Consumer complaint received 2022-12-27
Company: CAPITAL ONE FINANCIAL CORPORATION
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Didn't receive advertised or promotional terms

Complaint:
On XX/XX/XXXX I opened a secured XXXX with Capital One with a {$200.00} credit line, after I had deposited a refundable {$90.00} as security on the account. The advertised terms of the account were that at 6 months and 1 year the account would be reviewed for any or all of a credit line increase or a refund of the security deposit, effectively changing it from a secured to an unsecured XXXX. The terms did not promise or guarantee a credit line increase or a refund of the deposit, but just a review of the account for XXXX. 

After 6 monthly statements on the account, and having paid my balance off, in full and on time each month, I had not been informed of the results of the review of my account for either or both of a credit line increase or a refund of the deposit on the account, so I requested a credit line increase using an option to do so on their website, and I also wrote them a letter requesting both of a credit line increase and a refund of my deposit. They responded to both actions with an online message telling me to call them. When I called I was told that I had neither been granted or decline either of a credit line increase or refund of my deposit. When I asked the agent to please review the account for one they said they could and would not do so, and that " only the system '' decides which accounts to review for same. 

In XXXX XXXX, after 14 monthly statements on the account, and having paid my balance off, in full and on time each month, I had not been informed of the results of the review of my account for either or both of a credit line increase or a refund of the deposit on the account, so I requested a credit line increase using an option to do so on their website, and I also wrote them a letter requesting both of a credit line increase and a refund of my deposit. They responded to both actions with an online message telling me to call them. When I called I was told that I had neither been granted or decline either of a credit line increase or refund of my deposit. When I asked the agent to please review the account for one they said they could and would not do so, and that " only the system '' decides which accounts to review for same.

At that time, and with the account having a zero balance and no outstanding or disputed transactions, I asked that account be closed and my deposit refunded. The account was immediately closed when I then logged back into their website. After more than a week of the account being closed, and having not had my deposit refunded to either of my Capital One checking account or either of XXXX other checking accounts I had connected to the closed XXXX account, I received an online notice that I would have to wait at least XXXX months for a check for my deposit to have to be issued to me. 

Capital One committed fraud in advertising accounts for which consumers were promised considerations for extension of credit, thereby also entitling said account holders for a written account of the results of such consideration under the Fair Credit Reporting Act, which they do not provide. At the same time, Capital One deprives said consumers of the use of their own money, for its own benefit. It then continues to deprive consumers of their own funds, while it reaps the benefits of interest off of them, for so grossly and unnecessarily a length of time, even after the account has been closed, paid off and completely settled, it constitutes nothing short of theft.

Company response to consumer: Closed with explanation