Consumer complaint received 2021-08-12
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NY
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:
We changed our autopayment from Statement Balance to Minimum Payment which would have required no further action on our end. But because we did it " within 48 hours of the payment due, '' they still attempted the transaction. I then called up the credit card company, XXXX XXXX, to alert them to the error and the assured us that they will not be making additional attempts to take out the payment. THE NEXT DAY, on XX/XX/XXXX, they made an unapproved ACH transfer out of our checking account which not only took out every XXXX we had, but it put us {$500.00} in the red, with hundreds of dollars of payment rejection fees from our other accounts. We finally got this settled and it took them over TWO WEEKS to refund the money even though we were told it would only take 3-5 business days because they " forgot to put the request in. '' In the meantime, every single payment we made got rejected and caused us a fee because there was no longer any money in there due to the unapproved transaction. 

The moment we got the money put back in we made a {$2500.00} payment to Capital One, 14 days late, to make up for the rejected transactions which was WELL OVER our minimum payment. We then find out today XX/XX/XXXX, that the account that has been in good standing for 4 years has been CLOSED. Our credit score dropped over XXXX points. Capital One says there is nothing they can do for us, even though they acknowledge that we have not missed a single payment on anything for over 4 years including never being late them with. They tried to fix the issue due to the evidence provided and agreed that we did not make a mistake and it was pretty obvious there was an error and a fraudulent transaction done in our checking account because we have not missed a payment in nearly 4 years. Their " appeal '' was a 3 minute " Hard No '' from a computer with no supervisor to speak to. 

I don't even want to have the account opened back up. They don't deserve to make a another XXXX off of us or the business we use the card with. I have no problem paying them the entire balance. All I care about is ONE thing ... my fiance and I 's credit score. We have a XXXX year old, a wedding next month, and we were planning on buying a house. Which will now be IMPOSSIBLE because our credit score dropped over XXXX points all due to a fraudulent transaction that we told XXXX NOT to make and they assured us it would not be made. 

The Capital One " manager '' acknowledged that this is not our fault but because of their " computer algorithm '' there is nothing they can do. This is unacceptable. If they admit that we did not make a mistake, and we had over {$7000.00} taken out of our credit account without our permission, how is there no process in place to be able to report this correctly to the credit bureau? It now shows up as a 7-8 year old credit account ( my fiance 's longest open account ) that was closed by the company due to a " business decision. '' Our lives have effectively been ruined because I was an authorized user on the account so it hurt us both. It is the middle of a pandemic, my father passed away, we have to move right after our wedding next month, and now we have a XXXX credit score when we were saving up and working our hardest to improve our credit score and getting it well over XXXX. 

The fact that Capital One has no safeguards in place, no phone call, no email, no letter, no nothing to either of us who are on the account is INSANITY. The account and all of our accounts have been in perfect standing for the better part of 4-5 years until this happened. If they acknowledge there was an error how can it not be fixed????? I understand I can not make them open the account, nor I do not want them to at this point. But it is completely unacceptable and flat out WRONG to punish us for something we have no control over. Something has to be done about this company and our situation. We haven't had a payment late in years but because a payment gets returned and WE MAKE A PAYMENT MERELY 14 DAYS LATE THEY SHUT OUR ACCOUNT DOWN AND RUIN OUR CREDIT????? 

My fiance has had this card since it had a {$100.00} a limit and we have worked our way to have that increased over the years to nearly {$4000.00} only to have our financial future crushed by the bureaucracy and stupidity of Capital One in the middle of a pandemic. Our minimum payment was about {$30.00}, and we paid {$120.00} ( which mind you was already paid at the time of the failed payment ). Why would we pay {$2500.00} the moment we the problem fixed, only to have the account shutdown and our credit scores destroyed???? 

I am sorry if this complaint is tough to read but I am literally shaking right now and it is tough to put my thoughts together. 

I have attached 3 pictures because this is all they need to see for this to make sense. 1 ) The payment taken our when it should not have been. 
2 ) The EXACT amount being returned to our account 2 weeks later and us making a payment to Capital One THE VERY DAY the money got into out account ( which was a Saturday XX/XX/XXXX, so it didn't post until Tuesday XXXX ). 
3 ) The payment showing we made our minimum payment already in the billing cycle.

Company response to consumer: Closed with non-monetary relief