Consumer complaint received 2024-04-04
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Opening an account — Didn't receive terms that were advertised
Company: CAPITAL ONE FINANCIAL CORPORATION (CA)

The following complaint was also filed with The Office of the Comptroller of the Currency on XX/XX/XXXX. 

I recently renewed an existing Capital One CD, with a 5.00 % APY. I renewed for a 14 month term at the advertised APY of 5.30 %. The ad on Capital Ones website said that the promotional rate would expire on a date beyond my existing CDs Maturity Date of XX/XX/XXXX. Prior to my existing CDs maturity date Capital One sent me a few emails to remind me that my CD was about to mature, and urging me to Auto Renew at their promotional rate. 
In XXXX I spoke with XXXX and XXXX in Customer Service to confirm the rate, term, and renewal procedure. I was told that it would be best to renew via the Maturity Options tab on Capital Ones website. Several days prior to my maturity date, I set up the auto renewal, but continued to monitor the rate through XX/XX/XXXX. It remained at 5.30 % APY. I did not check the rate again until I did my monthly accounting on XX/XX/XXXX. 
On XX/XX/XXXX, I checked my account and noticed that they were showing my rate as 5.23 % APY. I didnt have the time to call Capital One that day, knowing how difficult it is to get through to a live person. On XX/XX/XXXX, I checked my account again, and this time they showed my APY as 5.10 %. At this point Id had enough and called Capital One. I was told by XXXX that they ( Capital One ) could change the rate at any time, for any reason, prior to renewal. Im paraphrasing, but you get the idea. XXXX did acknowledge that the promotional CD rate was still at 5.30 % APY as of XX/XX/XXXX. That call lasted XXXX minutes. 
My position is that I tracked the rate all the way to my Maturity Date and didnt see the need to track it further. I feel that I did as much due diligence as a consumer should be expected to do. My money was already with Capital One when I auto renewed at 5.30 % APY, so there was no lengthy wait for an ACH Transfer to fund the CD. Capital One contends that the rate changed at XXXX am on XX/XX/XXXX, and they were not obligated to give me a heads-up that it was going to change, or that it had changed, even though they knew I was renewing an existing CD specifically for the advertised rate. Assuming the Reps I spoke to had no idea that the rates were going to change, I believe they owed me an email, letter, or phone call, letting me know that the rate had changed on the exact date of my renewal. XXXX knows they are not shy about emailing clients when they want something.

Im not new to opening CDs, as I have opened and/or renewed dozens of them over the last 20 years. That being said, Ive never dealt with a bank so overtly unethical as Capital One. This was a prime example of a classic Bait and Switch, and judging by the XXXX of XXXX XXXX XXXX that are posted online, Capital One has been pulling this nonsense for years. At worst, their actions, or inactions, constitute a beach of law. At best, XXXX XXXX business practices and lack of ethics should be scrutinized by The CFPB. 

I have attached my CD Account Information, For some reason Im locked out of the XXXX Statement which showed a rate of 5.23 % APY