I recently opened a Capital One InterestPlus Online Savings account! I elected to have my initial deposit funding my electronic transfer from my bank account.
Everything was going fine until I get a call a couple days later saying they couldn't verify my identity. They requested a copy of my Social Security Card, my driver's license, and a utility bill to verify my identity. With identity theft running rampant these days, that is crazy to ask for that information over a fax! They should be ashamed of themselves for asking for that information.
That is being completely reckless with personal information. They might as well ask for my PIN numbers and credit card numbers too! Anyway, when I told them there is no way I am faxing that personal information to them, they said they would close the account. And I was fine with that.
BUT, the following day AFTER the account was closed, they debit my funding bank account for my initial deposit. This was a substantial sum of money too! I called them up and they said there was nothing they could do about it. They said the transfer was already in process before the account was closed.
My question is WHY would they process a transfer before the verification was done? They said it could take 10 business days for my funds to show back up in my funding account. So for 10 days, my money is somewhere in cyberspace, and I am losing interest on that money. I am going to wait until the funds show back up in the funding account and then file a complaint with the Better Business Bureau.
I am going to calculate the interest I lost on that money due to Capital One's screw-up, and file that with my complaint to the BBB. So, if they want to resolve this issue to my satisfaction, they will be paying me my lost interest or else they will have a black mark on their record. I have read a few other complaints from people who had the same thing happen. I suggest that everyone who has this happen to them to file a complaint with the Better Business Bureau.
I will NEVER deal with Capital One ever again. Common sense says that a bank should complete the verification process BEFORE letting a transfer go through! Pretty sad that Capital One is recommended by J.D.
Power and Associates. I just may have to report this to them as well!
Product or Service Mentioned: Capital One Account.