

What You Can Do: Get Your Money Out & Move to a Credit Union

If this situation has proven anything, it’s that your money is not safe in big banks. If a system failure can leave thousands of people stranded without access to their funds, then it’s time to reconsider where you’re keeping your hard-earned cash. Here’s what you should do immediately:

✅ Withdraw & Transfer your money from Capital One as soon as you get access . Do not wait for another outage.

✅ Find a credit union near you. Credit unions are not-for-profit, meaning they work for their members (you), not shareholders.

✅ Avoid Chase, Wells Fargo, and other major banks. Their history of fraud, exploitation, and prioritizing corporate profits over people’s livelihoods speaks for itself.

✅ Always keep some cash on you. We are seeing more financial disruptions, and it’s always smart to have some money outside of digital banking systems.

Why Credit Unions Are the Better Choice

• Lower Fees & Higher Interest Rates: Unlike big banks, credit unions offer lower fees and better interest rates on savings and loans.

• Better Customer Service: Because credit unions are member-owned, they actually care about their customers—not just profits.

• More Financial Security: Credit unions are more stable than big banks in times of financial crisis, as they are regulated differently and have stricter lending policies.

The bottom line is: these banks do not have your best interest at heart. They are built on a food chain where executives sit comfortably at the top while working-class people are left scrambling every time something goes wrong. If you want to send a message, take control of your money. Move to a credit union, demand financial security, and stop trusting these big banks to do what’s right—because they won’t.

A Spiritual Reset: Rethinking Your Relationship with Money

Beyond the headlines and technical glitches, this moment is also an opportunity to reflect. Financial disruptions—even ones caused by large institutions, can stir up deep emotions and reveal our underlying beliefs about money. If you felt anxious, angry, or helpless during the Capital One outage, ask yourself: where is that coming from?

Now might be the perfect time to get right with your relationship to money—not just practically, but spiritually. So many of us carry financial trauma: scarcity mindsets, guilt around spending, or shame for not “having it together.” These beliefs often stem from how we were raised, what our families modeled, and the unspoken narratives passed down about worth, survival, and success.

The truth is, money is a system humans created. The green grows on trees, but the stress and spiritual weight we attach to it are things we built and carry. You are allowed to unlearn.

Here are a few journaling prompts to start your money healing journey:

• What did your caregivers teach you about money—either through words or actions?

• When do you feel most anxious about money? What triggers those feelings?

• Do you associate wealth with safety, guilt, power, or something else?

• In what ways do your financial habits reflect your self-worth?

• What would a healthy, balanced relationship with money look like for you?

• If money weren’t an issue, what would you be doing differently in your life?

• How do you want to feel when it comes to saving, spending, or earning?

Getting spiritually aligned with your financial values is just as important as checking your balance. It’s not about being perfect—it’s about being aware. Start there.

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