Consumer complaint received 2024-09-21 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: VA

Complaint narrative:
Account # XXXX Amount : {$310.00} Capital One XXXX XXXX XXXX Chief Financial Officer XXXX XXXX XXXX Chair Chief Executive Officer 8-502. ASSERTION OF ADVERSE CLAIM AGAINST ENTITLEMENT HOLDER. 
An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under Section 8-501 for value and without notice of the adverse claim. 

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8-102. DEFINITIONS. 
( a ) In this Article : ( 1 ) " Adverse claim '' means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset. 

( 7 ) " Entitlement holder '' means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of Section 8-501 b 2 or 3, that person is the entitlement holder. 

( 8 ) " Entitlement order '' means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. 

( XXXX5 ) " Security, '' except as otherwise provided in Section 8-103, means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer : ( i ) which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer ; ( 17 ) " Security entitlement '' means the rights and property interest of an entitlement holder with respect to a financial asset specified in Part 5. 


8-501. SECURITIES ACCOUNT ; ACQUISITION OF SECURITY ENTITLEMENT FROM SECURITIES INTERMEDIARY. 

Securities account means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset. 

( b ) Except as otherwise provided in subsections ( d ) and ( e ), a person acquires a security entitlement if a securities intermediary : ( 1 ) indicates by book entry that a financial asset has been credited to the person 's securities account ; ( 2 ) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person 's securities account ; or ( 3 ) becomes obligated under other law, regulation, or rule to credit a financial asset to the person 's securities account. 

I, XXXX XXXX, Investor in Capital One, have been performing on this account for the past couple of months and the payments are not being processed and are being returned. I am acting in good faith to resolve this matter, so I can provide for my family. I have attached Exhibits ( Payment Activity Report & Statements ) below of current attempts of performing on this security account, and the payments are not processing in an adequate or appropriate time. Capital One took it upon themselves to close my Securities account. After several attempts of making payments, Capital One is dishonorable, due to the fact they are forcing me to pay under Duress while receiving no benefits as the Entitlement Holder of this account. However, looking over the Card Member Agreement ( Which I Attached Below ) states on the top of page 5 " That if you are in default, we may take certain actions with respect to your Account. For example, depending on the default, we may take the following actions, without notifying you, UNLESS the law says that we must give you notice. I was told by the Customer Representative that I have violated the card member agreement and that is why my account was closed. 

Page 07 Of Capital One Card Member Agreement : The Law That Applies to Your Agreement : We make decisions to grant credit and issue you a Card from our offices in Virginia. This Agreement is governed by applicable federal law and by Virginia law. If any part of this Agreement is unenforceable, the remaining parts will remain in effect. 

What law states you can close the Consumer account that extended the line of credit? 

I will have to revoke POA and your Fiduciary Duty by filing IRS 2848 if this situation does not get rectified immediately. I will have to hire a Credited Forensic Auditor to get a hold of my Application/since I am not able to access my Security Account. 

16 CFR 433.2 - Preservation of consumers ' claims and defenses, unfair or deceptive acts or practices. 

433.2 Preservation of consumers ' claims and defenses, unfair or deceptive acts or practices. 
In connection with any sale or lease of goods or services to consumers, in or affecting commerce as commerce is defined in the Federal Trade Commission Act, it is an unfair or deceptive act or practice within the meaning of section 5 of that Act for a seller, directly or indirectly, to : ( a ) Take or receive a consumer credit contract which fails to contain the following provision in at least ten point, bold face, type : NOTICE : ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. 

My security interest is the payment on the account and the Indenture Trustee/ or the CFO /CEO duty is to set off the account.-12 U.S. Code 412 - Application for notes ; collateral required Withholding my Financial Asset, and I have not received any Consideration/Benefit from your offer is Security Fraud and in violation of the Security Exchange Act of XXXX, The Sarbanes-Oxley Act of XXXX ( SOX ) ; which violates your Financial Institution 's own XXXX SEC Filing & Prospectus. 

Under the terms of a letter of credit, the Beneficiary is ENTITLED to have its complying presentation honored. 

XXXX : XXXX, Beneficiary

Company response to consumer: Closed with explanation