Consumer complaint received 2024-07-12 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: AL

Complaint narrative:
I am filing a formal complaint against Capital One regarding predatory practices and unfair fees associated with my XXXX credit card account. Below are the details of my complaint : Details of Complaint : Nature of Complaint : Capital One prompts users to input personal debit card routing and account numbers when making payments, implying this as the recommended form of payment. However, this method has resulted in repeated issues with payment processing. 

Specific Issues : XX/XX/2024 : A payment of {$40.00} made on XX/XX/XXXX using my personal debit card was returned on XX/XX/XXXX due to processing delays. 
XX/XX/2024 : A payment of {$53.00} made on XX/XX/XXXX using my personal debit card was returned on XX/XX/XXXX, resulting in a late fee of {$40.00} imposed on XX/XX/XXXX. 
XX/XX/2024 : A payment of {$70.00} made on XX/XX/XXXX using my personal debit card was returned on XX/XX/XXXX, resulting in an additional late fee of {$25.00} imposed on XX/XX/XXXX. 

Despite following the suggested payment method, these delays in processing have caused repeated returned payments and excessive late fees. 
Capital One closed my account on XX/XX/XXXX due to these issues, further negatively impacting my credit score and financial stability. 

Actions Taken : I contacted Capital One 's customer service multiple times seeking resolution and relief from the excessive fees incurred due to their processing delays. 
However, the representatives provided no satisfactory assistance or resolution regarding the fees imposed. 

Resolution Sought : Immediate Reversal of Late Fees : I request Capital One to promptly reverse all late fees incurred as a result of delayed payment processing.

Review and Update of Payment Processing Policies : Capital One should review and revise their payment processing policies to ensure timely and accurate processing of payments, with clear guidelines provided to customers on acceptable payment methods and associated processing times. 

Consideration for Account Reactivation : Given the circumstances, I request Capital One to consider reactivating my closed account, understanding that its closure was primarily due to issues caused by the company 's payment processing delays.

Compensation for Financial Impact : Consideration should be given for compensation for any financial harm incurred due to the late fees and account closure, including potential damage to my credit score and associated financial costs.

I believe Capital One 's practices violate consumer protection regulations, particularly in their handling of payment processing delays and imposition of excessive fees despite following the suggested payment method. 

I request that the Consumer Financial Protection Bureau investigate this matter thoroughly and take appropriate action to ensure fair treatment of consumers by Capital One. 

Thank you for your attention to this matter. Please contact me if further details or documentation are required.

Company response to consumer: Closed with explanation