Consumer complaint received 2019-02-27
Company: CAPITAL ONE FINANCIAL CORPORATION
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
I have multiple accounts with Capital One, including a business checking & savings account for one of  my businesses. I attempted consolidating one of my external business accounts by opening a second business savings @ Capital One. Unbeknownst to me & without any notice, Capital One froze my business accounts simply due to requesting to open a savings account online ( which is the same way that our accounts were initially setup ). I found out about this only by calling into XXXX XXXX Cust Serv. after my business debit card was declined. During this time, I literally had no access to even see my accounts online & couldnt even see my account balances. Upon speaking with Capital One, I asked to speak with an exec level supervisor or manager to confirm whether or not our ACH deposits and payments would still be processed in spite of the temp frozen account status ; The Manager/Supervisor EMPHATICALLY confirmed MULTIPLE times that all ACH payments & deposits wouldnt be effected by this status and that they would FOR SURE still be processed per usual. Therefore, I didnt have a reason to make other arrangements for our outgoing payments and inbound deposits. However, I was given false information by the aforementioned manager & all of our deposits & payments were rejected. Consequently, our largest personal loan account was reported as being 30 days late, we lost a premium domain potentially worth several thousands of dollars, our business was ( and still is ) reported to XXXX ( which has caused several rejected ACH payment fees ) - and all of this due to this payment not going through, in spite of being given a definitive guarantee that it would absolutely go through. Additionally, due to the 30 day late payment status, our loan account was now subject to several thousands of dollars in retroactive interest charges. I immediately contacted Capital One & they accepted responsibility for the error and guaranteed to compensate us for any losses due to their error and that they would do so in a timely manner. Unfortunately & to our continued detriment, Capital One didnt stand behind this guarantee/promise, in spite of us sending countless documentation supporting our losses. I sent countless emails to their executive office and to the general counsel, but didnt receive a response for almost 2 months at one point, at which time they offered us $ XXXX  for a matter that has cost us far more up to this point and will ultimately end up costing in excess of $ 50- $ 60k +. Due to Capital Ones continued inaction, our loan account is now standing at 120 days past due with a balance of just over $ 12k and our credit has now crept just below 600 ( our scores have always been well over 700+ ). Further, two of our current creditors have significantly reduced our credit line ( 1. XXXX it XXXX - {$26000.00} reduced to {$10000.00} 2. XXXX XXXX  of XXXX XXXX XXXX - {$7000.00} closed by creditor due to very recent and significant delinquency reported ). This is now creating problems for my business, as we used the XXXX XXXX for an on-file Card for our largest Equipment wholesaler and now we are maxed out, which caused our utilization % to balloon from 20-25 % to 80 % +. I have spoke to Capital Ones retained attorney through XXXX XXXX and have provided all supporting documentation, including info directly from our credit report & directly from XXXX, yet I am still being subjected to methodical delays and evasive tactics by Capital One, all while being subjected to what has been a snowball effect due to how long Capital One is taking to do what they promised they would do. I have consulted with our attorney and in order to simply begin the litigation process, we would be required to pay a $ XXXX retainer fee. I feel as if we are now being disrespected more and more each day that Capital One fails to make good on their promise of compensating for their admitted errors. Lastly, my wife is XXXX XXXX XXXX and this is adding stress that she shouldnt be subjected to during this important stage of her XXXX, yet Capital One has essentially implied that they could care less, which I can only assume is because they have no one to hold them accountable for mistakes that they openly and expressly admitted ( and did so in writing via a signed & notarized statement that I requested in an attempt to mitigate further losses ). I have requested additional information from their attorney and they continue to act as if they just dont care to hear my requests. I understand that there are likely hundreds of claims that are without any merit whatsoever and I have been consistently reminded of this by Capital Ones attorneys, but I have provided ample ( even excessive & certainly repititive ) documentation to substantiate my losses, unequivocally speaking. The ridiculous part about all of this is that it all stems from me requesting to do something as simple as opening a 2nd Savings Account and trying to bring an additional $ XXXX on deposit with their bank. We have absolutely ZERO culpability in this matter whatsoever, as we simply requested to open the aforementioned 2nd savings. Please provide assistance ASAP, as this has now been ongoing for nearly 7 months now. 

Thanks for any help youre able to offer - we greatly appreciate it. 

Best, XXXX XXXX XXXX XXXX XXXX ** Tried uploading multiple documents, but the uploading icon just continued to spin for several minutes - Please Contact me directly for these documents **

Company response to consumer: Closed with explanation