Well I've been hearing recent reports of Capital One, which used to be a 'no-hassle' lender, taking adverse action against customers for no good reason.
And now I'm the recipient.
A few days ago they closed my Cap One 360 personal checking and savings accounts and overdraft line of credit.
Yesterday they placed on "restricted" status my 2 credit card accounts, my Spark business account, and my personal Platinum account (which had been upgraded to act like a Quicksilver account).
It will be real interesting to see what their lame reasons are.
I received an email that the reason for closure of the Cap One 360 accounts was that they weren't being used for commercial purposes (which is interesting since they weren't commercial accounts 
). I've had those accounts for about 15 years, back from when they were ING Direct. When I called customer service about the closure I spoke to an automaton who wouldn't explain. I spoke to his supervisor, who also acted like an automaton and also wouldn't explain.
I haven't yet received the excuses for restricting the credit card accounts.
I have been a strong advocate for Capital One in this forum, suggesting that people should overlook their many faults (high interest, triple pulls, reporting business balances on personal accounts, etc) and remember that it's a bank that has been available to borrowers who were shunned by other banks and it's a bank that doesn't hassle people with adverse action if they pay their bills on time.
That's over.
Here's the basic data:
1. Lately I haven't been using the personal checking and savings accounts much, but have always maintained them in good standing and maintained small balances.
2. The Spark card is used the way one would expect it to be used; I am constantly making business purchases with it, and paying it down to zero, usually before the statement cuts.
3. The Platinum card I have been using mostly for balance transfers, since they have been constantly making no-fee no-interest balance transfer offers to me. I always pay these off before the statement cuts.
4. I've had the credit cards about 5 years, and the checking and savings accounts about 15 years. I've never had a late payment or an overdraft with any of them.
5. My overall revolving account utilization at the time this occurred was 3%.
The only thing that would make sense as a reason to take adverse action of any kind is that they could have decided that my Platinum card wasn't profitable for them since I wasn't making a lot of purchases with it, and was paying them no fees or interest either. But it seems to me that that's their problem not mine. If they wanted to make a profit why did they offer me no-fee no-interest balance transfers? And if that was the reason I don't see why they would close all of my accounts over it.
@JustBPatient wrote:IMO with your lineup, good riddance. Strong profile and assuming no funny business on your end, its their loss!
Thanks. It's funny because people are always recommending ditching Capital One cards that are no longer needed, but I have remained steadfastly loyal and spoken up repeatedly in Capital One's defense on this forum.
No more
Capital One can go to straight to hell.
@Anonymous wrote:Sorry to hear about this happening. Very difficult to understand some of these banks. Seems like that they occasionally pull a name out of a hat and poof your accounts are closed. I only have one CO product, a Venture and only use it for BTs as well.
I decided to call the 'account specialists' and got yet another robot
I have two CO's with Cap one now as wel as a paid auto loan. Once these two baddies are handled properly and balance shows $0 I will never bother them again for anything in the next 40 years. It was all my fault, but still they may not hold a grudge but I do.
Well dang... I was hoping we had heard the last of the Capital One shenanigans... 
I know you're over it (I would be as well) but I would also be tempted to push this to the EO to at least get a 'proper' answer on why they closed not only your cards but your deposit accounts, which to me was especially over the top. This seems like they were concerned about something other than just exposure, but I could be mistaken.
In any case I'm sorry you're having to deal with this, and I know we all appreciate you're coming here to warn us as well.