Over the course of the past year I have had a number of very annoying experiences with CO. The first was when I went to make a furniture purchase with my debit card. The purchase was declined, not becuase of insufficient funds, but because I had reached my "daily limit". This daily limit was arbitrarily set by CO and it was about 20% of my total balance at that time. My purchase was $60 over my "daily limit" and they refused to process the transaction. They did offer that I hadn't made any ATM withdrawals that day and could go to the ATM and get out up to $500. I was told by CO that this is a practice of all banks. I spoke shortly thereafter to a VP at a bank and is responsible for the integration of banks they acquire and he had never heard of this practice at any other bank.
Other incidents include having trouble making a payment on a CO car loan. I would make the payment online and CO would cut a manual check and MAIL it to another CO divisoin. It would sometimes take up to two weeks for the check to clear and I was totally unaware of this until I got calls that my payment was late. Mind you a payment to my Macy's account cleared in three days. This week my debit card was very cut off. I had no idea until my card was declined. I called cusomter service who told me that there was a security concern and they were sending me a new card. I had no notice of this, no email to my online account, nothing. Further when I asked about the security breach I was given no info. Their security practices are very confusing. My card will get declined for security verification on $150 purchase in Ohio (I live in MD) but no such need for verification when spending thousands in Vegas. I nearly always expect my card to be declined when I'm out of state.
Note the customer service people are always as helpful as they can be. Its the bank practices that are terrible.
I have a line of credit on checking account and now for the second time the bank returned items presented for payment and then charged me numerous NSF fees. When trying to clear up the line of credit issue with the bank, I was told that I did not have a line of credit for my checking account -- the bank's records did now show that I applied for nor did I have a line of credit on my account. Fortunately, I had a copy of a letter from CapitolOne stating that my line of credit had been processed for my account. I took me a week to resolve this issue with this bank. They have terrible customer service and will not admit to their errors, only keep charging you more and more banking fees. I am now going to close my account and warn anyone else to NOT OPEN AN ACCOUNT WITH CAPITAL ONE BANK.
I have two Capital credit cards for over seven years. I apply for an increase every two years and I am declined. I have no history of ANY late payments for 7 years straight. I talked with a supervisor about it. I was given a $100.00 increase on 1 (one card) and the other card was declined an increase.
Credit Cards that I have had for less than 3 years gave me an availability of $1000.00 after a year on some card I got to $2000.00- $6000.00. I pay on time and before the due date.
Check this out: When I had a fico score of 740 Capital denied my increase. I was given an increase of 100.00 with a fico score of 680. My availability remains under $700.00 with Capital. Seven years of credit card history is nothing to Capital.
MY Belief: To gain an increase with Capital requires a certain income. Typically above 60K, history of on time payments PLUS a fico score in the 700's.
I will be ending my relationship with Capital soon!.