Consumer complaint received 2021-04-23
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: CAPITAL ONE FINANCIAL CORPORATION (VT)

XX/XX/2011. Capital One 360. I regularly make a weekly deposit of approximately {$1800.00} in into my checking account and it is always available within 2 business days with a portion being available the same day. This is my salary, which is paid by a nationally recognized law firm XXXX there is no issue with the check coming from a questionable source ). I have never, in more than 15 years with the same checking account, been overdrawn, and I have two small savings accounts with Capital One 360 with more than enough money in them to cover the amount of the check. 

Last Saturday, the XXXX, I deposited my check and I got a message that the funds would be fully available on the the following Tuesday and I scheduled withdrawals. The withdrawals did not go through so I checked back, on Thursday the XXXX and Friday the XXXX. The e-message stating that my money would be available on the XXXX ( or earlier ) was gone, and replaced with ... nothing. My salary still showed that it was not available, despite the fact that the information visible to me showed that it had been fully deposited and was no longer pending. 

I called Capital One 360 customer service ( as a side note, I was disturbed the first person I spoke with asked for my social security number to access my account. When I said I would not give him that, but I would give him my account number he said that was fine. However, he had not originally given me that option ). He transferred me to another representative. She said the check was still being verified. I explained that this was a regular deposit, from a major law firm, and I had been given electronic notice the funds would be available on the XXXX ( or earlier ). 

She said the funds would now be available on the XXXX. I said there was nothing showing in my account indicating that the date had changed. The XXXX to the XXXX is a significant difference and could easily have caused payments to bounce. I asked why the date of my funds availability had changed with no notice. Her only answer was that they could take longer if they wanted to and ... that was it. I persisted in asking why my funds were being held, with no notification, and out of line with anything that had happened in the past - especially considering this is a weekly salary deposit my in roughly the same amount from the same law firm which always used the same bank. She continued to read me a pre-written statement stating that they could take longer if they wanted and that no one, no matter who I talked to could give me a reason why. I asked to speak to a supervisor b/c I wanted to get an explanation that was not the repetition of a pre-written statement. She said yes, she would transfer me. Then she disconnected me entirely without transferring me. 

There are two issues here. One, changing the date of my funds availability with no notice and with no way for me to tell that it had happened by looking at my account. I could easily have bounced payments and incurred fees with other vendors.

Two, the fact that they are suddenly holding my funds this long to begin with. There is no valid reason for this. I truly believe the real reason for this is that in the last few weeks I stopped using Capital One 360 for the majority of my savings. Instead I have been transferring the bulk of my deposit to a different bank once it is available for withdrawal. I believe suddenly and capriciously holding onto my funds longer is just a way for Capital One 360 to hold onto my money longer for their float.