Consumer complaint received 2021-08-31
Company: CAPITAL ONE FINANCIAL CORPORATION
State: TX
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
Attn : Capital One Credit Card XXXX XXXX CEO Capital One Credit Card Leadership Capital One Fraud Leadership XXXX XXXX # XXXX Credit Card Executive Team XXXX # XXXX - Credit Card Executive Team XXXX XXXX et al, Sir, I have recently received a call from a XXXX Employee # XXXX. He called after reviewing all documentation that has proven the following : 1. We are Victims of ID Theft 2. We are Victims of Account Take Over 3. We are Victims of Fraud 4. We are Victims of ACH Payment Fraud During our conversation, XXXX stated that he reviewed all documentation ( submitted dozens of times XXXX  Capital One Losing Each time ) until I sent the documents to a Fraud Manager who then passed them along to XXXX and his team. XXXX stated that Capital One could not reopen my accounts due to ACH bounced payments that Capital One is holding me accountable for. I asked XXXX if he realized that NONE of these ACH and Phone payments in question were not mine and that I had NO connection to them whatsoever ( no knowledge of until after the fact and no connection to them at all ). He said that he realized this but since the payments were in violation of Capital Ones rules that state we performed these payments against Capital One rules, that Capital One could not reopen the accounts. 

Wait, this gets even better!. In XXXX, I called Capital One stating that I did not want you to allow any 3rd Party Payments without my vetting and therefore approval. This did not take place in any of the payments made to Capital One. He also stated that even though I didnt know at the time that I was a victim of ID Theft ( cause ), Account Takeover ( effect of the ID theft and cause of ), Fraud, leading to phone payment and online ACH Fraud that I was being held liable. How can this be the case? It has been proven that I have had no association with any of these payments or bank and yet Capital One is calling it my fault through we are victims of 1-3 above? How is that even possible? Capital one assisted in this fraud by no alerting me of either the charges, not the payments, and I, in fact alerted Capital One. This is nonsense and goes directly against my rights as a consumer under TILA, the FCBA, the FCRA and the Credit Card Act of 2009. Finally, XXXX had no idea what the TILA. FCBA, FCRA or Credit Card Act are, yet he stated hes an Executive for Capital One Credit Card. 





These cards need to be reopened, as others banks I am working with are so that my credit can be brought back to the standard I have maintained for over 30 years! I am a Victim and did nothing wrong whatsoever! There is NO valid reason that Capital One has to close my accounts. Finally, XXXX was rude, stated that there was no way I could speak to his Boss XXXX # XXXX since she has no direct extension. I also asked that she call me back and he stated she could not. This makes absolutely no sense whatsoever! 

Pease see Electronic Funds Transfer, bank and customer responsibility. I have added the link to this regulation below. 
Definition of an Electronic Funds Transfer https : //www.federalreserve.gov/boarddocs/supmanual/cch/efta.pdf According to the Federal Reserve , EFTA covers six types of consumer electronic fund transfers. They are : transfers through automated teller machines ( ATMs ) ; point-of-sale ( POS ) terminals ( these are the credit card readers found in most stores ) ; automated clearinghouse ( ACH ) systems ( this includes direct deposit and automatic payroll deposits ) ; telephonic payment plans in which periodic or recurring transfers are contemplated ; remote banking programs ; and remittance transfers ( think international money transfers such as those offered by XXXX XXXX or XXXX ). 

Liability for Unauthorized Transfer Assuming the theft or loss came from a personal account, consumers have little to fear if they regularly monitor their account and promptly report problems. I did this and notified Capital One of the bounced EFT payments! This is not my fault at all!

According to EFTA, an access device is a card, code, or other means of access to a consumers account or a combination of these used by the consumer to initiate EFTs. Access devices include debit cards, personal identification numbers ( PINs ), telephone transfer and telephone bill payment codes, and other means to initiate an EFT to or from a consumer account. ( The term access device will become important in a minute. ) Please note that conventional checks are not considered to be access devices. Not applicable If you lose your access device ( your PIN number or debit card ) and report within 2 days of discovering the loss, your liability is generally limited to {$50.00}. I notified the bank immediately of my stolen device and also filed a police report right away!

If you report between 2 and 60 days after learning of the loss, your liability is limited to {$500.00}. The rules say that once you get a statement, the clock begins ticking whether or not you open your mail or review your statement on line. This was done within 2 days of my device being stolen but was due to a hack, not the device. I dont save my passwords on my devices, ever! 
If you wait beyond 60 days, your liability may be unlimited. In other words, check your statements! N/A If there is a loss not involving an access device and you report within 60 days, you have no liability. I did this within 2 days and this was not directly from my stolen device, the Fraudster hacked me! Wait more than 60 days and once agai
n your liability is unlimited. N/A The following reasons a Card Company can close an account : EFT Payments Bounce that the Customer knew were being made In the event a customer was unaware an EFT payment was being made ( ex. Identity Theft, Account Takeover, Fraud, etc. ) the customer is not to be held responsible and the Card can not be closed. I had no idea these payments were even being made due to ID Theft, Account Takeover, Fraud, follow by ACH
Payment Fraud. This is NOT an allowed reason for closure per EFT Regulations! In fact, I tried to stop one or more of these payments prior to taking place but it had already been posted!

Stopped Using the Card N/A Unused credit cards aren't profitable for credit card issuers. And card issuers aren't allowed to charge a dormancy or inactivity fee to cardholders who don't use their credit cards for cus months.2 Sometimes cl
osing a credit card is the better option for credit card issuers.

There's no standard timeframe for credit card issuers to cancel unused credit cards. To be on the safe side, use all your credit cards every three or four months to keep them open and active.3 Setting up a recurring payment, like a streaming service can be an effortless way to keep your credit card open. Just make be sure to make your payment every month. 

You Stopped Making Payments N/A If you have an outstanding balance, the terms of your credit card require you to make regular minimum payments. While your credit card probably won't be cancelled after just one missed payment, a more serious delinquency can lead to a strained relationship with your credit card issuer.

Some credit card issuers will suspend your charging privileges if you're 60 or 90 days past due and let you start charging again once you bring your account current. However, your credit card
will be charged-off and closed completely after 180 days or six months of non-payment.4 Your Credit Score Dropped N/A While creditors can't increase your interest rate because of late payments on ot
her accounts ( unless the account is with that same credit card issuer ), they can close your account completely if you appear at risk of defaulting.5 If your credit score starts slipping because you're falling behind on your payments, your credit card issuers might start closing your credit cards.

You Rejected a Rate Increase or Other Change N/A Before a credit card issuer can make a pricing change to your credit card, like raising a fixed interest rate or annual fee, they must give you a 45-day advance notice. During that time period, you can reject the new credit card terms and choose to pay off your account under the old terms. However, many credit card issuers close your account if you decide to reject the new terms.6 A rate increase will only apply to new transactions. If you want to keep your credit card, you can pay off your old balance under the existing rate. Then, pay any new purchases in full going forward to avoid paying finance charges under the higher interest rate.

The Credit Card Issuer Is Getting Rid of the Credit Card N/A Credit card issuers continuou
sly review their credit card portfolio and get rid of credit cards that no longer fit. In this case, your credit card issuer will likely send advance notice before closing your credit card and let you know your options. You may be able to transfer your account to another credit card with the same credit card issuer. 
The Bank Is Closing N/A Unfortunately, some credit card issuers are forced to shut down operations when they are no longer profitable. Many credit card issuers sell their credit card accounts to a new credit card issuer. The new card issuer may close the credit card and require you to apply for a new account if you want to do business with them. 


XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation