Consumer complaint received 2023-10-11
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: CAPITAL ONE FINANCIAL CORPORATION (NC)

On XXXX XXXX XXXX I deposited a check for {$7600.00} into my capital one checking account via their mobile deposit system. At the time of deposit, the information the presented to me was that the funds from check would be available of XX/XX/XXXX. Several hours later, I received an email and was made aware that XXXX of the check would not be available until XX/XX/XXXX. On XX/XX/XXXX, XXXX half of the check was made available in my checking account. Multiple payment were made these cleared funds on XXXX On XX/XX/XXXX I received notice that not only were the availability of the funds delayed to XX/XX/XXXX, but that the funds that were previously cleared and available in my account were going to be clawed back. The latter action resulted in my account being overdrawn by {$1900.00} with additional payments against the funds that had been available still outstanding. 

The information that led to for this action from Capital One was stated as confidential and could not be provided to me. To my knowledge, there was no information provided by the bank upon which the check was drawn that indicated any risk of the check being returned, not did capital one speak to that bank to assess the availability of the funds. When I spoke with their customer protection department on XXXX  that told me that they needed to very the business information and asked me for the phone number of the business that wrote the check. I supplied them with the phone number for business from XXXX XXXX so they could look it up online. While this did satisfy their need to verify the legitimacy of the business, they still would not release the funds, nor restore the funds they withdrew from my account. It should be noted that the business phone number was printed on the check and they could have easily verified the business themselves and the check cleared without issue and was not returned. 

On XX/XX/XXXX, the funds were made available, but the damage from withdrawing the previously cleared funds from my account had already been done. Payments, ACH transfers, bill payments, rent payments and credit card payments were all returned. While the direct fees incurred from the bank are easy to calculate, the damage to my credit standing and subsequent restrictions put into place after my payments were returned has been palatable. Because of the returned payment, my landlord restricted the use off ACH payments and I was forced to use a debit card which now requires a significant fee for a payment that had been able to be without charge in the past. In addition, I was not able to secure a positive reference from my landlord. My credit card company, which happens to be Capital One, restricted my account to no longer allow for immediate processing and credit availability on my credit card payments. 

On XXXX as per their emailed notice, I called to request reimbursement for the expenses from their extraordinary actions. When I spoke with customer service, they were unable to assist because they did not have access to the realtime available balance on my account during this time period. According to the bank itself, the funds were made fully available on XX/XX/XXXX but that was not true. I spoke to the customer protection department that was responsible for withdrawing the previously cleared funds from my account on XXXX and was told they had no ability to refund these fees and directed my back to customer service. It was at this point that I determined filling this complaint was the best course of action.