Consumer complaint received 2023-03-28
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:
I have three credit card accounts with Capital One that have been closed. I believe this adverse action is a retaliatory act against me exercising my right to accept my remittance coupon and instruct it to be applied to my account for payment. For account one, On XX/XX/2023, I sent Capital One an accepted payment/remittance coupon for {$3000.00}. I also provided them with a notarized Power of Attorney ( attached below ) acting as agent to my principal 's account. I included instructions ( attached below ) to apply the principal 's balance to the principal 's account for set-off each cycle. I also included the Federal Reserve Act Section 16 as support that my instructions were lawful, with all notes being obligations of the United States. On XX/XX/XXXX, I received correspondence from Capital One Customer Care Team ( attached below ) addressed to the principals account, and not the natural person/agent who requested the written correspondence, and provided the Power of Attorney over the principals account. Capital One made the claim that You are currently listed on this account as primary account holder. As primary account holder, you have full access to the account. I believe this to be a deceitful attempt to ignore my Power of Attorney stating that the natural person is acting as agent to the principals account, by sending correspondence to the principals account and stating that the principal does have full access to the account. 
On XX/XX/XXXX, Capital One sent correspondence ( attached below ) to my principals account stating, We are closing this account because activity on this or another account is not consistent with our expectations for account usage and violates the Capital One Customer Agreement. Please stop using this account immediately and destroy any cards and checks associated with it. Also, you should update any recurring payments you have set up using this account You are still responsible for paying the full amount of any remaining account balance and youll continue to receive billing statements until the balance reaches XXXX. 
On XX/XX/XXXX, I mailed a reply to Capital Ones correspondence ( attached below ) clarifying the definitions of capacity I was acting in with the Power of Attorney I submitted. I also enclosed multiple supporting documents such as the FDIC Revised Policy Statement on Securities Lending to support my claims. I also noticed in my portal for Capital One App that the subject line for one of their letters they mailed me was Generic Letters, which led me to believe they found my instructions to be generic, so in my letter mailed on XX/XX/XXXX, I wrote a handwritten letter and clarified any confusion regarding generic letters. I requested a written explanation for my account being restricted, and informed them that I believed they were in violation of 42 USC 12203- Prohibition Against Retaliation and Coercion. I also requested proof of accounting. I concluded with giving Capital One five days to provide remedy by following my original instructions of transferring the principals balance to the principals account each month for set off. 
On XX/XX/XXXX, I received correspondence from Capital One stating Thank you for contacting us about the terms on your Capital One Walmart Rewards Card account. Your current terms are listed below on the following pages : Capital One failed to provide me with a specific explanation as to why my account was restricted, or proof of accounting. 

For Capital One account two, on XX/XX/2023, I mailed them a written letter stating there was a billing error in requesting me to send a portion of my statement and a check or one money order I went on to express that, Once I have enclosed and accepted my payment coupon, it should act as the payment/tender/financial instrument itself. Before I had an opportunity to mail this letter to Capital One, on XXXX XXXX they had already taken adverse action against me and closed my account ( letter attached ). They also closed my third account and sent written correspondence that was written on XX/XX/2023.

Company response to consumer: Closed with explanation