Date Received: 2024-01-22
Issue: Managing an account
Subissue: Banking errors
Consumer Complaint: I had an existing " XXXX XXXX '' account with Capital One and it has come to my understanding that they created a similar new savings account in XXXX with a deceptively similar name called a " XXXX XXXX XXXX '' account with considerably more APR. We were never notified that there was a distinction between these XXXX similarly sounding accounts. My old XXXX XXXX account had an APR of XXXX and the new XXXX XXXX XXXX account at XXXX APR. Had I been informed by Capital One that these were not the same APR yielding accounts, I would have moved my money sooner to the higher yielding account. I had about {$7200.00} in the older account which they advertised at the time as a great rate. It was a great rate at around 4 % at the time I opened it. When the market interest rates started a down turn, the savings account automatically adjusted downward, understandably. I assumed that when interest rates started increasing that the savings account would have automatically adjusted with an increase in APR. What Capital One did was keep the existing account holders at the low XXXX APR and offered a new XXXX XXXX XXXX account, again to highlight, with a deceptively similar name at a 4.35 % for new customers. I believed that the rates would have fluctuated with the market as they went up just as they went down with market rate changes. As it stands now I have been getting approximately {$4.00} per month in interest when the new XXXX XXXX account would have yielded approximately {$26.00} per month in the year of XXXX. This is a loss of {$21.00} per month in interest to which I claim Capital One was well aware of when they created the deceptively similar account in XXXX and failing to properly inform account holders of the distinction between the very similar savings accounts. There should have been an automatic adjustment upward in interest rate just as they automatically adjusted downward. If there is any reconciliation of this matter, I would want to be advised.
Company Response:
State: VA
Zip: 225XX
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: Managing an account
Subissue: Banking errors
Consumer Complaint: Capital One does not provide monthly 360 savings account statements. I have only been a 360 Performance Savings account holder for a few months. Wanting to verify the XX/XX/XXXX and XXXX XXXX monthly interest being paid on my account I logged into my account and noticed statements were not being provided by Capital One. I needed the statements to verify the interest rate and the balances that factored into the interest paid calculation. Customer service informed me ( XX/XX/XXXX ) individual monthly statements were not available. Instead, combined monthly statements are provided. Combined statements do not provide the necessary monthly details to verify the interest being credited to these types of accounts. Further, when I asked the customer service representative to provide the monthly balances and related interest they stated that was not a service they provided. And that was the end of the call with the Cap One representative. I have since closed any cash related accounts and have contacted the CFPB on this issue. I also plan on filing a law suit. It is outrageous Capital One will not provide the most basic savings account information to its customers.
Company Response:
State: FL
Zip: 347XX
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: Managing an account
Subissue: Banking errors
Consumer Complaint: I had an existing XXXX Savings account with Capital One and it has come to my understanding that they put out a new account with a similar name called a XXXX XXXX XXXX account with considerably more APR. We were never notified that there was a distinction between these two similarly sounding accounts. One had an APR of XXXX and the other XXXX XXXX. Had I been informed by Capital One that these were not the same APR yielding accounts, I would have moved my money sooner to the higher yielding account. I had about {$41000.00} in the older account which they advertised at the time as a great rate. It was a great rate at around XXXX XXXX at the time I opened it. When the interest rates started a down turn, the savings account automatically went down, understandably. I assumed that when interest rates were increasing that the savings account would have automatically increased. What Capital One did was keep the existing account holders at the low XXXX APR and offered a new account, with a deceptively similar name called the XXXX XXXX XXXX account at a XXXX XXXX XXXXor new customers. I believed that the rates would have fluctuated with the market as they went up just as they went down with market rate changes. As it stands now I have been getting approximately {$10.00} per month in interest when the new XXXX XXXX account would have offered {$150.00} per month in the year of XXXX. I have since moved all of my money to the new XXXX XXXX XXXX account. There should have been an automatic adjustment upward in rate just as they automatically adjusted downward. If there is any reconciliation of this matter, I would want to be advised.
Company Response:
State: VA
Zip: 225XX
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: False statements or representation
Subissue: Attempted to collect wrong amount
Consumer Complaint: I was told to pay off this debt and it would be removed from my credit. It was a bilateral agreement and they breached their contract with me. I paid the balance and it was once removed from my credit na snow it has been added again and they will not agree to take it off. My reasoning for my pride? Why would I pay for the bill it it still affects my credit exactly the same ad a negative report. I have good credit and worked hard earnestly through Covid and this is the result. Money hungry collectors. Please have XXXX remove from my credit. I would appreciate it. Thank you
Company Response:
State: FL
Zip: 33434
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: Someone is applying for credit cards and its not me. Since XX/XX/2024.
Company Response:
State: PA
Zip: 17044
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: Problem with a company's investigation into an existing problem
Subissue: Problem with personal statement of dispute
Consumer Complaint: I applied for a credit card for CapitalOne XXXX. I was turned down for the following reasons given by XXXX : Time since most recent account opening is too short Length of time revolving accounts have been established Too few accounts currently paid as agreed Proportion of balances to credit limits on bank/ national revolving or other revolving accounts is too high Number of inquiries on credit report None of these apply to my account. I called CapitalOne. They said these reasons were based on the information XXXX gave to them and I should call XXXX. I called XXXX. They said it was based on the interpretation by CapitalOne. I have good credit!!! None of this makes sense, I don't know why I was turned down and I completely stuck in the middle with no one to help. I also intend to send this complaint to the senate " Consumer Protection, Product Safety and Data Security '' committee.
Company Response:
State: NC
Zip: 28412
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: I opened an account with Capital One XXXX XXXX. In accordance with the Fair Credit Reporting Act, this creditor has violated my rights. Under 15 USC 1681a1 " Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system ''. Attached are my credit reports which will clearly show inaccuracies in payments and balances as well. 15 USC 1681 604a states that any consumer reporting agency can only furnish a consumer report with my written permission. 15 USC 1681 602a4 states that I have the right to privacy.
Company Response:
State: CA
Zip: 90802
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: NOTICE TO AGENT IS NOTICE TO PRINCIPAL NOTICE TO PRINCIPAL IS NOTICE TO AGENT ACCT # XXXX CAPITAL ONE AUTO FINANCE you are furnishing inaccurate and incorrect information to the consumer reporting agencies. The reporting of such inaccurate information has caused severe damage to my character, my reputation, my general mode of living and my ability to obtain credit for personal and house purposes. As defined by the IRS Even if you didnt receive a Form 1099-C, you must report canceled debt as a gross income on your tax return. The IRS clearly defines a charge off as Gross or Ordinary income, INCOME DOES NOT GET REPORTED ON THE CONSUMER REPORT which in fact makes your reporting of this account inaccurate! By Definition The IRS clearly says a Canceled debt or Charge off is Income. The reporting of this account as a debt is inaccurate. 15 U.S. Code 1681s2 Says you Capital One Auto Finance are a furnisher of information to a consumer reporting agency. You ARE PROHIBITED BY LAW to furnish accurate information. I demand you to Cease and Desist the reporting of incorrect/in accurate information immediately. 15 U.S. Code 1681s2 ( a ) ( 1 ) ( A ) A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. You are hereby put on NOTICE that you are furnishing incorrect inaccurate information. The lender must file Form 1099-C and send you a copy if the amount of debt canceled is {$600.00} or more and the lender is a financial institution, credit union XXXX federal government agency, or other applicable entity as discussed earlier in XXXX XXXX The above paragraph is taken directly from the IRS XXXX publication. SEND ME FORM 1099-C that you should have sent when you Filed the account as a canceled debt. XXXX XXXX Acct # XXXX XXXX XXXX XXXX XXXX XXXX LA XXXX 15 U.S. Code 1681s2 - Responsibilities of furnishers of information to consumer reporting agencies ( a ) Duty of furnishers of information to provide accurate information ( 1 ) Prohibition ( B ) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if ( i ) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate ; and ( ii ) the information is, in fact, inaccurate. Duty : a moral or legal obligation ; a responsibility. Accurate : correct in all details ; exact Prohibition : a law or regulation forbidding something. In conclusion I have shown you and you have been put on notice that you are reporting Inaccurate information. The information is, in fact, inaccurate. The continued reporting of this INACCURATE information is a clear violation of the Law 15 USC 1681 s-2 of your responsibilities as a furnisher of information. You have caused me and my family severe harm due to your negligence and INACCURATE reporting. This is a final opportunity to Cure and DELETE this Erroneous, inaccurate account from my Consumer report.
Company Response:
State: LA
Zip: 70501
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: Other features, terms, or problems
Subissue: Privacy issues
Consumer Complaint: This company has violated my consumer rights and has defamed my character by attempting to collect an alleged debt and reporting it to consumer reporting agencies. Because of this I could not purchase a home or gain a credit card. I never gave this company my information or endorsed an instrument with them. Pursuant to 12 CFR 1006.6, more specifically subsection ( c ), this is a notice to cease all communications as the Fair debt collection practices act describes it which includes both direct and indirect communication on ANY medium except that you may ONLY communicate with me under the stipulations that you will send me validating information such as the entire purchase agreement ( and other validating data ) and/or to respond to ANY complaints from the Consumer Financial Protection Bureau ( cfpb ). In case this company feigns ignorance, I attached a screenshot of the XXXX website explaining how the FDCPA defines communication. I did not endorse an instrument with Capital One nor have they provided proof that I did with my wet ink signature, they only purchased a contract and are trying to collect without having it endorsed first which violates Uniform Commercial Code 3-203. TRANSFER OF INSTRUMENT ; RIGHTS ACQUIRED BY TRANSFER. Primary tabs ( a ) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. ( b ) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course, but the transferee can not acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee engaged in fraud or illegality affecting the instrument. ( c ) Unless otherwise agreed, if an instrument is transferred for value and the transferee does not become a holder because of lack of indorsement by the transferor, the transferee has a specifically enforceable right to the unqualified indorsement of the transferor, but negotiation of the instrument does not occur until the indorsement is made. ( d ) If a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this Article and has only the rights of a partial assignee
Company Response:
State: AZ
Zip: 85364
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-22
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: NOTICE TO AGENT IS NOTICE TO PRINCIPAL NOTICE TO PRINCIPAL IS NOTICE TO AGENT ACCT # XXXXXXXX CAPITAL ONE you are furnishing inaccurate and incorrect information to the consumer reporting agencies. There is two ( 2 ) Capital one credit cards showing up on my consumer reports as a business credit card ; they are both charged off showing a balance one for {$3700.00} and {$8400.00}. The reporting of such inaccurate information has caused severe damage to my character, my reputation, my general mode of living and my ability to obtain credit for personal and house purposes. As defined by the IRS Even if you didnt receive a Form 1099-C, you must report canceled debt as a gross income on your tax return. The IRS clearly defines a charge off as Gross or Ordinary income, INCOME DOES NOT GET REPORTED ON THE CONSUMER REPORT which in fact makes your reporting of this account inaccurate! By Definition The IRS clearly says a Canceled debt or Charge off is Income. The reporting of this account as a debt is inaccurate. 15 U.S. Code 1681s2 Says you Capital One are a furnisher of information to a consumer reporting agency. You ARE PROHIBITED BY LAW to furnish accurate information. I demand you to Cease and Desist the reporting of incorrect/in accurate information immediately. 15 U.S. Code 1681s2 ( a ) ( 1 ) ( A ) A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. You are hereby put on NOTICE that you are furnishing incorrect inaccurate information. The lender must file Form 1099-C and send you a copy if the amount of debt canceled is {$600.00} or more and the lender is a financial institution, credit union , federal government agency, or other applicable entity as discussed earlier in chapter 1. The above paragraph is taken directly from the IRS XXXX publication. SEND ME FORM 1099-C that you should have sent when you Filed the account as a canceled debt. 15 U.S. Code 1681s2 - Responsibilities of furnishers of information to consumer reporting agencies ( a ) Duty of furnishers of information to provide accurate information ( 1 ) Prohibition ( B ) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if ( i ) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate ; and ( ii ) the information is, in fact, inaccurate. Duty : a moral or legal obligation ; a responsibility. Accurate : correct in all details ; exact Prohibition : a law or regulation forbidding something. In conclusion I have shown you and you have been put on notice that you are reporting Inaccurate information. The information is, in fact, inaccurate. The continued reporting of this INACCURATE information is a clear violation of the Law 15 USC 1681 s-2 of your responsibilities as a furnisher of information. You have caused me and my family severe harm due to your negligence and INACCURATE reporting. This is a final opportunity to Cure and DELETE this Erroneous, inaccurate account from my Consumer report.
Company Response:
State: LA
Zip: 70592
Submitted Via: Web
Date Sent: 2024-01-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A