Checking or savings account -- Opening an account -- Complaint #7824793
Complaint Overview
Complaint ID: 7824793
Company: Capital One Financial Corporation
Product: Checking or savings account
Sub-Product: Savings account
Issue: Opening an account
Sub-Issue: Unable to open an account
State: Massachusetts
ZIP Code: 026XX
Date Received: 2023-11-08T12:00:00-05:00
Date Sent to Company: 2023-11-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I recently opened a Capital One 360 XXXX XXXX account to take advantage of the high interest rate and benefits. I had no problem opening the account online ( it took about XXXX minutes ) and have since then transferred {$2500.00} into that account to get things started. The online application provided the option to list my wife as a beneficiary, but did not provide any option to add her as a joint account holder. The site suggested this can be done online by forwarding an email invite to my wife to be added as a joint account holder. My wife received the email and clicked on the provided link to continue the application, which asked detailed but necessary questions re SS number, income, employment status, etc. During a call with CapOne we were told that my application was okay but my wife was identified as a security risk and was declined. They declined to provide reasons for the decision or definitions related to the term 'risk '. My wife and I have pristine credit records, so I assume their AI applied some kind of bias against her age, gender, employment status ( retired ) or whatever. I feel this is discriminatory and we have the right to know know why she was declined- especially since we both have pristine credit records. The CapOne agent repeatedly declined giving any reason for the denial, except to say that giving a reason would compromise their security protocols ( which leads me to believe the decision was driven by a biased AI algorithm. Information related to the the denial should also be released to my wife since it relates to personal info collected by Capital One, and ownership of that data is most likely protected under existing XXXX requirements and other laws related to personal information regulations since Cap One is an international entity.
Frequently Asked Questions
What is Complaint #7824793 about?
Complaint #7824793 was filed against Capital One Financial Corporation regarding Checking or savings account specifically about Opening an account. It was received by the CFPB on 2023-11-08T12:00:00-05:00.
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.