Report: #833407

Complaint Review: Capital One

  • Submitted: Fri, February 03, 2012
  • Updated: Sun, February 26, 2012
  • Reported By: Ken — Buzzards Bay Massachusetts United States of America
  • Capital One
    P.O. Box71083
    United States of America

Show customers why they should trust your business over your competitors...

My wife and I pay all our bills through E*Trade Bank Electronic Bill Pay.  Our payees include nine (9) credit card accounts and seven (7) other organizations that accept electronic payments.

With one exception (Capital One), E*Trade guarantees payment delivery in three days for any vendor accepting electronic payments and five days for vendors where they have to mail a check using the US Post Office.

Capital One is the only vendor that specifies electronic delivery, yet still shows up as a five day delivery time.  I had E*Trade research this problem.  The answer from the E*Trade research department was that Capital One has told E*Trade they must list them as five days to process.  Because E*Trade guarantees me delivery in the specified time, they are forced to follow Capital One's instructions.

I then contacted Capital One and spoke to a supervisor named Frances.  Her answer was that five days was their policy, but sometimes it takes less.  She had no answer as to why every other company in the country can process an electronic transfer in three days, but they can not.

I then wend back and looked at some of my past payments and the time it took to get processed at capital one.  One took three days, the rest took four or five days.

It is clear why Capital One is adding extra days.  For every extra day they have your money and don't post it, they get to charge you finance charges on your money, and increase the chances that you will be assessed a late charge on your account.

In my mind, this is clearly a scam.
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This report was posted on Ripoff Report on 02/03/2012 12:53 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Internet tough guy

AUTHOR: The Eye - (United States of America)

 Oh Robert is so tough and knows everything!!!!!
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#2 Consumer Comment

Your Update

AUTHOR: Robert - (U.S.A.)

First I am glad that you got your answer, yes it sucks that it took a complaint to the feds to do it.  But I now wonder if you will be filing a RipOff Report on E*Trade for lying to you, as that seems like a bit more of an issue than a payment taking an extra day or two.  I also wonder how much Capital One was really at fault, because you say they were also giving you misinformation but was that misinformation based on the lie from E*Trade?

Also, I am not an employee of Capital One in fact I don't even have a Capital One account and would have written the same thing no matter what company you listed.  So no I do not work for them or any company that get's paid to post here.  That is really standard on this site that when someone posts something that is not liked the OP goes right to "You must be an employee".  Quite frankly I wish I was getting paid for this, I would be able retire and live off of this new found income of the couple dozen companies I have been accused of working for.

Here is my list of MAJOR credit card companies that I have proof will process an electronic payment in three days or less:

- Your original statement was EVERY company does it in 3 days or less.  It wasn't "every major company", it wasn't "most major companies", it wasn't "I know of 6 companies" was "every company".    When you speak in absolutes such as that and can't back it up it just throws questions onto how much of the rest of your report may be an exaggeration.  I am sure since you appear to be a smart person that you understand the difference.
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#3 Author of original report

Final Update

AUTHOR: Ken - (United States of America)

I received a response to my federal complaint from Capital One.  It turns out that E*Trade lied to me about doing an electronic transfer, and Capital One gave me misinformation when I called to complain, even though I spoke to a supervisor.

This whole thing could have easily been avoided if either company gave me the correct information when I contacted them.

It is really stupid that I had to file a formal complaint with the feds to get a real answer.

No thanks to E*Trade or Capital One, by experimenting, I found a way to get my payments sent electronically to Capital One in three days or less.  My test payment only took two days.

Case closed.
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#4 Author of original report

Put Up or Shut Up

AUTHOR: Ken - (United States of America)

Large companies (like Capital One) hire people to rebut complaints taken to the internet.  I have no problem with them doing this.  However, once you take on the fight, you will have to make your case with facts rather than attacking or trying to intimidate me.

I have filed case #120202-000209 with the Consumer Financial Protection Bureau, an agency of the Federal Government.  They can be found at consumerfinance,gov.  I believe that this is the proper place for consumer fraud charges against a bank.

If you think I should file an additional complaint at another agency, I will be happy to do so.  Please provide the name of the agancy and instructions on how to file.

As a highly intellegent person, you know I can't prove a negative.  My statement that all other national credit card issuers (except Capital One) process electronic payments in three days can not be proven.  However, I can prove that a large list do follow the three day rule and challange you to come up with your list of three (or any) "Large National Credit Card Issuers" that take five days or more to post an electronic payment.

Here is my list of MAJOR credit card companies that I have proof will process an electronic payment in three days or less:
  Bank of America
  Discover Card
  Citi Bank
  American Express

Now lets see your list of MAJOR National Credit issuers that take longer.  I'm willing to check out any claims you make.

Time to put up or shut up.

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#5 Consumer Comment


AUTHOR: Robert - (U.S.A.)

Therefore, Capitol One gets the money and then sits on it without processing it promptly just so they can make more interest and late fees.
- If this is an open ended account and you truly believe this and have proof then sue them for violating the Fair Credit Billing Act that requires a creditor to apply the payments when they receive them and to not "hold" them.  When you do please post the Court Information here so that every can follow it because I am sure that several people would be interested.

But you still haven't answered the question.  You stated EVERY company in the Country..not EVERY company YOU deal with processes electronic payments in 3 days.  So what proof do you have for the statement that EVERY company does this?
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#6 Author of original report

Here's The Ripoff

AUTHOR: Ken - (United States of America)

All the other payees process in three days.  This proves that E*Trade always gets the money to the payee soon enough for them to credit accounts in the three day period.

Therefore, Capitol One gets the money and then sits on it without processing it promptly just so they can make more interest and late fees.

Why should I pay out my money early just so Capitol One can benefit from their deliberate slow processing.

When they have my money in their possession and I do not get credit for it until days later, that is what constitutes a ripoff.

What gives Capitol One the right to sit on my money when Bank of America, Discover, Chase, HSBC, and every other credit card company I know of doesn't do this?
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#7 Consumer Comment

Where's the RipOff

AUTHOR: Robert - (U.S.A.)

Capital One says it takes 5 days sometimes less, E*Trade says they guarantee it to arrive within 5 days.  It takes Capital One between 3-5 days to actually process it.  So where exactly is the RipOff?

If you want to make sure you aren't late you set your payment to arrive before the due date.  If you are worried about the extra Interest you make your payment even earlier.  

She had no answer as to why every other company in the country can process an electronic transfer in three days
- And you know this as a fact that EVERY other company can process an Electronic Transfer in 3 days?  While you do have 16 accounts the last time I checked there were a just a few more than 16 companies in the Country.
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