Consumer complaint received 2023-12-06
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NJ
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
CAPITAL ONE FINANCIAL CORPORATION and its affiliate CAPITAL ONE BANK, N.A. deliberately and intentionally closed my credit card account and refuses to act in honor and good faith. According to CAPITAL ONE FINANCIAL CORPORATION 's 10-K report for the fiscal  year ended XX/XX/XXXXXXXX  filed with the Securities and Exchange Commission ( SEC ) , page 132, CAPITAL ONE FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Securitizations of Loans it conspicuously states : " Our loan securitization activities primarily involve the securitization of credit card and auto loans, which provides a source of funding for us. See Note 5Variable Interest Entities and Securitizations for additional details. Loan securitization involves the transfer of a pool of loan receivables from our portfolio to a trust. The trust then sells undivided interests in the pool of loan receivables to third-party investors through the issuance of debt securities and transfers the proceeds from the debt issuance to us as consideration for the loan receivables transferred. The debt securities are collateralized by the loan receivables transferred from our portfolio. We remove loans from our consolidated balance sheets if securitizations qualify as sales to unconsolidated VIEs, recognize assets retained and liabilities assumed at fair value and record a gain or loss on the transferred loans. Alternatively, if the transfer does not qualify as a sale but instead is considered a secured borrowing, the assets will remain on our consolidated balance sheets with an offsetting liability recognized for the amount of proceeds received. '' This confirms a trust was created, to which I am the beneficiary of, and that the application, also known as commercial/chattel paper, was used to create and establish an account with CAPITAL ONE BANK, N.A. ( deposit accounts receivable ) which CAPITAL ONE BANK, N.A. converted into a security which and sold, exchanged, pooled, traded, transferred, invested and reinvested to which as an investor and beneficiary, was absolutely no benefit to me. This is a breach of trust, a breach of CAPITAL ONE BANK, N.A. 's fiduciary duty, breach of contract and a violation of the Sarbanes Oxley Act of 2002. Regardless of CAPITAL ONE BANK, N.A.s reason ( s ) for closing the account, I have the right to credit. Withholding my access to my securities is securities fraud. CAPITAL ONE BANK, N.A. is unjustly enriching themselves at my expense. I demand equitable compensation immediately. This is a violation of the Equal Credit Opportunity Act ( ECOA ) and the Consumer Credit Protection Act ( CCPA ). If we are unable to reach a fair and reasonable agreement within thirty ( 30 ) days, I will have no other option than to pursue legal action against CAPITAL ONE FINANCIAL CORPORATION, CAPITAL ONE BANK, N.A. and their affiliates for acting in dishonor, bad faith and with unclean hands.

Company response to consumer: Closed with non-monetary relief