Capital One Complaint - Holding Electronic Payment
I have had my Capital One credit card for close to 2 years now. I have never been late paying on this card and for the past year pay the card off in full every month. I started using the card for a business project and was coming close to my 10,500 credit limit. So that I could continue to use the card I sent Capital one an Electronic payment of 5,000 on 10/18 before I even received my monthly statement. My bank sent the money to Capital One on 10/19 and Capital One "posted" the payment to my account on 10/20. So I start using the card again. Today 10/26 my card is declined for $56 in Home Depot. I call Capital One to see why. I was told that my payment was on hold. I asked why and was told that Capital One can put a hold on payments for up to 11 days. The payment was applied to the balance but not o the available credit. I was not happy and went back and forth with the customer service person. They did make the payment available but I wanted to know why. I was told it was a program to protect me from “Fraud”. How does holding my payment protect me from fraud? I was also told that Capital One had to “verify” the funds and that my bank maybe slow in doing that. Isn’t an electronic transfer verified before it is sent? My money left my account 10/19, I asked where is my money. Could not get an answer to this. I called back an hour later to see if I could get more information because the whole thing does not make sense. I was told that sometimes if someone was making small payments and then made a large payment that it could be on hold. She looked at my history and “oh I don’t see that”. She saw that I don’t miss payments and pay off the balance each month and have made several large payments. She could not answer why this happened. She transferred me to the escalation department. I again asked why this happened. The person was kind of rude. I was told that this could happen for various reasons. Still never given a reason. I was then told that she could not guarantee that this would not happen next month. I told her that was unacceptable. Her solution was that I could call Capital One after I make a payment and make sure the payment was not put on hold. So not only do you have to pay your bill on time but you have to call to make sure your payment is not put in limbo. That is crazy. I have better things to do with my time like, find a new credit card…….
More Reviews on Capital One: