Consumer complaint received 2020-11-10
Company: CAPITAL ONE FINANCIAL CORPORATION
State: PA
Product: Checking or savings account
Sub-product: Savings account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
On XX/XX/2020, I opened a Capital One 360 Savings Account using the promo code XXXX. After making the Capital One 360 Savings account on XX/XX/XXXX, I initiated the transfer of {$50000.00} ( to earn a {$500.00} bonus ) from my XXXX  XXXX XXXX account. 

The promotional email terms stated, " 2. Deposit a total of {$10000.00} {$50000.00} or more of new money from an external bank ( transfers between Capital One accounts will not qualify ) within the first 10 days of account opening ( Initial Funding Period ). You will earn a bonus once youve maintained a daily balance of {$10000.00} or more for 90 days following the Initial Funding Period. Your bonus will be calculated as follows : an account with a daily balance between {$10000.00} {$19000.00} will earn {$100.00} ; {$20000.00} {$29000.00} will earn {$200.00} ; {$30000.00} {$39000.00} will earn {$300.00}, {$40000.00} {$49000.00} will earn {$400.00} ; balances of {$50000.00} or more will earn {$500.00}. If at any time during the 90 days following the Initial Funding Period your daily balances drop into a lower balance tier, you will be rewarded that tier 's cash bonus. If your daily balance decreases to an amount less than {$10000.00}, you will not qualify for a cash bonus. '' While the money was no longer in my XXXX XXXX XXXX account, Capital One did not allow the transfer to automatically go through to the new Capital One account and did not notify me of this or of any possible issues. I continued to monitor my new account and after just over 10 days ( the time by which it had to be in the new account ), I called to ask where my money was. I didn't call before then because I was convinced that it would soon be showing up in my account ( within the 10 days ) because it was out of my XXXX  XXXX XXXX account, and I was not notified of any issues by Capital One. Their response was that I had not " confirmed '' the transfer, so it did not go through. I have never heard of having to " confirm '' a transfer to a bank that I am transferring money to, and it did not prompt me to " confirm '' the transfer at any point via email or on my online account. It is their responsibility to notify me if there was an issue on their end getting the money into my new account from my previous account. The issues were on their end, not on XXXX  XXXX XXXX 's end. After speaking with them on the phone and " confirming '' the transfer, I thought the issue was resolved as the money showed up in my new account. However, since it was after 10 days, they later said ( after I had already kept my money in the account for over 90 days, and transferring even more ) that I would not be eligible to receive the bonus. They did not tell this to me on the phone when " confirming '' the transfer, or at any other point before keeping my money in the account for over 90 days. I called to fight this issue twice more, and received negative emails about their " investigations '' regarding my situation on XX/XX/XXXX and XX/XX/XXXX. 

I feel that they purposely did not automatically allow my transfer to go through in order to not grant me the bonus that I am entitled to. As evidence of this, I initiated two other transfers in the spring ( after I had to " confirm '' that first transfer ) and was never asked to " confirm '' either of those other transfers by Capital One. In both of those cases, the transfers went through automatically without any confirmation needed, just as it should have gone through the first time.

Company response to consumer: Closed with explanation