Consumer complaint received 2016-02-11
Company: CAPITAL ONE FINANCIAL CORPORATION
State: VA
Product: Bank account or service
Sub-product: Savings account
Issue: Account opening, closing, or management

Complaint:
CapitalOne has effectively " seized '' {$50000.00} from me, having withdrawn said funds from another institution to fund a new savings account, but then refusing to provide me access to these funds while also refusing to return the funds from whence they came. 

CapitalOne mismanaged the account application process ; CapitalOne has failed to take concerted action to rectify the issue ; CapitalOne has provided incorrect/incomplete/inaccurate information at every turn ; CapitalOne has changed their story with every missed promise ; CapitalOne has wasted hours of my time as I have worked to rectify the fallout from their errors. 

I want : My funds returned to my control ; CapitalOne management and potential customers to know of CapitalOne 's own incompetence ; Government overseers to be aware of and CapitalOne 's incompetence and abuse of my trust and the protections afforded to citizen customers, and for them to be held legally accountable to the fullest extent possible. 



Timeline of Events ( all dates/times Eastern US, all individuals named below are CapitalOne employees ) : XXXX XXXX 2016 : I opened a savings account to capitalize on a " new customer '' bonus ( {$500.00} ) advertised as being available 90 days after opening a savings account. I am informed CapitalOne " prefers '' ( i.e., does not require ) that the new account to be funded from a checking account. CapitalOne accepts my source bank/account details even after I specified I was funding from a savings account. 
XXXX XXXX : {$50000.00} in funds are transferred from source savings account via ACH transfer ; No trivial " verification '' deposit ( s ) is posted to the source bank savings account, an amount ( s ) which I am supposed to report back to CapitalOne to confirm ownership. 
o/a XXXX XXXX : Call CapitalOne to inquire about missing verification deposit ( s ) and am informed this can take some time for CapitalOne to execute, even though I advised that the $ XXXX principal amount had already been successfully withdrawn. 
XXXX XXXX : Learned from funding bank that the verification deposit ( s ) had been rejected because CapitalOne had designated they were for deposit to a checking account ; Source bank was unable to confirm amount ( s ) rejected ; XXXX # XXXX at CapitalOne then tells me my $ XXXX deposit is frozen - will not be released to me OR returned to source account until I confirm control of source account - that evening I fax a statement obtained from source bank proving withdrawal of the $ XXXX as instructed by XXXX, who said confirmation would take one day to complete upon receipt of proof of transfer/ownership. 
XXXX XXXX : XXXX # XXXX informs me that confirmation can take up to seven days. 
XXXX XXXX : CapitalOne sends email confirming that their investigation into recordings made when I opened the account confirm my recitation of fact. I also learn that CapitalOne has an additional 30 days to pay the interest bonus beyond the 90-100 days required to qualify. 
XXXX XXXX : XXXX # XXXX advises that with or without the proof of ownership I faxed on XXXX XXXX, the hold on my funds will expire the next day and I will be able to establish an ACH link ( with a checking account this time ) which will enable me to withdraw my money. 
XXXX XXXX : The lock on my funds has NOT been lifted. XXXX # XXXX advises that the verification team is overwhelmed with work and now 7-10 days are required. I inform CapitalOne that I have made my last call to CapitalOne and will now be filing a formal complaint with the Bureau of Consumer Financial Protection.

Company response to consumer: Closed with explanation