Consumer complaint received 2023-05-08 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL

Complaint narrative:
I made a mobile deposit of a check issued by my employer on XX/XX/2023. The information on the app stated that deposits are generally made available the next business day. After submitting the deposit the app told me that the funds would not be available for 7 days. I immediately called Capital One to attempt to cancel the deposit because had I been aware that the funds would take a week to be released I would have deposited the check to my XXXX XXXX  account where I typically can receive the funds immediately. Upon calling I was told that there was absolutely no way to cancel the deposit. They said that the best that I could do is call back after 24 " business hours '' and that they should be able to release the funds. I was specifically told that I had to wait until Monday because they weren't open on weekends. I received an email later that day saying that the deposit had been successful- which confused me because that led me to believe that there was a mechanism that could have made the deposit unsuccessful which would have allowed me to take the check to my other bank. When I called again I was told that there wasn't any way that they could have cancelled the check. They said that had I been in a branch the teller does have a way within 15 minutes of canceling but that's not a possibility with mobile deposits. I then waited until Monday, XX/XX/XXXX to call and ask for the funds to be released. They initially said that I met all of the criteria and then got a supervisor to complete the release. After a few minutes, they came back on the phone and said that they couldn't release the funds. I told them that I had checked with my employer and that their bank had posted the check to their account on Friday and that they could easily call the bank to verify that information. They said that the new reason for the hold was that my name on the account did not match the name on the account. I told them that I had never had any issues with having a check made out to that very common variation of my first name. They have also never rejected a direct deposit from either of my employers both have that name on the paystubs for those direct deposits. They said that there is no way to fix it and that the check will be released on XX/XX/XXXX once it has been verified. I asked them what would be different between XX/XX/XXXX and XX/XX/XXXX because I am that person now and will still be that person on XX/XX/XXXX and the bank has already posted the check to their account. I told them that I have w2 's from my employers that I can provide, and I have a notary commission with the state of Florida in that name. They said that they will not be verifying any additional information and that I just need to wait for the funds to be released. It appears that at this point there is no valid reason for the hold. They have not provided me with any additional steps that they are going to take to verify that the name of the person on the account is actually the account holder and they have already accepted the funds from the bank that the check is written from. They are unwilling to do any kind of verification with any 3rd party to confirm the validity of the check or to verify my identity. At this point, there is no reasonable explanation for a hold to be in place since they do not plan on doing any additional verifications. They should not have accepted the deposit if they felt the name did not match the name on the account so I could have taken the check to a different institution or asked my employer to write the check to match the name as it appears on my account. I have recordings of the first two phone calls that were made to Capital One.

Company response to consumer: Closed with explanation