Consumer complaint received 2024-04-03
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: CAPITAL ONE FINANCIAL CORPORATION (CA)

On XX/XX/XXXX, I initiated a wire transfer of {$50000.00} from my Capital One 360 Savings Account to my newly opened checking account at another bank. The purpose of this transfer was simply to add funds to my account. However, without prior warning or notification, I received an email on XX/XX/XXXX stating that my account had been restricted. No phone call was made to me before this email was sent. 

Due to being away on travel at the time of receiving the email, I was unable to immediately address the issue during the weekends. On XX/XX/XXXX, I contacted Capital One Bank to rectify the situation. The agent I spoke with assured me that my account had been cleared of any restrictions and advised me to resubmit the wire transfer online, which I promptly did. 

On XX/XX/XXXX. I engaged in a phone conversation with a Capital One Bank agent to verify the wire transfer. During this call, I patiently responded to numerous inquiries pertaining to the wire transfer. The agent assured me that there's no more question. However, the wire transfer was cancelled again after the phone call. I contacted the bank again and the agent recommended that I resubmit it. Trusting in the agent 's guidance, I proceeded to resubmit the wire transfer for the third time on XX/XX/XXXX. 

To my dismay, on the morning of XX/XX/XXXX, I received yet another email stating that my account had been restricted once more, with the ominous implication of potential closure. Reacting promptly, I made two additional phone calls to Capital One Bank. During the first call, I was informed that my account was under investigation, with no definitive timeline provided for resolution. However, the agent reassured me that I could contact them at any time to check the status of the investigation. 

In the subsequent call, I was delivered even more distressing news : my account was slated for closure, severing any future ties with the bank. Despite my insistence on clarification, the reason provided for this drastic action was solely attributed to the wire transfer. When I referenced the previous day 's recommendation by another agent to resubmit the transfer, I was met with dismissal, the explanation being labeled as a mere " miscommunication. '' This sequence of events on XX/XX/XXXX and XX/XX/XXXX only compounds my frustration and deepens my concerns about the lack of coherence and accountability within Capital One Bank 's handling of my account. 

What compounds my frustration is the lack of transparency and communication throughout this ordeal. I find it unacceptable that despite following the guidance provided by Capital One Bank representatives and diligently responding to their inquiries, my account remains locked without adequate explanation or recourse, and no any indication of when it will be resolved or when I will regain access to my funds.The inconsistency in communication and actions taken by Capital One Bank has left me feeling deeply unsettled and concerned for the security of my funds.