Consumer complaint received 2020-10-09
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NV
Product: Checking or savings account
Sub-product: Savings account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I opened a Capital One 360 Savings account with an initial balance of {$50000.00}. The {$50000.00} was debited from my XXXX checking account and credit to my Capital One 360 Savings account on XX/XX/XXXX. I signed up with an offer code XXXX that had the following terms : " Open a 360 Performance Savings account between XXXX XXXX XXXX on XX/XX/XXXX and XXXX XXXX. XXXX on XX/XX/XXXX. When you open your account, enter your promotional XXXX. If you have or had an open savings and/or money market account, excluding CDs, as a primary or secondary holder with Capital One on or after XX/XX/XXXX, youre ineligible for the bonus. This account is subject to approval. 
Deposit a total of $ XXXX {$50000.00} or more of new money from an external bank ( transfers between Capital One accounts will not qualify ) within the first 10 days of account opening ( Initial Funding Period ). You will earn a bonus once youve maintained a daily balance of {$10000.00} or more for 90 days following the Initial Funding Period. Your bonus will be calculated as follows : an account with a daily balance between $ XXXX {$19000.00} will earn {$100.00} ; $ XXXX {$29000.00} will earn {$200.00} ; $ XXXX {$39000.00} will earn {$300.00}, $ XXXX {$49000.00} will earn {$400.00} ; balances of {$50000.00} or more will earn {$500.00}. If at any time during the 90 days following the Initial Funding Period your daily balances drop into a lower balance tier, you will be rewarded that tiers cash bonus. If your daily balance decreases to an amount less than {$10000.00}, you will not qualify for a cash bonus. 
This offer can not be combined with any other Capital One 360 new savings account opening offer, including savings accounts opened through Refer A Friend. Only one promotional code is accepted. Bonus is only valid for one account. 
Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus. 
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them. '' I maintained a balance of at least {$50000.00} for 96 days, at one point I had over {$120000.00} in the account. After 96 days, on XX/XX/XXXX, I transferred the majority of the funds back to my XXXX checking account. Capital One was supposed to deposit the {$500.00} to my Capital One 360 Savings account within 60 days, or by XX/XX/XXXX. They have failed to do so. I have contacted them multiple times and they keep giving me the runaround. They agree that I was supposed to get the bonus but they keep blaming " the system '' and promising to call me back but never do. The most frustrating part is that every time I call I am told they are notating the account about the issue and yet every subsequent call they claim to have no record of my previous calls.

Company response to consumer: Closed with explanation