Consumer complaint received 2021-02-11 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MD

Complaint narrative:
To Whom It May Concern, I am a Capital ONe ( CO ) customer with a personal, a joint account, a savings account, and a secured credit card, all with accounts linked between my account profile. The checking account profile provides transferring options to the additional accounts and I have used the transfer option on at least two occasions, including this one, to pay ahead of time, the balance due on my secured credit card.

1- On XX/XX/XXXX I initiated a transfer dated that same date from my checking account XXXX to pay my secured credit cards full balance in the amount of {$340.00}. Per email confirmation and per secured credit card records, the payment was posted on the secured credit card on XX/XX/XXXX ; however the amount was never withdrawn from my checking account. Between XX/XX/XXXX and XX/XX/XXXX, my checking account balance was between {$590.00} and XXXX, which was sufficient to cover the entire payment due. 

Today, I called Capital One customer service in an effort to understand their process and the situation since my checking account was not deducted, but a payment was posted on the secured credit card. I spoke to supervisor XXXX who was very supportive and friendly. She told me that the Secure Credit Card is the one pulling the amount and that the checking has no control on the payment date. I disagreed with that explanation because the payment was initiated as a transfer from the checking account ending in XXXX TO the secured credit card. As I was unable to get a clear clarification and understanding of the situation, she opened a case number for me with reference # XXXX. 
As of XXXX XXXX  XX/XX/XXXX, the payment is showing as a pending return on the Credit card account. 

On XX/XX/XXXX, I received an email stating that the payment of {$340.00} submitted on XX/XX/XXXX could not be completed due to lack of funds and that I might be subject to a {$30.00} NSF fee. Perhaps the bank is trying to make a profit by deducting funds when customers balance is low? 

Back in XX/XX/XXXX, I did schedule another payment directly from the same credit card to the secured credit in the amount of {$100.00} and this amount was posted not later than the day after. 

I am filing a complaint against Capital One for the following reasons : 1- If a payment is set up in the platform, that has a processing time, they are not adjusting the available balance or holding that payment amount as per requested/schedule transfer. Shouldnt a transfer, scheduled payment work the same way as if I am purchasing a pair of shoes for {$75.00}? IF that XXXX $ for a shoe purchased automatically posts to my account as a pending transaction, showing an ADJUSTED available balance reflecting this amount, why would not a non-immediate transfer be adjusted on the account balance showing an accurate available balance? In another works, all outstanding payments/ transfers should be kept on hold and provide the customer with an accurate " available balance ''. That will ensure that no payment will be overdrawn or not have sufficient funds at the time the transaction posts. 
2- For not processing Capital One related transfers as scheduled, and as allowed by the platform ( platform allows you to select the desired transfer or payment date ), or between a reasonable period of time for same Banking clients.

I have heard from other customers that transfers between linked XXXX XXXX  accounts are not taking place immediately or between a reasonable time frame considered they are the same Institution.

3- For wanting to assess a NSF when it is clearly a bank error.

4 - I can not understand how a payment can be posted to the receiving account, in this case my secure credit card, and no money being deducted from the checking account.The CC posting date is XX/XX/XXXX and the date that the bank is showing that the CC payment was submitted is dated as XX/XX/XXXX. Does not make no sense at all. 

I am submitting this complaint because I feel this are unfair practices and this should be looked into to ensure safe banking for customers. 

If you have any questions, feel free to reach out to me. 
Thanks, XXXX XXXX

Company response to consumer: Closed with explanation