Consumer complaint received 2020-01-16 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MN

Complaint narrative:
Opened a 360 checking account with Capitol one bank after reviewing reviews of good online banks. Main reason I signed up with Capitol one 360 is because they claim to be the best online bank. The account was open for less than a month before fraud team or security team placed a hold on my funds and complete access to my account. I had set up direct deposit and received it weekly and had been using the debit for daily purchases/bills. I made a mobile deposit on XX/XX/XXXX for the amount of {$750.00}. It was a check written out to myself from my XXXX XXXX checking account and had filled out everything correctly/valid. The deposit went through and received a full available confirmation email for the XXXX, 4 days later. Due to my account being new I understood and was aware that there might be a hold on my funds until the check clears for verification reasons, which I know from experience with my other current banks. The next day I received a email from fraud services saying my account is on hold and I need to call them for information. I check the app and see that I dont hVe access to anything other than making deposits, which is convenient for Capitol one, not me. So I call the bank and try to see what the issue is, and at first the customer service rep questions me about my most recent debit card transactions, which I verified as being made by me. Then I was abruptly told to hold and then transferred to security team. A male representative from the security team picked up the phone and started speaking to me as if I was being interrogated. I was asked why would you deposit a check to yourself when you could transfer the money online and was continually asked cynical questions in a disgusting tone. I was told that because of this there is now a hold on my entire account, not just the check I deposited. In order to remove this hold on my account I would need to allow a 3way call  with XXXX XXXX, the bank where I was trying to deposit the check from. I didnt approve this whatsoever and questioned why I was being treated this way and if asking for this type of information is even legal on their end. Ive been banking with XXXX XXXX and XXXX XXXX  since I was in high school and have never been asked for this type of access and Ive spoken to several departments with their company before. I dont understand why Capitol one would want access to my completely other checking account which was with another company. They even stated to me that Capitol one and XXXX XXXX  use the same check-clearing communication systems or fund-verifying system which made me question how that wouldnt be sufficient to clear the check. I have been questioned before about a check I deposited with another company and they ask for my permission to contact the other bank themselves and verify if funds are available, not initiate a 3way call and request entire bank account information rather, I still believe this is illegal practice and have never heard of this. I was told that my options are only this or way for the check to go through the clearing system which could take up to 7 business days which is much longer than what Ive heard of. I asked if I could just cancel the deposit in order for the remaining funds in my checking account to be made available to me because I use this money for my bills/daily transactions. I was told thats not an option.. I have never been this frustrated before and disgusted with the type of service I was being provided with. I had spoken to the Capitol one representatives in a respectful manner despite the fact every rep was giving me no solution nor speaking to me with a respectful tone. My money had been literally held hostage by the bank, and Im talking about the remaining balance that has nothing to do with the deposit I made. Now let me reiterate I mentioned at the beginning of this complaint, and also on the phone with your representatives, that the main reason I signed up with this bank is because they claim to be a online bank. The last option I was told that MIGHT provide me access to my funds is stepping  inside a physical branch, which after searching was 2 hours away from me. That is not an option nor ever was a expectation I had believed I needed to do from the start of opening this account. The service and practices Capitol one has provided me with is utterly disgusting and Im still questioning whether it is legal. Over the next couple of days I had called and asked for access to my funds and was repeatedly denied. Almost five days later I was connected with a supervisor in the security team who allowed me to withdraw  {$400.00} from my account from an ATM only while she was still on the phone with me, which I agreed to as I was desperate for my money which again I have said is what I use for my daily transactions/FOOD. I was only allowed to withdraw this amount because it had to be an even amount for an ATM to be used. I noticed the supervisor I had a remaining balance of about {$14.00} and also had another 2 claims which amount to almost {$120.00}  which would be deposited into my account in the next couple of days. She stated that my account was being closed and the remaining balance would be mailed to me in the form of a check. This would take atleast 10-20 business days which is ridiculous. I  didnt even care about the terrible customer service I was being provided with I just wanted access to my money which I need. Now I am owed a total of {$130.00} which was told I would receive in a close out check in the mail which I have yet to receive. If you look at my bank account transactions you can see that Im not the richest and Im only a college student barely getting by, so every dime counts to me. I need access to every penny of my money and I dont understand how legally/morally Capitol one believes they get to dictate how/when thats done especially considering the circumstances of this situation.

Company response to consumer: Closed with explanation