Capital One reviews and complaints 1
View all 1031 complaintsCapital One - refusal to release funds available
After having a Capital One Card for years, I paid it off completely in March, 2010.
After just several small purchases, I went to use it again to purchase tries for my van.
I called ahead and also checked the balance via the internet, there was still $1700 ++++ on the card.
I presented the card to Big O and it was declined. After several attempts I finally called Capital one. The service rep was a little on the rude side and informed me that he could not see any reason for the transaction to be declined so he put his supervisor on the phone.
The supervisor said it was because they had not posted my payment, which by the way they admitted was showing up on their screen, so I was not current according to her.
I explained that the payment was there, it was taken out of my bank account two days earlier, and both the original person and this supervisor said it was there, the payment was made on time by the way,
BUT, that it had not been posted by there staff so it wasn't really made yet. Yeah sure. They refused to let me put the tires on the card. Really embarrassing standing in Big O.
I put the tires on my debit card now jeopardizing by house payment if it goes in a day early it will beat my paycheck, if posted the right day, they will both hit the bank so it will be OK.
Big O was understanding and said I wasn't the first person to have problems with Capital One at there store. What do you tell Big O take the tires off, and I get a free alignment, no way was I going through that.
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There is a disclaimer whenever you schedule a payment which states "Capital One reserves the right to hold funds based on account status or history". Most likely due to dishonored payments or other undesirable payment history. They can and will sit on the funds until the bank actually transfers the money and there is no chance of it being taken back before allowing you access to the credit. Reason being, if someone has a 15000 dollar credit limit on their card which is maxed out, and sends in a 15000 dollar payment, then they can go and charge another 15000 dollars to the card, then a couple days later the bank will not honor the original payment due to insufficient funds and now the person has been given 30000 dollars of credit instead of the original 15000 Capital One were willing to extend in the first place.