Consumer complaint received 2023-04-04 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other transaction problem — 
Company: CAPITAL ONE FINANCIAL CORPORATION
State: CA

Complaint narrative:
On XX/XX/XXXX I initiated a balance transfer to move the full balance of my Capital One credit card to my XXXX XXXX credit card. The amount to be transferred was {$11000.00}. The fee charged by XXXX XXXX for the transfer was 4.99 % ( {$550.00} ) and the term of the transfer was 0 % for 12 months. When I initiated the transfer from XXXX XXXX, I didn't have my Capital One credit card on me so I used the virtual card number provided by capital one as the recipient of the transfer. 

On XXXX I reached out to XXXX XXXX  because I hadn't seen the transaction completed/posted with either bank. XXXX XXXX confirmed that they had issued a check on XX/XX/XXXX and sent the payment to Capital One and that the check had been cashed on XX/XX/XXXX. On XX/XX/XXXX I saw the transaction post to my XXXX XXXX card for the full value of the balance transfer ( {$11000.00} ) plus the 4.99 % fee but there still wasn't any record of this on the Capital One side. 

I waited until XX/XX/XXXX but when I still hadn't seen anything reflected in my Capital One account I reached out to their customer service line. I explained the situation to the Capital One rep and they requested that we initiate a 3 way call with XXXX XXXX so they could get the details of the balance transfer and confirm things on their end. After initiating the call and getting the check details from the XXXX XXXX rep, the Capital One rep informed me that the transaction wouldn't have gone through on their end because I used the virtual credit card number when initiating the transfer. They said that the transfer would have been rejected on their end and that I should be receiving a notice in the mail that the transfer was rejected and the money would be returned to XXXX XXXX within 2 weeks of the date the check was received ( i.e. XXXX ). 

I asked how long I should wait before calling back but the Capital One rep had already hung up the phone. However, the XXXX XXXX rep who had joined the call told me that the payment should have already been returned to them and suggested that I file a claim with their fraud department. She transferred me to that department and I initiated a fraud claim since Capital One had cashed the check but hadn't reflected the payment to my account. 

On XXXX  I got a letter from XXXX XXXX stating that they had completed the investigation and confirmed the dates I provided above ( check # XXXX issued on XX/XX/XXXX for {$11000.00} and cashed by Capital One on XX/XX/XXXX ). They enclosed a copy of the cashed check and said the matter was considered closed on their end. 

In this experience XXXX XXXX was extremely helpful and gave great customer service but Capital One has been completely unhelpful and from what I can see they took the {$11000.00} from XXXX XXXX and have no intention of returning it or covering the cost of the balance transfer fee which was charged to me by XXXX XXXXXXXX because Capital One cashed the check ( despite their rep telling me that the transaction would have been rejected ).

Company response to consumer: Closed with non-monetary relief