My husband and I paid off our Capital One card via an online payment. We usually used the full amount each month because my husband travels for work. When he gets his expense check, we pay the card off each month. My purse was stolen the day we made our payment so we had to cancel the card. Our payment was applied to the closed account. To this day, Capital One cannot reconcile it on their end and we are out over $10K. We did 3 traces at their request. The first was through our bank (us bank). The results showed where the payment went. Capital One gave us a credit to our account. Two months later, they could not reconcile it on their end so they un-applied the credit (without telling us). My husband is stranded on a business trip because it made our balance go over the limit. Cap One then charged us hundreds in over the limit fees and our rate went from 8% to 28%. Second Trace was through the agency that governs ACH transactions. The results again, show the payment sitting in our old account. Capital One applied the credit back to our account BUT unapplied the credit 3 months later when they could not reconcile it on their end. Third Trace was through the Federal Reserve System. Upon receipt, I recognize that the deposit account was our old account number. I call Capital One and explain that the 10K deposit is sitting in our old account. account. The result: Cap One informed me that they do not have the capability to go into a closed account to retrieve a payment. Their software cannot do this. I've spent hours on the phone with them, only to be disconnected after 45 minutes, transferred around, etc. We have essentially been paying a 28% rate, along with other high fees for the past four plus years. The $10K is not in our savings account earning interest. We are just out the money and they STILL cannot figure it out. When I call them, Cap One cannot figure out what department should handle my call- Lost Payments or Fraud. I cannot get resolve AT ALL. They stole our money and it has affected our credit when we refinanced. We cannot even close this card until the balance is paid. Does anyone have any suggestions?
If the card was stolen, charges incurred after the card was stolen should not be your liability. Worse, it sounds like there's a clear-cut audit chain of the payment being applied, and Capital One is simply saying "oops, not our problem". It's time to hire an attorney. It is entirely possible that a letter from an attorney will be sufficient to "help" Capital One "figure out" their error and "generously" waive / refund the excess fees.
You could have a freeze put on the credit card,so no charges were made, but payment posted.... Before closing.
