Product: Checking or savings account

On XXXX XXXX, in order to meet my monetary obligations, I initiated two external transfers from my CapitalOne Savings account. One transaction totaling USD XXXX to XXXX XXXX and another transaction totaling USD XXXX to XXXX XXXX. Even though I initially had some technical challenges, I was able to schedule the transfers successfully while breaking them into smaller chunks. I got confirmation notification online for the transactions which made me believe that everything is good. 

However, on XX/XX/XXXX, when I logged into my XXXX XXXX and XXXX accounts, to my surprise, the transferred money wasnt there and I had no failure notification whatsoever., I quickly called CapitalOne and questioned them on why the money didnt make it to my XXXX and XXXX accounts . I also explained to the rep that the money was transferred with the intent of making payments for obligations and for the intent of fulfilling sign on bonus criteria with XXXX and XXXX. The rep I spoke with apologized and asked me to schedule another set of transfers to my XXXX and XXXX accounts while I was on the phone with her. She also mentioned to me that in case I am to incur losses due to CapitalOnes failure to transfer money, there is a claims process that can usually reimburse me for my losses. With customer service still on the phone, I scheduled another round of transactions and the rep confirmed that the transfer requests are in. The rep mentioned to me that they would investigate why the original transactions failed and would initiate a claims process to look at the possibility of reimbursing for my losses due to the failed transactions. 

After 3-4 days, when I checked if the transfers had been completed, to my surprise, both transfers failed again and there was no transfer request history visible online. I contacted customer service again and requested them to investigate the matter. I spoke with three different managers that day and spent 3 hours over the phone. One of the managers I spoke with opened a case ( case number : XXXX ) to investigate whats going on and asked that I schedule the transfers again. I went ahead and scheduled the transfers again, and the transactions failed again for the third time a couple days later. Upon calling CapitalOne again, the rep seemed helpless. I explained to her that due to this back and forth and the inability of CapitalOne to transfer my money into my other accounts in a timely manner, I am ending up losing XXXX dollars in sign on bonuses from XXXX and XXXX XXXX in addition to the late fees and penalties on my outbound payment obligations. The rep asked that I reach out to XXXX and XXXX and see if they can consider an exception. She even offered to be on the phone to help convince them and explain the situation. She also mentioned that if XXXX and XXXX arent able to do anything, she can start a claim and look for ways to reimburse me for my losses. I reached out to branch managers at XXXX and XXXX and they escalated my request to their leadership but to no avail. Their response ( attached ) was that it was not their fault but Capital Ones fault and its Capital One who needs to be held responsible. They also mentioned that banks usually have a process to reimburse customer losses due to failed transactions and that CapitalOne should have something similar in place. 

Since end of XXXX till end of XXXX, I tried reaching out to CapitalOne customer service multiple times to follow up on this matter and each time I called, I have been getting transferred from one incompetent rep to another who would claim to be account expert but wouldnt even care to look at the case notes or attempt to help out. 

After several failed attempts to follow up and ask for a claim to be opened to reimburse my losses, I have decided that I write this demand letter. I wanted to give CapitalOne one more opportunity given my 15-year history before I pursued a small claims trial on this matter. Ive spent enough time going back and forth with multiple departments and this has been the most frustrating experience ever. 

My loss of XXXX dollars happened because of CapitalOnes failure to transfer my money even after multiple requests. I did everything I could to get my money moved into my respective accounts, but CapitalOne failed me each time. As a valued customer and based on my 15 years of experience with CapitalOne, I am hoping that CapitalOne will make it right for me. 

The fact that CapitalOne, as a custodian of my money couldnt honor my multiple requests for transfer of money in a timely fashion resulted in monetary losses and tarnished my reputation in not being able to fulfil my financial obligations. Because of your carelessness, I not only lost my sign on bonus, but also incurred penalties because I couldnt make the outgoing payments in a timely fashion. And I spent countless hours not just with your reps, but also with XXXX and XXXX in attempts to get this resolved. 

I have been trying to follow up with CapitalOne on this and they keep going in circles. When I escalated this to their Office of the President, I was asked to reach out to Consumer Protection and only then they might look into it.