CFPB sues Capital One for ‘cheating’ customers out of over $2 billion in interest

[gdale6]

I knew this bank is full of all kinds of crookery but this takes the cake...

CFPB sues Capital One for 'cheating' customers out of over $2 billion in interest

[AndySoCal]

Unbelievable This further confirms I will never do business with Capital One again.  If the Discover  Cap One  merger goes through my 34 year old Discover card will be closed.

[TrapLine]

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@AndySoCal wrote:

Unbelievable This further confirms I will never do business with Capital One again.  If the Discover  Cap One  merger goes through my 34 year old Discover card will be closed.

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Understood ... will be right behind you!

[Varsity_Lu]

I've had a great experience with Capital One. I have several 360 Performance Savings accounts and have never had any issues with them. My Quicksilver CL has gone from $2k to $12k in less than 18 months and their mobile app is far better than any other bank I use. When I started using them, I checked what HYSA options they had and went with the best one. I guess I don't understand why it's Cap One's fault that people didn't do that same thing. That's part of being a consumer, right?

[Varsity_Lu]

@AndySoCal 

I appreciate your stance and consistency regarding banks.  From your sig:

My personal blacklist Bank of America Synchronny Bank Wells Fargo Capital One TD Bank Comerica Bank

I am similar in my approach, although I don't lump Cap One in the same boat as WF and BoA. I would add PNC to that list, too.

[Varsity_Lu]

Anyone know what the "pattern of filing eleventh hour lawsuits ahead of a change in administration" statement was referring to in the article? 

[AndySoCal]

@Varsity_Lu  I had a deposit and credit card relationship with Capital One.  Deposit relationship ended during COVID their savings rates were not competitive. I had a quick silver card closed it as a result of incorrect information and service from CSR. I had their Wal mart card they would not give me $500 CLI because I did not spend enough nor could tell what would be enough. Those are minor reasons. The big ones you can find if search for Capital One fined. Most if not all reasons a bank should not be fined for in my opinion.

Wells Fargo I had to deal with while I was helping my mom. The line in the bank was always long and the people I dealt with were okay. My big issue with Wells Fargo is the numerous stories where customers were a fraud victim and Wells Fargo did little or nothing to stop / prevent additional fraud. I work for a bank if a customer reports they have been a fraud victim or thinks they might have been a fraud victim priority one is to secure the account(s). Failure to so has the potential to cost the bank money.

PNC I have not heard that much about so I do not have any opinion of them.

[IsambardPrince]

Lots of banks do this, where they give you a teaser APR and then basically once your account is set up, and they have enough people in that account, they dial back the interest rate, create a "new" account name, and tease more people, and it becomes a treadmill.

Capital One kept ING customers at accounts paying almost no interest even when their higher interest accounts were paying well over 4%.

Their goal is to capitalize the bank cheaply. And they know most people aren't researching what the accounts are, so even if it's as simple as opening a new account and transferring the money, most won't.

They should be forced to go back retroactively and pay everyone what their highest interest rate was if the only real difference was the name, not the type, of account.