Capital One Complaint - I feel ripped off by Capital One!
MARYLAND -- I have two accounts with Capital One -- for clarity I will refer to them as Account A & Account B. About two weeks ago I used Online Bill Pay to set up some payments because I was traveling out of the country for an extended period. I inadvertently arranged for the funds to be withdrawn from Account A instead of Account B. There were insufficient funds in Account A to cover the payments but more than sufficient funds in Account B. My first indication of the error was when I received an email saying that the payments were not being honored. I immediately logged into the account, saw the problem and corrected future payments to be taken from Account B. The problem was that in the meanwhile, Capital One had assessed $175.00 in fees against Account A. They paid one of the bills and returned the other 4. When I called Capital One, I explained my error and asked them to help me by waiving some of the fees. They agreed to waive $105.00 in fees. I was also told that the payments that had been rejected were going to be resubmitted into Account A and that I should ensure there were sufficient funds in that account to take care of those payments. I immediately transferred from Account B into Account A WITHIN THE SAME BANK funds sufficient to take care of the overdraft (including the amount expected to be refunded) AND the payments that had been rejected. This conversation and transaction occurred between 11:30 and 12 noon on Thursday (8/26). So far so good.
However, now being careful to monitor the situation, on Friday morning I logged into the accounts. To my surprise, an additional $140.00 in fees had been withdrawn from Account A (into which I had transferred funds the previous day)! The fees were posted to the same date as the fees that had been visible during my call(8/25) and none of the payments had been made. When I again called Capital One, I was told that the fees had been already assessed but as I had had a negative balance they were not shown; once funds were deposited they were assessed against my account (A). The ledger (of which I have a copy) clearly showed where the negative balance changed to a positive balance on 8/25, but the actual posting of the transfer is correctly shown as 8/26.
I have the following issues with the lack of service provided by Capital One:
1. A bank interested in providing service would, or should, have noted that there were sufficient funds in one account and not the other and acted accordingly. Whether that was to debit the correct account, to contact me about the discrepancy, or both, an assessment of fees under those circumstances would have been well-earned. As it is the assessment of fees totaling $210.00 ($315.00 minus the $105.00 refunded) for an error on my part amounts to highway robbery.
2. There is something fundamentally dishonest about hiding some of the fees that were being assessed against my account because of the error, but then immediately posting AND withdrawing them once funds became available. I realize that much is automated these days, but the reason for my transfer of funds was to take care of the overdraft AND to cover the payments that had been submitted. Automation means that the so-called "customer service representative" was able to know that the payments had already been submitted a second time, that there were additional fees being assessed as a result, and that payments into the account would be gobbled up by those fees. Her failure to disclose this information to me appears to have been reflective of bank policy and was dishonest.
This is why I feel that I have been lied to and ripped off by Capital One! Acquisition of Chevy Chase, with which my husband has banked for so many years, has changed what used to be an excellent bank into nothing but another uncaring and dishonest institution!
I'VE ADDED A CLARIFICATION TO ADDRESS THE FOLLOWING COMMENTS POSTED:
1) The commenter said it is not the position of any financial institution of which he/she is aware to have in some way accommodated my error. My point is that it should be. In fact, I have another account at a regional bank and I know for a fact that they would have withdrawn funds from one account to cover the overdraft -- for a fee but I don't mind paying for real service.
2) The commenter questions whether the customer service associate was doing anything "fundamentally wrong" in not making sure that I knew of the extent to which these fees had accumulated, and further that there is no reason to believe the associate didn't already believe that I knew the full amount of the fees being discussed. My response is that, in light of the conversation that I had with the representative, which extended for about 30 minutes, the representative knew or should have known this information AND acted, perhaps according to bank policy but dishonestly from one individual to another. In fact, I believe I listed to her the fees that were posted at the time of our conversation. Furthermore, we also discussed how much I needed to transfer into the account to cover the overdraft fees AND the outstanding payments. That would have been the opportune moment to tell me that there were other fees that were not visible to me on the account. The only possible explanation that lets her, but not the bank off the hook, is that these fees were not visible to her either. To which I ask - why not?
3) The commenter concluded that I should compliment, rather than complain about the bank's actions in having dropped $105.00 in fees. I acknowledge the bank's token actions, and had the matter stopped there I would have had no complaint at all about its conduct.
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