Consumer complaint received 2023-01-18
Company: CAPITAL ONE FINANCIAL CORPORATION
State: IL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
On XX/XX/2022, I attempted to use XXXX to transfer my bill payment to my wife for {$330.00}, and I was using a new device to access my bank account. It prompted me with a confirmation request but did not state the user 's name like usual, and the payment was sent to the wrong person, whose phone number was 1 digit off from my wife 's. My bank at Capital One will not do anything to help me with this issue. I need the transaction reversed. I have reached out to XXXX as well, but I understand their policy is that all transactions are final. They responded by closing a previous complaint I had made with the CFPB, stating that the matter was handled correctly and according to their XXXX policy stated on the website. I called back to Capital One on the XXXX and XXXX, expressing my intention to file a regulation XXXX dispute over the same transaction. I was never contacted with any further information, although the second time that I called on the XXXX I was given a case number, XXXX. I called again on Monday the XXXX, and the representative told me that a case number was never opened despite me being told that it was, but he reiterated that the case was closed in accordance with bank policy. According to the CFPB website regarding regulation XXXX, transactions under error resolution include incorrect EFT to or from the consumer 's account, and it is the financial institution 's obligation to promptly investigate the oral or written allegation of error [ which they have now received three times ], complete its investigation within the time limits specified in regulation E, report the results of its investigation within three business days after completing the investigation, and correct the error within one business day after determining that the error has occurred. I have notified Capital One with oral allegation of error and intent to state regulation E dispute multiple times now, but each time that they call they state they have no record of the regulation E claim, and state that my claim was denied, or more recently state that I need to submit further documentation. This is clearly in violation of regulation E 12 CFR 1005.11 ( c ) ( 1 ). I called again on XX/XX/XXXX, and was instructed to send written notice of my complaint to XXXX. I was never told that any further information needed to be included prior, but according to the CFPB website entry on regulation E, a financial institution can not require a consumer to file a police report or other documentation as a condition of initiating an error resolution investigation. A financial institution must begin its investigation promptly upon receipt of an oral or written notice of error and may not delay initiating or completing an investigation pending receipt of information from the consumer. See Comments 11 ( b ) ( 1 ) -2 and 11 ( c ) -2. In the past, Bureau examiners found that one or more financial institutions failed to initiate and complete reasonable error resolution investigations pending the receipt of additional information required by the institution. Clearly, Capital One is in violation of this policy. It is clear that they are being intentionally unclear with their instructions and making the process as inconvenient as possible. I do not have an electronic record of my oral notification as they have still never sent me the [ three times ] requested email regarding the case with follow-up, but I have attached times and dates of the previously stated calls. Additionally, I have attached all emails pertaining to this transaction.

Company response to consumer: Closed with explanation