Consumer complaint received 2023-12-21 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Problem when making payments — Problem during payment process
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL

Complaint narrative:
Formal Complaint to the Consumer Financial Protection Bureau ( CFPB ) Regarding Excessive Late Payment Fee by Capital One Bank Date : XX/XX/2023 To : Consumer Financial Protection Bureau From : XXXX XXXX Complaint : Excessive Late Payment Fee on Capital One Bank Credit Card Brief Summary of Complaint : On XX/XX/2023, a single payment on my Capital One Bank credit card was inadvertently missed, resulting in a one-day late payment. Despite having a history of on-time payments and an active autopay schedule, Capital One charged me a {$40.00} late payment fee, representing 50 % of the missed payment amount ( {$80.00} ). This exorbitant fee is unconscionable and predatory, especially considering the short duration of the delinquency. 

Details of the Issue : I have consistently made timely payments on my Capital One Bank credit card, as evidenced by my autopay enrollment and past payment history. 
On XX/XX/2023, a single payment inadvertently failed to process, resulting in a one-day late payment for {$80.00}. 
Capital One Bank charged me a {$40.00} late payment fee, amounting to 50 % of the missed payment. 
I contacted Capital One Bank immediately upon discovering the missed payment, demonstrating my proactive approach to resolving the issue. 

Reasons for Complaint : The {$40.00} late payment fee for a single, one-day delinquency is excessive and unfair. No reasonable justification exists for imposing such a substantial penalty for such a minor and unintentional oversight. 
This fee bears no relation to the actual cost incurred by Capital One Bank due to the late payment. It appears to be solely a predatory practice designed to exploit consumers who experience temporary financial difficulties. 
The exorbitant nature of the fee creates a financial burden and discourages responsible financial behavior. Instead of encouraging timely payments, this practice incentivizes consumers to avoid Capital One Bank credit cards altogether. 

Requested Relief : I request the Consumer Financial Protection Bureau to investigate this matter and find Capital One Bank in violation of consumer protection laws. 
I urge the CFPB to order Capital One Bank to : Refund the {$40.00} late payment fee charged to my account. 
Review and revise its late payment fee policy to ensure fees are proportionate to the actual costs incurred and do not exploit consumers facing temporary financial challenges. 
I request the CFPB to take appropriate enforcement action against Capital One Bank to prevent such predatory practices from harming other consumers. 
Supporting Documentation : A copy of my credit card statement reflecting the late payment fee. 
My autopay enrollment confirmation. 
Any other relevant documents or communication with Capital One Bank. 
Thank you for your time and attention to this matter. I look forward to your prompt and thorough investigation. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation