Capital One closed my account due to returned payments.

[Setinstonemason]

This weekend I came to find out my capital one venture one card had been closed due to returned payments. The situation was an unfortunate mix up where funds had not been transferred from my business account to savings on two separate occasions in a small window. The moment I noticed 2 days later, I deposited the money and reattempted the payment. I spoke to capital one customer service where at first they said there is absolutely nothing they can do because I violated their terms and agreement, but after speaking with a supervisor. She had mentioned submitting a request to open the account but it was not a guarantee. She mentioned to call capital one once it clears on the 31st.

Am I out of luck on this or there any other options other than pay the whole debt back and reapply through a new credit line? I have a pretty hefty debt (9300.00) to pay back on this card and Id like to maintain the line of credit. I planned on paying it off anyway, my business is in a much better position and financially coming back on top. 

[FireMedic1]

Welcome @Setinstonemason 

Once Cap1 makes a decision which is computer driven. CSR's and the like cant do anything. Running the higher balance and the NSF check kicked in the closure. We all make mistake. But NSF is usually the killer with any lender. Got to keep your eyes on credit and payments 24/7. Sorry it happened. Applying and hoping to get the same CL probably wont happen. They are forgiving more than other institutions. In this case they can be a bear. Good luck though.

[Jnbmom]

I agree with @FireMedic1  returned payments are the worst for lenders . I highly doubt they will reopen that account . Cap one is always computer generated their rep have zero say with these decisions .

[prologue]

This happened to me. I got a pre approval letter a month later and soft pre approvals online (I did not accept).

also make sure the account is actually closed and NOT restricted.  I had an account RESTRICTED in 2017 that had late payments.  Didn't quite become a legal issue but I did send several good will letters, eventually they made it right 

[Kitabea24]

Hi, I had this recently happen to me and it says on the app that it is restricted. What is the difference between restricted and closed and how do I go about getting it updated if that is what needs to happen?

[shala546]

Hello,

I had this happen to me with Paypal and they reopened my account. I would talk with a representative and tell them the situation and ask them to review it. Paypal reopened my account after a mix, now I am extra careful with how my payments are sent out. Best of luck to you!

[Daniebeee]

Hi, do you have a template of the good will letter you sent? I'm going through this issue now

[Daniebeee]

Did you ever get this resolved?