Consumer complaint received 2023-12-17
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NJ
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Trouble using your card
Sub-issue: Can't use card to make purchases

Complaint:
On XX/XX/XXXX, I'd sent Capitol One a billing error. Billing Error amount of {$3500.00}. One of the errors are late payments, under an open-ended consumer credit plan, which is against the law. The next one is security fraud. They are never credited my account for certificate of indebtedness. The company did not credit my account for dividend payment that they have made off my treasury coupon. Via Electronic Transfer Act of the interest of my coupon. My billing dispute past, current or future certificate of indebtedness while under this contract. Also want my securities sent to me via check. They then sent me a letter closing my account. Per 16 CFR 424.1 In connection with the sale or offering for sale by retail food stores of food, grocery products or other merchandise to consumers in or affecting commerce as commerce is defined in section 4 of the Federal Trade Commission Act, 15 U.S.C. 44, it is an unfair or deceptive act or practice in violation of section 5 ( a ) ( 1 ) of the Federal Trade Commission Act, 15 U.S.C. 45 ( a ) ( 1 ), to offer any such products for sale at a stated price, by means of an advertisement disseminated in an area served by any stores which are covered by the advertisement, if those stores do not have the advertised products in stock and readily available to customers during the effective period of the advertisement, unless the advertisement clearly and adequately discloses that supplies of the advertised products are limited or the advertised products are available only at some outlets. 16 CFR 433.3 Exemption of sellers taking or receiving open end consumer credit contracts before XX/XX/XXXX from requirements of 433.2 ( a ).

( a ) Any seller who has taken or received an open end consumer credit contract before XX/XX/XXXX, shall be exempt from the requirements of 16 CFR part 433 with respect to such contract provided the contract does not cut off consumers ' claims and defenses.

( b ) Definitions. The following definitions apply to this exemption : ( 1 ) All pertinent definitions contained in 16 CFR 433.1.

( 2 ) Open end consumer credit contract : a consumer credit contract pursuant to which open end credit is extended.

( 3 ) Open end credit : consumer credit extended on an account pursuant to a plan under which a creditor may permit an applicant to make purchases or make loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide. The term does not include negotiated advances under an open-end real estate mortgage or a letter of credit.

( 4 ) Contract which does not cut off consumers ' claims and defenses : A consumer credit contract which does not constitute or contain a negotiable instrument, or contain any waiver, limitation, term, or condition which has the effect of limiting a consumer 's right to assert against any holder of the contract all legally sufficient claims and defenses which the consumer could assert against the seller of goods or services purchased pursuant to the contract.

[ 42 FR 19490, Apr. 14, 1977, as amended at 42 FR 46510, Sept. 16, 1977 ]

Company response to consumer: Closed with explanation