Consumer complaint received 2022-01-24
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Fees or interest — Problem with fees
Company: CAPITAL ONE FINANCIAL CORPORATION (ME)

Consumer Financial Protection Bureau, Capital One is not sending out Monthly Statements to customers with closed accounts even if the customer has a balance on their account. I was charged twice for two automatic recurring payments on the same day my card was being closed, but I was never sent a monthly statement regarding these charges. I legally needed to receive a monthly statement because I owed Capital One money.

I am enclosing the following : Article 1 : Notice from the Consumer Financial Protection Bureau about how monthly statements need to be SENT Article 2 : My inbox showing that a monthly statement was not SENT when necessary On the Consumer Financial Protection Bureau 's website it states ( see Article 1 ) : ... .banks and credit unions have to send a monthly statement if you made at least one electronic fund transfer that month. Electronic fund transfers include ATM transactions, transactions using your debit card, and payments that you make through online bill payment. It also includes direct payments and any recurring payments automatically deducted from your account. 

In my personal case, I was receiving my monthly statements by email. I DID NOT get sent a monthly statement after I closed my account on XX/XX/XXXX. However, after I closed my account, two automatic charges were made on my account. I was then hit with several months of late fees and my credit score took a hit because I had no idea that these charges were made as I was not SENT a monthly statement following the closure of my account.

As evidence, you can see in Article 2 that I did not receive a monthly statement after I closed my account in XXXX. I technically was required to be sent a monthly statement after I closed my account as there were recurring payments automatically deducted from my account after the monthly close date. 

The reason why I did not receive the monthly statements is because the automatic process which sends out these emails is only sending out monthly statements to accounts that were open in the previous month, not accounts which had a balance on them in the previous month. However, Capital One legally needs to send out monthly statements to any account that had a balance on them in the previous month, which is stated in Article 1 : ... .banks and credit unions have to send a monthly statement if you made at least one electronic fund transfer that month. Electronic fund transfers include ATM transactions, transactions using your debit card, and payments that you make through online bill payment. It also includes direct payments and any recurring payments automatically deducted from your account. 

I specified to Capital One that I wanted to receive my Monthly Statements via email and I need to be SENT this statement regardless of if my account was open or closed. 

Think about this in your shoes- if you closed an account with a {$0.00} balance but were never SENT another monthly statement, wouldnt you believe that you don't owe anything on that account? Look at Article 2 to see what I saw after closing the account.

Capital one did not SEND me a monthly statement after the recurring payment was deducted from my account. As evidence, you can see that in my email ( Article 2 ) I did not receive any monthly statements after my account was closed in XXXX. 

If all customers are not receiving monthly statements via email after their account has been closed, but are still receiving late fees for any charges, how many people are getting financially damaged by this? 

The issue has been going on AT LEAST since XXXX ( which is the first month in which I did not receive my monthly statement ). I bet there are about XXXX credit card accounts that are closed every month. Lets assume that 10 % of them had an automatic charge on their account after their account was closed. So thats XXXX customers who are not receiving their bill every month..? 

I have submitted a dispute and an appeal to Capital One. They have done nothing. All I care about is that my credit score is fixed and preventing thousands of other people from getting financially damaged by Capital One.