Consumer complaint received 2023-04-27
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MA
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
To whom it may concern, I bought an 11 month CD from Capital One Bank at an advertised interest rate of 5 %. I transferred XXXX dollars from an insurance policy and expected to receive 5 % over XXXX monthly disbursements. The amount at 5 % resulted in XXXX divided by the XXXX month term and yielded a monthly amount of or around {$1100.00}. At no point was it disclosed that the XXXX month CD was going to yield less than the 5 % advertised. The date of the initial disbursement and the maturity date appear to reflect a XXXX month CD and not XXXX as It was advertised online and verified at the branch when we proceeded to make the {$250000.00} deposit and engaged in business with Capital One Bank. 

It took more than a month for the the initial transfer to go into the new XXXX month CD account. This was very concerning as this is a very large amount of money. 

My initial meeting took place at the XXXX XXXX Capital One XXXX XXXX XXXX XXXX XXXX, MA XXXX on XXXX XXXX XXXX The actual transfer into the XXXX month CD did not take place until XX/XX/XXXX according to XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX However Capital One CD Account shows a deposit on XX/XX/XXXX for the XXXX transferred into the XXXX month CD account, the discrepancy on the debit from XXXX XXXX XXXX XXXX XXXX XXXX XXXXk XXXX ) on XX/XX/XXXX and a statement from Capitol One showing the deposit on XX/XX/XXXXXXXX XXXX  also raised a red flag. 

I proceeded on XX/XX/XXXX to attach my XXXX Account to receive the monthly disbursements of the expected {$1100.00}. On XX/XX/XXXX the initial interest disbursement transferred into my XXXX account was in the amount off around {$100.00} dollars less than expected at {$1000.00}. I called, visited and complained directly to both the branch and the costumer service line where nobody was able to give me a straight answer on why there was a discrepancy. 

I was sold an XXXX  month maturity CD at 5 % and instead I am getting 4.1 % because their bait and switch language and what I believe is false advertisement and misrepresentation of a product. 

The XXXX month CD term is not being advertised any longer nor I believe is it available as a product of Capital One Bank. I need help to resolve the fact that I did not and am not receiving the 5 % interest rate that was advertised, offered and sold to me by Capitol One. 

I went to the branch on XX/XX/XXXXXXXX XXXX  where I spoke with three representatives who were not able to give me a straight answer on the CD product, XXXX, XXXX and XXXX. They connected me to their live support via telephone while at their branch. Their representative on the phone was not able to tell me why there was a discrepancy between the expected interest and the received interest. They told me that they needed an accountant to do the math as they could not do the math for me, the client. I then proceeded to ask for them to escalate to a formal complaint and that I needed to speak to someone that could explain why I am getting 4.1 % interest on my 11 month CD and not the 5 % that was advertised, offered and sold to me. I was told that I would receive a call in the next 3 to to 5 business days. Case # XXXX. 

I have yet to receive a call, an e-mail or a follow up. I am asking you to please help me resolve this issue as I am on a fixed income and trying to supplement it. You can understand how a {$1200.00} dollar discrepancy over XXXX months is not acceptable on a fixed income. 

Thank you for your attention to this important matter. 

XXXX XXXX XXXX enclosed : Capital One Bank XXXX month CD product description showing a maturity date of XX/XX/XXXX Capital One Bank transactions to date XXXX statement showing XXXX

Company response to consumer: Closed with explanation