Consumer complaint received 2023-11-17
Company: CAPITAL ONE FINANCIAL CORPORATION
State: VA
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
Re : Capital One Account Number XXXX acting agent and attorney-in-fact for XXXX XXXX, the true obligor/consumer/principal, I hereby dispute the billing practices associated with the current, past, and future CERTIFICATES OF INDEBTEDNESS hereinafter ( COI ) under this contract. I request that you rectify this error per The Truth in Lending Act ( 15 U.S.C. 1601 et seq. ).

Capital One Financial Corporation is hereby noticed that XXXX XXXX, the consumer/principal, shall not be construed as the surety, debtor, liability, guarantor, or accommodation party concerning any relationship with Capital One et al. XXXX XXXX has not, is not, and shall never be considered to have entered into a joint business venture with Capital One Financial Corporation or its agents and agencies as an undisclosed third-party investor, commercial business partner, or otherwise for Capital One Financial Corporation Mastercard Account Number XXXX. All presumptions of assent are now rebutted and rebuked. 

The purported Debt is erroneous and invalid for all of the following reasons : ( 1 ) lack of consideration ; ( 2 ) lack of mutual assent between the parties ; ( 3 ) failure to fulfill any applicable statutory requirements ; and ( 4 ) any other applicable grounds.

I have endorsed the coupon and mailed it to the Capital One Payment Processing XXXX XXXX XXXXXXXX, NC XXXX on XX/XX/XXXX, and again on XX/XX/XXXX. Capital One failed to credit the account from the dividend payment they made from the Treasury coupon. UCC 3-603- Tender of Payment and UCC 3-604 - Discharge by Cancellation or Renunciation.

Capital One appears to be in the practice of securities fraud due to the following violations : 12 CFR 360.6 ( 2 ) Treatment of financial assets transferred in connection with a securitization or participation : The Claimant was entitled to be informed that his financial assets ( e.g., promissory note ) would be sold to the bank and that, as a result, the bank would acquire a bank asset, which would be offset by a corresponding bank liability. The Claimant was entitled to be notified that the financial institution would then exchange the promissory note for credit in the borrower 's transaction account. This indicates that the bank, or purported creditor, recorded the promissory note as a loan from the Claimant to the bank, resulting in the bank, or purported creditor, becoming the borrower.

17 CFR 260.11b ( 6 ) Self Liquidating Paper - It appears Capital One intentionally misrepresented and withheld relevant information about self-liquidating paper from the consumer to profit from the consumer 's credit card as defined in 15 USC 1602 ( l ) Credit Card-then deceiving and misleading the consumer into an unfair, unwise and uninformed loan agreement whereby the consumer would repay the money obtained from his credit card with interest, which the bank is legally obligated to return to the consumer.

Per 15 USC 1602 ( l ) Credit Card ( l ) [ The term credit card means any card, plate, coupon book or other credit device existing to obtain money, property, labor, or services on credit ] - It appears that Capital One has actual, implied, or apparent authority to utilize my credit card or open-end credit plan as a consumer, as outlined in 15 U.S.C. 1602 ( l ) Credit Card. I utilized his credit card to facilitate a purchase money loan, as defined by the Truth in Lending Act ( TILA ), wherein no cash was received in exchange for the use of the credit card, and no amount was credited to the principal account. In this consumer credit transaction, Capital One has received an unjustified financial benefit from the consumer, as no consideration has been provided in exchange for the use of the consumer 's credit card.

15 U.S.C. 1666 ( b ) Billing Errpr - Capital One is in direct violation for reporting late payments on my consumer credit report under an open-ended consumer credit plan ( an installment credit plan under the Truth in Lending Act ). Such reporting of late payments is prohibited under the aforementioned statute. Capital One did not have the authority to place a negative mark on a consumer report, as they lacked the capacity to agree in the first instance.

15 USC 1666d, Treatment of credit balances- Capital One failed to credit the principal account with the dividend payment, interest, and other relevant components resulting from the consumer 's security treasury coupon as mandated by the Electronic Transfer Act. Capital One shall be liable for failing to credit a consumer 's account with the dividend payment from the securities treasury coupon, as well as the interest earned from said coupon, as per the Electronic Transfer Act.

This will also serve as a notice of breach of fiduciary duty ( U.C.C. 3-307 ), as well as a violation of 17 CF 240.15c1-2 and 17 CFR 240.10b-5 The application made contained personal property in the form of estate information of the principal, which was subsequently deposited into Capital Ones account as a credit on their accounts receivable. Pursuant to 12 USC 1431, I behest the accounts receivable held in escrow for the principal to be credited to the accounts payable.

Faulire to return the unearned interest on the account as well as closing the account absent my exoress written permission places Capital One in viiolation of the following : 15 U.S. Code 1 - Trusts, etc., in restraint of trade illegal ; penalty.

18 U.S. Code 1951 - Interference with commerce by threats or violence.

18 U.S.C. 793 - Gathering, transmitting, or losing defense information.

18 U.S. Code 1951 - The Hobbs Act.

26 U.S. Code 7201 - Attempt to evade or defeat tax.

Equal Credit Opportunity Act.

Consumer Credit Protection Act.

Federal Ethics Laws.

Since Capital One Financial Corporation is registered with the I.R.S, ( XXXX XXXX ), and licensed by the Secretary of State, it is subject to adhering to Corporate Governance Laws and Regulations, Federal Rules and Civil Procedures, the U.S. Securities and Exchange Commission, the Federal Trade Commission, the Financial Crimes Enforcement Network, the Federal Bureau of Investigation, the Internal Revenue Service, all applicable United States Codes and Statues at Large of the United States Corporation 28 USC 3002 ( 15 ). 

Therefore, when Capital One Financial Corporation seemingly sold the security, promissory note, and/or credit application, and failed to distribute the funds to the consumer, in lawful money, and instead issued a coupon to me, known as checkbook money, unequivocal in amount, failed to honor the tender of payments, failed to return the unearned interest to the principal, and closed the account without authorization from the principal, Capital One Financial Corporation engaged in not only discrimination but what also appears to be a securities scheme and artifice, false advertising, false and deceptive trade practices, sabotage, a mockery of honest services misrepresentation and misappropriation of funds, breach of trust, identity theft, unlawful conversion, false advertisement, extortion, conspiracy, XXXX, false reporting on a public record, as well as several ethics violations to the detriment and loss to me, the consumer.

Company response to consumer: Closed with explanation