Consumer complaint received 2019-02-23
Company: CAPITAL ONE FINANCIAL CORPORATION
State: TX
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
Capital One closed both of my accounts for non activity and is still harassing me to repay the credit card agreement/promissory note when the the two accounts have already been paid in full.

Capital One is asking for repayment ( to pay again ) with Federal Reserve Notes, Debit, and Money Order which are all debt instruments. Federal Reserve Notes are a promise to pay money, therefore it can not be money. Federal Reserve Notes are a promise to pay money, what we call cash. If a promise to pay money is cash and is treated as cash, on the books of the banks, did i promise to pay money in regards to the credit card agreement, yes or no? I know the answer is yes, I do promise to pay money or I agreed to pay money ; the instrument that i electronically signed ( Capital ONe does not have a record of the application because it was done online ) was treated as cash, because it was a promise or agreement to pay money.

Who has to hand cash first when dealing with banks? I had to hand over a signed document to Capital One first before anything else could happen, meaning granting me the credit cards that I applied for. How can I pay for anything with a promise to pay?

Not knowing, but when I signed a credit card agreement I actually made a deposit, which is a loan to Capital One. The promissory note was turned into a negotiable instrument. Capital One could not make a book entry unless I created the agreement, by putting my signature on it. This is a misrepresentation as they failed to disclose that the agreement that I signed became a valuable instrument. Capital One failed to disclose that I was accessing my own account and confirming that this credit limit was created and derived by me. Instead of asking me for repayment ( to pay again ) Capital One owes me the face value of the agreement. Capital One will make money on my signature when the agreement with my signature hits 9 months and it becomes a security which is an asset to the bank.

Since the alleged debt was paid in full, I have sent a 1099-A and 1099-OID to show who is the true lender and recipient of the funds. They can not deny this as banks don't loan any money. I am the true creditor, grantor, settlor, maker. The minute they sent me a coupon which is a money order, they tricked me into becoming the trustee and liable for a fake debt.

Capital One is taking part in inducement, concealment, theft - taking the credit card agreement with my signature and claim that there is no record of it because it was done online. They are involved in extortion under 8 USC Section 1341 - Frauds and swindles Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, or to sell, dispose of, loan, exchange, alter, give away, distribute, supply, or furnish or procure for unlawful use any counterfeit or spurious coin, obligation, security, or other article, or anything represented to be or intimated or held out to be such counterfeit or spurious article, for the purpose of executing such scheme or artifice or attempting so to do, places in any post office or authorized depository for mail matter, any matter or thing whatever to be sent or delivered by the Postal Service, or deposits or causes to be deposited any matter or thing whatever to be sent or delivered by any private or commercial interstate carrier, or takes or receives therefrom, any such matter or thing, or knowingly causes to be delivered by mail or such carrier according to the direction thereon, or at the place at which it is directed to be delivered by the person to whom it is addressed, any such matter or thing, shall be fined under this title or imprisoned not more than five years, or both. If the violation affects a financial institution, such person shall be fined not more than {>= $1,000,000} or imprisoned not more than 30 years, or both.

This credit card debt for both accounts was paid in full and a promise to pay is a security, in contract law would be void.

Company response to consumer: Closed with explanation