Checking or savings account -- Managing an account -- Complaint #6399091
Complaint Overview
Complaint ID: 6399091
Company: Capital One Financial Corporation
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Banking errors
State: New Jersey
ZIP Code: 07030
Date Received: 2023-01-04T12:00:00-05:00
Date Sent to Company: 2023-01-04T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Complaint : Capital One has unfairly paid me a lower rate of interest than other customers for several months and refuses to reimburse me for the lost interest. On XX/XX/2022, I logged into my Capital One 360 Saving Account to review activity. I noticed on my most recent statement that I was only earning 0.30 % APY on my funds. However, on their website, Capital One was advertising that they offer 3.00 % APY on all funds held in Capital One savings accounts. I immediately called Capital One savings customer service to inquire why I was being compensated far less than their advertised rate. The customer service rep explained that my account had been discontinued some years prior and, because of that, the interest rate was never updated. The customer service rep explained that I should have been notified of the discontinuation. I searched my records ( email, phone, text ) and I have absolutely nothing about updates to my account. I asked the customer service rep to retroactively amend my account status and reimburse me for the interest lost but was refused. After lodging a complaint with XXXX ( as requested on the BBB website ) I was informed that no notification was ever sent to me regarding my account status and that they refuse to reimburse me for the incremental interest I did not receive. I find this practice extraordinarily underhanded. I suspect that Capital One is intentionally opaque and deceptive about account servicing with the hope that their customers will not notice that they are receiving a far lower rate of interest than they are paying other customers. When Capital One discontinued my account, I should have been notified, and automatically placed into an account that pays a market rate of interest. Instead, I am out several hundred dollars of lost interest payments. I suspect other customers have suffered this as well. I hope to hear your thoughts on this. Please let me know if you need additional information.
Frequently Asked Questions
What is Complaint #6399091 about?
Complaint #6399091 was filed against Capital One Financial Corporation regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2023-01-04T12:00:00-05:00.
How did Capital One Financial Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Capital One Financial Corporation?
Yes, visit the Capital One Financial Corporation company profile at readthecomplaint.com/company/capital-one-financial-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.