Consumer complaint received 2023-03-30
Company: CAPITAL ONE FINANCIAL CORPORATION
State: CA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
An offer was received from Capital One for a limited-time offer to open a 360 Performance Savings account and receive a bonus up to {$1000.00} based on the funds held in the account. Reviewing the offer requirements, it appears the funds need to be held in the account for 90 days following the initial funding period. What the offer fails to state is the 15 days of the initial funding period are not counted as part of the the 90-day period. After opening the account, there is a window of 15 days to deposit money into the account ; however, the 90-day period doesn't start until after the 15-day funding period ends. This information is not clearly stated in the offer and is deceptive to the common reader. When I spoke with a representative at Capital One on the phone, she also agreed with the fact that the language is not clear. It may have been clear to the person writing the requirements, but they were also probably too close to the process to see that consumers XXXX not understand what they were trying to describe. The end result is that I was expecting to receive the highest tier award of {$1000.00} because I held over {$100000.00} in the account for 101 days and only received {$100.00} because I withdrew the funds 4 days prior to meeting the actual requirement of 105 days. The statement that would have been helpful is if they stated the funds have to be held for 90 days after the 15 day initial funding period ends. For an actual total of 105 days. 

Below are the guidelines for the offer. 

About this message Questions? Give us a buzz at XXXX XXXX XXXX to talk to a real person. Were here 7 days a week, XXXX XXXX XXXX. ET. 
Capital One reserves the right to withdraw this offer, with or without notice, in its sole discretion if it is determined that fraud or any other factor beyond its control is impacting the integrity of the offer and campaign. 
If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after XX/XX/XXXX, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus. 
Certain deposit transactions initiated through the Capital One website to retrieve funds from your external account are subject to limits. If you are subject to these limits, in order to meet the offer requirements, you would need to initiate the deposit by another external method, such as mobile deposit or setting the initial deposit to send ( rather than be retrieved from ) from your external financial institution. 
Heres the full scoop on how to earn your bonus : 1. Open a 360 Performance Savings account betweeXXXX XXXX XXXX ET on XX/XX/XXXX, and XXXXXXXX XXXX  ET on XX/XX/XXXX. When you open your account, ensure the promo code XXXX is entered in the Promo Code XXXX 
2. Deposit a total of {$10000.00} or more ( Deposit Amount ) of new money from externally sourced funds ( transfers between Capital One accounts will not qualify ) within the first 15 days of account opening ( Initial Funding Period ). You will earn a bonus once youve maintained the Deposit Amount of {$10000.00} or more for 90 days following the Initial Funding Period. The amount of your bonus will be determined as follows : {$100.00} bonusThe new money deposited from an external bank during the Initial Funding Period was between $ XXXX {$49000.00}, and you maintained that XXXX XXXX for 90 days. 
{$500.00} bonusThe new money deposited from an external bank during the Initial Funding Period was between $ XXXX {$99000.00}, and you maintained that Deposit Amount for 90 days. 
{$1000.00} bonusThe new money deposited from an external bank during the Initial Funding Period was more than {$100000.00}, and you maintained that Deposit Amount for 90 days. 
3. Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above, including fulfilling the 90-day holding period. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus. If at any time during the 90 days following the Initial Funding Period your Deposit Amount drops into a lower tier, you will be rewarded that tiers cash bonus. If your Deposit Amount decreases to an amount less than {$10000.00}, you will not qualify for a cash bonus. This offer can not be combined with any other 360 Performance Savings account opening offers. Only one promotional code is accepted. Bonus is only valid for one new 360 Performance Savings account. Bonuses are considered interest and will be reported on IRS form 1099-INT. 
When will I get my bonus? 
Your bonus will be deposited into your new 360 Performance Savings account by the date stated below :

Company response to consumer: Closed with monetary relief