Consumer complaint received 2015-07-07
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NY
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Account opening, closing, or management

Complaint:
This is the XXXX complaint that I have filed against Capital One Bank during the last 57 days. For information regarding my initial complaint, which also involved my Rewards Money Market account ( hereafter, RMMA ), please see Case XXXX ( hereafter, Case XXXX ). 

A brief summary of the facts associated with Case XXXX will facilitate CFPB 's understanding of my current complaint:1 ) After making a {$230000.00} deposit to my RMMA in XX/XX/XXXX, I had, as of XX/XX/XXXX, not received reward points for the month of XXXX. Historically, Capital One Bank credited reward points to my RMMA within the XXXX five days of the new month. 

2 ) When I contacted Capital One, they cited a " bank wide system issue '' as the reason for the delay in reward points posting to my account, a claim reiterated in a letter, dated XX/XX/XXXX, that I received after this issue was resolved. 

3 ) This letter also stated that the computer issue lasted from XXXX XXXX - XX/XX/XXXX. Note that Case XXXX was actually filed two days after ( XXXX XXXX ) the computer issue that effected RMMAs was resolved. Yet reward points were not posted to my account until ~ XXXX XXXX and Capital One backdated this posting to XX/XX/XXXX. 

4 ) Finally, I know another individual who has a RMMA and he/she received his/her reward points during the XXXX five days of XXXX ( Note XXXX, below ). This fact appears to be inconsistent with a " bank wide system issue '' - if the issue was " system wide, '' presumably all RMMA accounts were effected, right? 

Onto my current submission:1 ) On XX/XX/XXXX, I received an unsigned, undated notice from Capital One Bank informing me that my RMMA was being closed. 

2 ) The notice did n't quite put it that way : instead, it stated that my ability to earn rewards points in my RMMA would end on XX/XX/XXXX and that the funds in the RMMA would be swept into a High Yield money market account in XX/XX/XXXX. 

3 ) I received this notice 53 days after Case XXXX was opened. Retaliation for contacting the CFPB? 

4 ) This notice arrived after a period ( XX/XX/XXXX-XX/XX/XXXX ) in which I had redeemed a high number ( Note XXXX, below ) of rewards points ( XXXX ). Possibly, Capital One 's attitude towards RMMA holders is, " Please, send us your money, because if you do then you 'll earn reward points (! ) but if you actually use a lot of these points in a short period of time, well, that will make us sad and we will close your account in order to foreclose the possibility of future sadness. " In terms of outcomes, I would prefer to leave my funds in my RMMA and continue to earn rewards points. Hence, I have XXXX questions for Capital One : 1 ) Are all RMMAs like the one I hold being closed on XX/XX/XXXX? 2 ) If not, then why, exactly, is my RMMA being closed? 

Note 1 - I omitted this information from Case XXXX because I had not received permission from my friend to include it in that filing. Understand that my friend 's points posted the XXXX five days of XXXX - they appeared in his/her account during this period. In contrast, my points did not post until ~ XXXX XXXX and were backdated to XX/XX/XXXX by Capital One. 

Note 2 - By " high, '' I mean relative to my perception of my annual spending on my Capital One Visa, which runs around {$16000.00}. A brief explanation is required : the rewards points referenced above are earned in a money market account offered by Capital One Bank. I typically transfer these points to my Capital One Visa rewards account, where I use them to offset travel ( airline tickets, hotel ) purchases.

Company response to consumer: Closed with non-monetary relief