Consumer complaint received 2024-04-11 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: CAPITAL ONE FINANCIAL CORPORATION
State: WA

Complaint narrative:
CAPITAL ONE FINANCIAL CORPORATION and its affiliate CAPITAL ONE BANK, N.A. deliberately and intentionally closed my credit card account and refuses to act in honor and good faith. 
On XX/XX/XXXX/XXXX  via recorded phone call with the fraud department I reached out to Capital One to see why my account was still not updated with the payment I sent via registered mail # XXXX which was received on XX/XX/XXXX2024 and picked up by Capital One on XX/XX/XXXX at XXXX XXXX XXXX XXXX, NC XXXX. The first Rep told me to wait a while for the update. I also mentioned that I had received a letter that was titled First Party Fraud Letter in the list of documents and statements from the online App. The contents of the letter did not contain any information specifying what fraud was allegedly committed. She transferred me to the Fraud department and the first lady named XXXX, stated that fraud was just a term to cover all the reasons why my account would have been closed but that my account wasnt closed for fraud. I pulled up the Terms and Conditions of the cardmember agreement and asked her where it said that, and she put me on hold to talk with a manager without answering my question. This XXXX ( XXXX XXXX told me my payment was not accepted as an offset or discharge of debt. He also told me that the payment I sent was doing fraud on the account and it violated the customer agreement. I asked him to direct me to the part of that agreement and he refused to clarify anything and would not point to anything. I directed him to the sections relevant on my payment that was made, and he still did not give any explanation. I asked for what he told me to be sent in writing and he stated he would not send me anything in writing and hung up the phone on me. I called back immediately and was transferred to a different manager who was also named XXXX Rep # XXXX. I asked him the same questions and he stated my payment was under fraud and I asked what part or where was the fraud and how can I find where it states that my payment was fraud. He stated he could not provide anything in writing or explanations on why it was fraud. I asked several times for him to send what he was saying in writing, and he refused. I asked for the phone recording, and he refused. I asked for everything he told me to be sent in writing and he refused. He told me I owed them because they loaned me money or credit. I requested a copy of the account ledger that would be evidence sufficient for proof that Capital One loaned anything to me and he refused to provide it. He told me what I sent was fraud, couldnt explain how or why it was fraud, couldnt send me anything in writing and refused to send me the recorded phone call but expected me to be ok with what was told to me without anything to support his claim. By refusing to provide me proof of the claim of fraud CAPITAL ONE is in violation of 15 USC 1643 ( B ) Burden of Proof In any action by a card issuer to enforce liability for the use of a credit card, the burden of proof is upon the card issuer to show that the use was or, if the use was unauthorized, then the burden of proof is upon the card issuer to show that the conditions of liability for the unauthorized use of a credit card, as set forth in subsection ( a ) have been met. 
According to CAPITAL ONE FINANCIAL CORPORATION 's 10-K report for the fiscal year ended XX/XX/XXXX, filed with the Securities and Exchange Commission ( SEC ) , page 132, CAPITAL ONE FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Securitizations of Loans it conspicuously states : " Our loan securitization activities primarily involve the securitization of credit card and auto loans, which provides a source of funding for us. See Note 5Variable Interest Entities and Securitizations for additional details. Loan securitization involves the transfer of a pool of loan receivables from our portfolio to a trust. The trust then sells undivided interests in the pool of loan receivables to third-party investors through the issuance of debt securities and transfers the proceeds from the debt issuance to us as consideration for the loan receivables transferred. The debt securities are collateralized by the loan receivables transferred from our portfolio. We remove loans from our consolidated balance sheets if securitizations qualify as sales to unconsolidated VIEs, recognize assets retained and liabilities assumed at fair value and record a gain or loss on the transferred loans. Alternatively, if the transfer does not qualify as a sale but instead is considered a secured borrowing, the assets will remain on our consolidated balance sheets with an offsetting liability recognized for the amount of proceeds received. '' This confirms a trust was created, to which I am the beneficiary of, and that the application, also known as commercial/chattel paper, was used to create and establish an account with CAPITAL ONE BANK, N.A. ( deposit accounts receivable ) which CAPITAL ONE BANK, N.A. converted into a security which and sold, exchanged, pooled, traded, transferred, invested and reinvested to which as an investor and beneficiary, was absolutely no benefit to me. This is a breach of trust, a breach of CAPITAL ONE BANK, N.A. 's fiduciary duty, breach of contract and a violation of the Sarbanes Oxley Act of 2002. Regardless of CAPITAL ONE BANK, N.A.s reason ( s ) for closing the account, I have the right to credit. This is a violation of the Equal Credit Opportunity Act ( ECOA ) and the Consumer Credit Protection Act ( CCPA ). 
Capital One is in violation of 15 USC 1666 ( A ) ( 2 ) by reporting adversely on my credit standing and closing my account when they still have not acknowledged the payment, I sent them. The balance reflected on the account currently shows {$5100.00} is owed when a payment of {$5000.00} was already sent via registered mail they received. Capital One willfully refused to provide a written explanation or clarification to me on why I havent been delivered my credit after payment was provided. Capital One simply took action to close the account and still attempts to collect on the account when a payment was already provided over 30 days ago. This action has damaged almost 10 years of credit history and affecting my ability to further transact with other creditors. 15 USC 1666 ( D ) clearly states that a creditor operating an open ended consumer credit plan may not, prior to the sending of the written explanation or clarification required under paragraph ( B ) ( ii ), restrict or close an account with respect to which the obligor has indicated pursuant to subsection ( A ) that he believes such account to contain a billing error solely because the obligors failure to pay the amount indicated to be in error. Because Capital One failed to comply with this requirement, they have forfeited any right to collect from me according to 15 USC 1666 ( E ).

Capital One is in direct violation of 15 USC 1666 ( B ) states for reporting late payments on my consumer credit report under an open-ended consumer credit plan ( an installment credit plan under the Truth in Lending Act ). Such reporting of late payments is prohibited under the statute. Capital One did not have the authority to place a negative mark on a consumer report, as they lacked the capacity to agree in the first instance. This also violates 15 USC 2 ( A ) ( i ) as the consumer report should not include transactions or experiences between the consumer and the person making the report. 
Capital One is in violation of 15 USC 1681s-2 ( A ) ( 1 ) which states A person shall not furnish information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. Capital One had a reasonable cause not to report inaccurate information knowing I provided a payment and refused to update the account to properly reflect the available credit and that payment was made. 
Capital One is in violation of 15 USC 1691 ( A ) ( 3 ) as I was discriminated for exercising my rights with my credit in good faith and was met with retaliation by having my account closed and being accused of fraud with no evidence to support that claim.

Company response to consumer: Closed with explanation