Consumer complaint received 2023-06-01
Company: CAPITAL ONE FINANCIAL CORPORATION
State: PA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Unexpected increase in interest rate

Complaint:
On XX/XX/XXXX, I mistakenly transferred {$8000.00} from my XXXX credit card ( ending with XXXX ) to my Capital One credit card ( ending with XXXX ). On the same day, I called Capital One to cancel the transaction after which they stated that the cancellation was not possible and that I needed to approach XXXX. I called XXXX to cancel the transaction, and they stated that it would take about 15 days for them to cancel the transaction, which was not alright with me considering that I needed the money sooner. They suggested that I should take a refund from Capital One instead, so I called Capital One requesting a refund and they processed the refund on XX/XX/XXXX. 
On XX/XX/XXXX, XXXX canceled the transfer transaction and Capital One paid {$8000.00} back to them, without my knowledge. This payment adjustment was processed on XX/XX/XXXX and this change of {$8000.00} was reflected in my credit card balance. On XX/XX/XXXX, I did a balance transfer of {$9700.00} from Capital One to my XXXX  XXXX XXXX account with 0 % interest and I was charged {$290.00} as a transfer fee. 
I noticed an abnormal change in the credit card balance of my Capital One credit card and saw that XXXX had processed a cancel transaction even though I had already sorted out the refund with Capital One. On XX/XX/XXXX, I transferred {$8000.00} from an XXXX  account back to Capital One in order to settle the extra {$8000.00}. There were insufficient funds in my XXXX  account, so I transferred {$8000.00} more from my XXXX  XXXX XXXX account to Capital One on XX/XX/XXXX. The XXXX  transaction was canceled on XX/XX/XXXX. 
Essentially, XXXX told me to contact Capital One to reverse a transaction, but then decided to reverse the transaction themselves by contacting Capital One themselves. This resulted in an extra {$8000.00} in my Capital One account. In order to settle this extra {$8000.00}, I had transferred {$8000.00} from an XXXX account which turned out to have insufficient funds, so I then transferred the {$8000.00} from my XXXX  XXXX XXXX account. On a separate note, I had transferred {$9700.00} from the Capital One account to my XXXX  XXXX XXXX account with no interest. 
Instead of adjusting the {$8000.00} from the payment I had made from my XXXX  XXXX XXXX account, they adjusted the funds with the {$9700.00} balance transfer amount and started to charge me interest on the {$8000.00}. 
Furthermore, I had specifically done what XXXX told me and contacted Capital One with the refund, but XXXX proceeded with their transaction cancellation anyway without my knowledge. I also had told Capital One that I wanted this adjustment of funds to not come from the {$9700.00} balance transfer, but they did so anyway. Capital One charged me interest of {$150.00} on XX/XX/XXXX, {$150.00} on XX/XX/XXXX and {$160.00} on XX/XX/XXXX. On top of this, I had already paid {$290.00} as a balance transfer fee. Additionally, Capital One had even frozen my account on XX/XX/XXXX and wanted me to provide evidence that the XXXX  XXXX XXXX and XXXX accounts belonged to me. They told me that they would remove the interest rate charge on my account when my account would be unfrozen. The process to unfreeze my account took several weeks and Capital One did not remove the interest rate charges on my account even after claiming that they would do so. I want to sue Capital One and XXXX for this grueling debacle that they have put me through and to get justice for others who may have suffered the same plight. 


I also file appeal to XXXX XXXX, how can they allow credit card companies to manipulate transactions and charged interest rates to consumers. These practice should be stopped immediately and enforce strict low immediately to stopped such practice. 


XXXX XXXX Posting Date Balance Amount Remark XX/XX/XXXX XX/XX/XXXX {$8000.00} Balance Transfer from XXXX XXXX  XX/XX/XXXX XX/XX/XXXX - {$8000.00} Issued check XX/XX/XXXX XX/XX/XXXX - {$9700.00} Availed Balance Transfer Offer ( 0 % Interest ) XX/XX/XXXX XX/XX/XXXX - {$290.00} Service fee for 0 % interest Bal Tr. 
XX/XX/XXXX XX/XX/XXXX - {$8000.00} XXXX XXXX  reverted Balance transfer XX/XX/XXXX XX/XX/XXXX {$8000.00} Mobile Payment from XXXX Account XX/XX/XXXX XX/XX/XXXX {$8000.00} Realized no fund in XXXX XX/XX/XXXX XX/XX/XXXX - {$8000.00} XXXX XXXX due to insufficient fund XX/XX/XXXX XX/XX/XXXX - {$150.00} Intrest Charged by Capital one Bank XX/XX/XXXX XX/XX/XXXX - {$150.00} Intrest Charged by Capital one Bank XX/XX/XXXX XX/XX/XXXX - {$160.00} Intrest Charged by Capital one Bank

Company response to consumer: Closed with explanation