Consumer complaint received 2024-02-25
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: CAPITAL ONE FINANCIAL CORPORATION (TX)

Dear Consumer Financial Protection Bureau, Following up with my previous complaint that has not been addressed yet : XXXX I am writing to file a formal complaint against Capital One Bank concerning their mishandling of my high-yield savings account ( XXXX Money Market High-Yield ) and their subsequent refusal to rectify the situation. 

Issue : In XX/XX/XXXX, I opened a high-yield savings account with Capital One Bank ( XXXX Money Market High-Yield Account ) based on its advertised highest-interest rates. I consistently maintained a high balance and adhered to all account requirements throughout the years. However, in XX/XX/XXXX, I discovered that Capital One Bank unilaterally changed my account status to a lower-interest-bearing account in XX/XX/XXXX ( a few month after account opening ) without informing me. This resulted in me receiving significantly lower interest payments than I was entitled to for a high-yield account. 

Attempts to Resolve : Upon discovering this discrepancy, I immediately contacted Capital One Bank to express my concern and request compensation for the lost interest. Unfortunately, their response was dismissive, and they claimed that the " proper '' amount of interest was paid on the account. This statement ignores the fact that the " proper '' interest for a high-yield account was not delivered, as the account status was changed without my knowledge or consent. At that time, bank staff told me that my account doesnt get the high-yield interest rate anymore and I need to close this account and open a new account, and I did. 
I filed a complaint on CFPB website, and Capital One bank responded on XX/XX/XXXX that they have paid me proper interest! T Specific Concerns and Questions : Reason for Status Change : I demand a clear explanation from Capital One Bank regarding why my account status was changed in XXXX  without any notification. This unilateral action deprived me of the benefits I signed up for and constitutes an unfair financial practice.

Lack of Communication : Legally, Capital One Bank is obligated to inform customers of any changes made to their accounts, especially those impacting interest rates. Their failure to do so raises serious concerns about transparency and customer service. Financial Loss : Due to Capital One Bank 's actions, I have lost thousands of dollars in potential interest earnings. This is a significant financial loss that needs to be addressed and reimbursed. Breach of Trust : As a customer, I trusted Capital One Bank 's advertised high-yield account and invested my savings accordingly. Their failure to deliver on their promises and subsequent dismissive response represent a breach of trust. Request : I urge the Consumer Financial Protection Bureau to investigate Capital One Bank 's practices regarding the " XXXX High-Yield Account '' and my specific case. I request the following : Reimbursement of lost interest : Capital One Bank should

be held accountable for the lost interest I incurred due to their actions. Investigation into Capital One Bank 's practices : The CFPB should investigate Capital One Bank 's handling of customer accounts, specifically regarding information sharing and transparency about account status changes. Public awareness : I believe this issue may affect other customers, and I encourage the CFPB to raise awareness about similar practices within the financial industry. I have all relevant documentation, including account statements and communication with Capital One Bank representatives, to support my complaint, upon request. Thank you for your time and consideration in addressing this matter. Sincerely,