Consumer complaint received 2024-09-02
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: CAPITAL ONE FINANCIAL CORPORATION (OH)

I must bring to your attention that following my attempt to tender payment on the account in question, Capital One unilaterally closed my account without any prior notice or warning. I question how access to my own credit under the open-ended consumer credit plan, as defined in 15 U.S.C. 1602 ( g ), can be denied in such a manner. Moreover, Capital One has unjustly reported information to all three consumer reporting agencies without obtaining my written permissible purpose, in direct violation of the Fair Credit Reporting Act. 

Even if Capital One asserts that the terms and conditions permit such actions, I maintain that these terms are inherently fraudulent and deceptive due to the lack of proper disclosures that I never received under the Truth in Lending Act ( 15 U.S.C. 1605 ). Capital One has also failed to meet the requirements outlined in 15 U.S.C. 6801 and 6802, which protect my right to opt-out of having my information shared or reported to any third party. 

By engaging in these practices, Capital One N.A. has not only harmed me as a consumer but has also failed to respond to the correspondence I previously sent. This has subjected me to what can only be described as wage and debt slavery, as the bank has deceptively and intentionally misappropriated the meanings of critical terms such as " payment, '' " promise to pay, '' and " pay, '' as defined in Black 's Law Dictionary, 4th Edition. According to this legal authority, " payment '' simply refers to the fulfillment of an obligation. 

In our modern financial system, a " promise to pay '' has come to mean that collateral securities are created each time credits on the account are used, and these negotiable instruments are endorsed and utilized by banks and other financial institutions to access the Federal Reserves discount window. This process effectively tricks the consumer into believing that a debt exists, despite the absence of any actual gold, silver, or other materials of value as required by Article 1, Section 10 of the United States Constitution. 

Given that Federal Reserve notes are themselves debt instruments, I must ask Capital One : if a debt is allegedly owed, why demand payment with another form of debt? Legally, a debt can only be " paid '' with money, not with another debt instrument. I am prepared to submit endorsed negotiable instruments as lawful tender of payment, in accordance with XXXX Article XXXX. These instruments will be stamped, signed, and endorsed to fulfill any supposed obligation attributed to XXXX XXXX XXXX, thus balancing Capital Ones public ledger. 

It is Capital Ones responsibility, as the holder in due course, to apply the endorsed instrument as payment, earn interest from the collateral securities generated by my use of the card, and, if desired, redeem the instrument for Federal Reserve notes. This arrangement should ensure that I, as the beneficiary in this relationship, continue to have access to the card and benefit from higher credit lines and limits.