Consumer complaint received 2024-07-09 00:00:00
Product: Money transfer, virtual currency, or money service — Foreign currency exchange
Issue: Incorrect exchange rate — 
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NJ

Complaint narrative:
XX/XX/XXXX Complaint against Capital One Consumer Financial Protection Bureau XXXX XXXX XXXX, IA XXXX Subject : Complaint Against Capital One for Incorrect Currency Conversion Charges on XXXX Checking Account Dear Sir/Madam, I am writing to file a formal complaint against Capital One regarding the handling of currency conversion charges on my XXXX Checking Account. I believe that Capital One has been applying incorrect and inflated exchange rates to my transactions, which has severely impacted my financial situation, leaving me without funds to survive for a month, I live with my son who is attending education, not working, I am in charge for the full support of our household, rent, utilities, internet since also my son has student loan attends online Cyber Security Classes with an XXXX XXXX, plus a school in this country, having Capital One leaving me without funds to survive for a month, we struggle day by day, today Ive only less than {$400.00} in my American Capital One checking account, since monthly I have to withdraw XXXX, to deposit into a bank in this country to pay all our expenses, so having Capital One doble the currency is affecting me leaving without enough funds to survive for a month. Today our kitchen is practically empty, no money to buy food and today it is XX/XX/XXXX. 

Complaint Details This is the information about Capital One Account XXXX, mine is not credit card so should not apply any fees : For XXXX products ( XXXX Checking, Money, etc. ) there are no additional fees when you use your debit card abroad ( any transaction made in a foreign currency or that MasterCard classifies as a cross-border transaction ) The fee can be made up of smaller charges by thecredit card networkas well as thecredit card issuer. And according to Bank rate, they might range from 1 % to 3 % of the purchase price.

But not all credit card issuers charge foreign transaction fees. So if youre traveling abroad, one way to avoid these fees is to use a card that doesnt penalize you for international purchases. 

I hold a XXXX Checking Account with Capital One and have been using my debit card while living temporarily in XXXX. According to Capital One 's regulations, there should be no ATM fees, foreign transaction fees, or currency conversion fees for XXXX products. However, since XX/XX/XXXX, I have experienced significant discrepancies in the currency conversion rates applied to my transactions. 

Here are the details again of a specific recent incident that illustrates this issue : Date of Transaction : XX/XX/XXXX, XXXXAmount Withdrawn : XXXXAmount Deducted : XXXX XXXXExchange Rate : {$1.00} = XXXXCorrect Amount to be Deducted : $ XXXXOvercharged Amount : {$46.00} This pattern of overcharging has persisted, leaving me with insufficient funds to cover my essential living expenses. I am a retiree with a monthly income of {$120.00} from XXXX XXXX and {$860.00} from Social Security Retirement benefits. These discrepancies have put me in a dire financial situation. 

Steps Taken I have contacted Capital One customer service multiple times to resolve this issue, but have not received a satisfactory response. Despite their stated policies, the bank continues to apply inflated conversion rates, and my requests for reimbursement have been ignored. 

Request for Assistance I am seeking your assistance in the following : XXXX. Investigate Capital One 's Practices : Please investigate Capital One 's handling of currency conversion rates for XXXX Checking Account holders. 
XXXX. Ensure Reimbursement : Help ensure that Capital One reimburses all the overcharged amounts due to incorrect currency conversions since XX/XX/XXXX. 
XXXX. Prevent Future Issues : Ensure that Capital One adheres to its stated policies and applies the correct exchange rates moving forward. 
Supporting Documents Enclosed with this letter are : * Transaction Records : Documenting the incorrect charges. 
* Capital One Regulations : Indicating that no additional fees should be applied to XXXX Checking accounts for foreign transactions. 

Please I need that extra funds into my bank account, I need to buy food, please. 

I appreciate your prompt attention to this matter and look forward to your assistance in resolving this issue. 
XXXX if you require any further information or clarification. 

Thank you for your assistance. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation