Consumer complaint received 2018-03-06
Company: CAPITAL ONE FINANCIAL CORPORATION
State: PA
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Problem with renewal

Complaint:
In Early XX/XX/2018 I received Maturity Notices for 2 CDs and went to XXXX to check the current CD rates. The rate chart indicated 2.45 % APY for 5 years ( the term of my CDs ) and I decided to allow the CDs to rollover at maturity on XX/XX/2018. 
XX/XX/2018 -I received Rollover confirmations of CDs showing rate of .60 % for 60 months. 
XXXX -Called Capital One Customer Service : 1.-I spoke with a young lady that told me something I didn't understand about the different sections of Capital One and passed me to a different section. 
2.-XXXX  answered and very knowledgeably explained my CDs were grandfathered and the rates were different than what was shown online - they are '360 rates ' which was unclear to me and what that meant. He said he was going to put me on hold, talk to a supervisor with the hope of getting approval to cancel the rollover CDs, credit my Money Market account, and then re-issue with the advertised CD rate of 2.45 %. After somewhat of a hold he came back and said his supervisor said NO. I would have to take an early redemption penalty to get the advertised rate. I thanked him and asked to speak with a manager. ( now I'm 29 minutes into this call ). 
3. -XXXX who told me she was 'part of management ' said I couldn't know her last name but offered her employee number, XXXX, said my CDs were part of the XXXX program XXXX therefore, the .60 % rate stands. I asked what XXXX is as I have never heard of the program. It means XXXX XXXX XXXX. She couldn't offer an explanation of what that really meant or why the rate would be so much lower. I thanked her, told her I wasn't satisfied and understood that she had only so much authority and asked to speak with someone else above her. At first she told me there was no one else higher than her that I could talk to, not one other person at Capital One, then, when pressed, acquiesced saying she could put in for a call back. 
4.-In a couple of hours XXXX XXXX called. I went over the details with her and she said the letter ( maturity notice ) that I received said to CALL because Capital One KNOWS the rates on the website aren't what I would get ( NOTE : the website is listed at the bottom of the letter ). When I CALLED, the recording telling me I'd have a long wait directed me to www.capitalone.com. She repeated that I should have CALLED and there is nothing that can be done and no one else that can help me. I told her I have almost {>= $1,000,000} at Capital One and I feel as if I've been deceived, she said, " That's fine but the letter said you should CALL. '' I said, " So basically tough cookies. '' She said, " Yes! '' Thus this complaint. 
I feel as if Capital One has used deceitful practices in showing their rates and have tricked me into two 5 year CDs at a rate that isn't anywhere near competitive. They are using corporate flim-flam to explain away using a secret rate chart for rollover CDs. How can Capital One expect a consumer to understand their inter-workings, the sections of their company, where rates are quoted, or the nuances of when I should CALL vs go online, especially when their customer service representatives ( and 'management ' ) can't explain it. 
As an aside, today I called the number on the maturity notice and thought I would check the rates. I got an ACD Menu and eventually got an automated recital of exactly the same rates I saw online. 

I have copies of the notices and screen shots of the online process to look at rates that can be provided if needed.

Company response to consumer: Closed with non-monetary relief