Product: Checking or savings account

Subject : Formal Complaint Against Capital One XXXX  XXXX  Unfair Account Restriction To the Consumer Financial Protection Bureau ( CFPB ), I am filing a formal complaint against Capital One XXXX  XXXX regarding the unjust restriction placed on my ability to open a checking account. I believe Capital One has wrongfully classified me as a risk despite my taking every reasonable precaution to prevent fraudulent activity. 

Background of the Issue : In XXXX, I was working as a contractor and received a paycheck from my employer. Before using the funds, I took proactive measures to verify the checks legitimacy. Due to concerns raised by a coworker who had trouble cashing a similar check, I contacted XXXX XXXX  customer service to confirm whether the funds were available. A representative assured me that the check had cleared and that there were no issues. Based on this confirmation, I proceeded to use the funds for essential expenses. 

Shortly thereafter, XXXX XXXX fraud department contacted me, stating that the check was fraudulent. I immediately informed them that I had called in advance to verify the funds and had been assured that the check had cleared. Despite this, my account was restricted, and later closed, while carrying a negative balance. I made payments toward the balance as I was able. 

XXXX  XXXX  Unfair Practices : Failure to Prevent Fraud : Capital One provided misleading information by confirming the check was valid before I used the funds. I relied on their verification process in good faith. 
Unjustified Account Closure : Despite my efforts to resolve the situation, my account was closed, and I was later classified as a risk. 
Long-Term Repercussions : Now in XXXX, I attempted to open a teen account for my children with Capital One but was denied due to my prior account closure. I was also informed that I am permanently ineligible to open any new accounts with Capital One. 

Why This Is Unfair : XXXX. I took every reasonable precaution. I allowed the funds to clear and called the bank to confirm legitimacy before using them. 
XXXX. Capital One misled me. The bank provided false assurance that the funds were available, leading to my unintentional use of a fraudulent check. 
XXXX. I am being penalized for XXXX XXXX  mistake. The employer who issued the fraudulent checks disappeared, affecting over XXXX contractors, yet Capital One has failed to recognize that I was a victim of fraudnot a perpetrator. 
XXXX. I have a strong banking history. I am a longstanding Capital One credit card customer with a record of on-time payments, further demonstrating that I am a responsible account holder. 

Requested Resolution : I am requesting that Capital One remove the restriction on my ability to open a checking account and reconsider my classification as a risk. The bank failed in its duty to provide accurate information, and I should not be penalized for trusting their verification process. 

At the time of the incident, my name was XXXX XXXX, but my legal name is now XXXX XXXX following my marriage. I urge the CFPB to investigate XXXX XXXX  handling of this matter and ensure that consumers are not unfairly penalized for relying on the banks own verification processes. 

Thank you for your time and attention to this matter. 

Sincerely, XXXX XXXX