Consumer complaint received 2018-06-13
Product: Checking or savings account — Savings account
Issue: Opening an account — Unable to open an account
Company: CAPITAL ONE FINANCIAL CORPORATION (CA)

My problem is with Capital One 360 Savings and IRA Savings. I wanted to roll over ( within the 60 day legal timeframe ) a check from XXXX XXXX ( my old IRA ) to Capital One. XXXX issued me the check on XX/XX/XXXX and I received it by mail a few days later. I took about 2 weeks to find the right product and rate. I decided on Capital One. 

I logged in and the Capital One website forced me ( by social security number ) to link this new account with my old Capital One account that has been closed out for about a year. Capital One requires a cell phone number on the account which has now changed for me. I entered the new number, and the website linked with the phone provider to verify my name. I have a family plan with XXXX XXXX XXXX and all phones are in my wife 's name and XXXX XXXX XXXX will not change it to my name. So I was unable to move forward with the 2-step verification process. 

I called Capital One on or about XX/XX/XXXX and the customer service reps tried to get the phone # field option to work with no success. After several days and hours on the phone with Capital One, the customer service rep asked if my wife would be ok with opening a joint account with me. She agreed and the rep walked us through how to open that account. The rep then directed us to the proper Rollover form and told us what account # to indicate. The rep said the check would have to first be deposited into our joint savings and the moved to the IRA rollover account. I filled out the paperwork as instructed and mailed in in. 

On XX/XX/XXXX, Capital One deposited the check into our joint savings. I logged in to move it to the IRA savings within the 60 day legal timeframe but the rep in error only set up and IRA savings for my wife, not me. The funds are earmarked as IRA money in my name only ( not my wife ). 

We have spent hours on the phone ( including every evening between XX/XX/XXXX and XX/XX/XXXX, and the mornings of XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX ) trying to get any manager from all possible departments to move that money to an IRA savings for me so that I meet the 60 day requirement, however, they just state they are unable to help us and keep transferring us to other department. They refuse to give me a direct phone number for any high level contact - only general numbers. I have to restate my problem every time I call. 

The 60 day timeframe has expired and I am looking at heavy IRS and State penalties for early withdrawal. I will need to pay expensive fees to an accountant and possible an attorney to resolve this matter. My money is being held hostage by Capital One with no resolution in site. They are willing to refund the money to me but refuse to earmark the money as IRA funds, as it came into them, so I will not be able to deposit it to any other financial institution as an IRA rollover. I asked for a letter from Capital One stating their errors, and they are not yet willing to write me a letter. 

I have followed Capital One 's instructions at every step. I was given erroneous information. Through no fault of my own except following the explicit instruction of their customer service reps, I may loose thousands of dollars from my IRA investment. 

I appreciate any help your organization can provide.