Date Received: 2023-04-15
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: Capital One restricted my account on XX/XX/XXXX, making me unable to withdraw money directly from the account. Believing this was just a simple misunderstanding, I made a call to Capital One in an attempt to try to correct this and came to the realization that Capital One believed I was somehow involved in fraudulent activity and that I was a risk to their company and so they were moving to end relationships with me completely. Absolutely baffled by this, I made several more calls from XX/XX/XXXX through XX/XX/XXXX. Listening to the limited information they did give me, it seemed that my account was being closed due to the fact that I attempted to make multiple transfers from an external checking account to my Capital One savings account and my external bank for some reason reversed this. I continued trying to make the transfer as I thought my external bank would contact me if anything was wrong and that the reversal was just a precaution. I had already verified my external account under my name through Capital One 's system. I was confused as this was my first true bank account as an adult, my external checking account was a focus card from a job I worked over the XXXX as a XXXX. I believe the problem was that I may have tried to conduct too many transfers too quickly and that there may have been an accidental transfer in which the amount of money in my external account didn't match, however, at the time I didn't think much of it. After calling Capital One and learning of the situation, I decided to call my external bank and they told me the best option I had was to prove to Capital One that I own the external bank account by showing them a bank statement or other information that would indicate my innocence. Throughout multiple calls to Capital One I several times expressed my desire to provide information to them to aid in the " investigation '' they claimed they were conducting. If such an investigation was taking place and they took time to ask me or my external bank questions I believe my innocence would've been very easily proved as the external account has my name on it and I can very easily prove it is my account and that I attempted to make the transfer. Each time I was met with the same scripted response that they were unable to provide any information and that they were ending relationships with me due to suspicious activity. I assumed this suspicious activity was the reversed transfer as that was the only thing that made any sense. I only recently created both accounts this year and there was no other notable activity that could be considered suspicious. They wouldn't give me any chance to even dispute any of the claims they made and I was just left in the dark about the whole situation. To put an end to the situation I decided to just accept the fact that my bank was inevitably going to be closed as I was getting tired of trying to deal with such an unresponsive and unhelpful customer service team that would just give me the same response repeatedly without caring about my situation. It seemed that they all were just trained to repeat the same thing regarding anything about an account closeout or restriction. Even being on the phone with a supposed manager on XX/XX/XXXX proved useless as they also repeated the same phrases I was now used to hearing. I'm still completely confused by the situation as it was a simple reversal of a transfer and didn't warrant complete account closure. I was informed of my account closure by email on XX/XX/XXXX at XXXX XXXX. I am writing this complaint to ensure that Capital One doesn't wrongfully report that I conducted fraudulent activity so I can save my relationship with future banks as I am still young and wouldn't appreciate my life being negatively impacted due to a bank 's negligence.
Company Response:
State: NY
Zip: 11103
Submitted Via: Web
Date Sent: 2023-04-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-14
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: In accordance with the fair credit reporting act XXXX account # XXXX has violated my rights. Under 15USC 1666B a creditor may not treat a payment on a credit card account under an open and consumer credit plan as late for any purpose.
Company Response:
State: FL
Zip: 347XX
Submitted Via: Web
Date Sent: 2023-04-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-14
Issue: Closing an account
Subissue: Can't close your account
Consumer Complaint: I am a victim of identity theft when someone opened a Capital One Bank checking account in my name, physical address and email address. Once I received an email from Capital One about my new account, I contacted Capital One with help of my XXXX agent to get this fraudulent account canceled. Capital One rep supposely put a " red flag '' on the new account and indicated that the account will be canceled. I opened an FTC identity theft report, filed a local police report, put freezes on my credit reports, and sent a letter to Capital One based upon FTC recommendations. See attached letter to Capital One Fraud and Disputes dept dated XX/XX/2023. Since the time I sent the letter to Capital One, I keep getting statements and other correspondence about the checking account indicating that the account is still open in my name and address.
Company Response:
State: TX
Zip: 77581
Submitted Via: Web
Date Sent: 2023-04-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-14
Issue: Fees or interest
Subissue: Charged too much interest
Consumer Complaint: made two payment XXXX, XXXX first- {$170.00} on XX/XX/XXXX. second- {$9600.00} on XX/XX/XXXX. had a negative balance after second payment. due date for payments is 5th of each month. have made numerous calls to capital one. first agent told me i was charged because it wasn't paid off by due date, which was incorrect. they are now charging {$110.00} in interest charges. seems like a very misleading and unfair practice. i switched to another card, without interest, to pay off balance. does that have an effect? capital one seems to prey on the downtrodden. my understanding is : if i didn't pay off balance by the 11th of month prior to due date, and didn't make any purchases, i would never pay off credit card. this isn't mentioned anywhere on my ebill-that i can find.
Company Response:
State: GA
Zip: 31324
Submitted Via: Web
Date Sent: 2023-04-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-14
Issue: Advertising and marketing, including promotional offers
Subissue: Confusing or misleading advertising about the credit card
Consumer Complaint: I received an offer in the mail from Capital One Quicksilver Rewards during the week of XX/XX/XXXX. The card states I'm pre-selected for a 0 % introductory APR offer. It states on the envelope the APR applies to purchases and balance transfers. Opening the information received, the offer continues to state the card offers a 0 % introductory APR on purchases and balance transfers. Upon further review of the enclosed term sheet, the card actually has a 3 % transaction fee for transfers. This fee will be " 3 % of the amount of each transferred balance that posts to your account through your XX/XX/XXXX billing period or at a promotional APR that we may offer you at any other time. '' Under Regulation Z, 12 CFR 1026.4 ( a ), and the commentary ( comment 4 ), " any transaction charge imposed on a cardholder by a card issuer is a finance charge, regardless of whether the issuer imposes the same, greater, or lesser charge on withdrawals of funds from an asset account such as a checking or savings account. '' Additionally, Capital One 's own website states : " APR vs. Interest Rate : What's The Difference? .... The APR is a broader measure of borrowing costs. It can include the interest rate plus other costs, such as transaction fees and discount points. '' Date, XX/XX/XXXX, source - https : //www.capitalone.com/learn-grow/money-management/apr-vs-interest-rate/ # : ~ : XXXX % XXXX % XXXX % XXXX % XXXX, to % XXXX % XXXX % XXXX % XXXX. In summary, advertising this particular offer as " 0 % introductory APR on balance transfers '' is inaccurate and deceptive. The regulatory definition of finance charges clearly includes these transaction fees and would require their inclusion into the APR disclosed. Advertising the promotion as 0 % introductory APR on balance transfers when the offering literature discloses a 3 % transaction fee misleads customers : Customers open the offer expecting a truly 0 % ( no fees ) offer, and then are disclosed a fee. This appears to be a bait and switch tactic. Capital One appears aware of the difference between APR ( which includes finance charges, like a transaction fee ) and interest rate, as evidenced by their website quote, yet is not utilizing this knowledge in preparation of its marketing materials.
Company Response:
State: SD
Zip: 57006
Submitted Via: Web
Date Sent: 2023-04-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-14
Issue: False statements or representation
Subissue: Attempted to collect wrong amount
Consumer Complaint: XX/XX/2023 I received a letter from a debt collection company. The name of the organization is XXXX XXXX XXXX XXXX. This is my response. I have attached a letter of NOTICE AND DEMAND TO VALIDATE DEBT CLAIM. This is my response. Please answer all questions and validate this debt claim.
Company Response:
State: CA
Zip: 945XX
Submitted Via: Web
Date Sent: 2023-04-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-13
Issue: Fees or interest
Subissue: Charged too much interest
Consumer Complaint: Charges me interest fees twice a month
Company Response:
State: VA
Zip: 231XX
Submitted Via: Web
Date Sent: 2023-04-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-13
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: A loan/credit card from Capital One is showing up on my credit report from XXXX. I was born in XXXX, which would make me XXXX XXXX XXXX and not of age to concent to someone using my social security number. Neither of my parents authorized this as well. Capital One says they cant find anything with my information on it and therefor will not help resolve the issue of it showing up on my report. I am in the process of purchasing a home and this negative mark is preventing me from the purchase. I dont have the luxury of waiting for this to be resolved, it needs to be done immediately so Im able to show an accurate number for my credit score. Thank you.
Company Response:
State: WA
Zip: 983XX
Submitted Via: Web
Date Sent: 2023-04-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-13
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: In accordance with the fair credit reporting act Capital One has violated my rights 15 USC 1681 section 602 states I have the right to privacy 15 USC 1681 section 604 A section 2 : its also states a consumer reporting agency can not furnish an account without my written instructions 15 USC 1666B : A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose
Company Response:
State: FL
Zip: 33844
Submitted Via: Web
Date Sent: 2023-04-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-13
Issue: Fees or interest
Subissue: Unexpected increase in interest rate
Consumer Complaint: I just received a notice from Kohls and Capital One that the rates are going to 30.24 %! This is similar to my other cards, but not as high. However, even my good credit card from my credit union is over 10 %. At what point is it predatory lending? This is the interest rates we need to fight right now.
Company Response:
State: OH
Zip: 43615
Submitted Via: Web
Date Sent: 2023-04-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A