Introduction
It’s been a while since my last shutdown. I had expected a Cap1 shutdown for a while now after hearing so many people getting shut down. I was sorta surprised that I was shut down due to my checking vs my credit cards. I’m guessing it was checking since that’s what I was notified of first. Hours later, my business Cap1 checking got shut down. I had read they will eventually get to your credit cards as well as household members, so I proactively closed all my credit cards with them, even my Kohl’s charge card in hopes that I can re-open down the road.
Here’s what I was sent in email from the “CapitalOne360ResearchTeam” :
Dear Vinh,
When you opened your Capital One 360® checking account, you agreed to the account disclosures reserving our right to close your account at any time, for any reason. We’ve closed your 360 checking, including your overdraft line of credit and Debit MasterCard®. You’ll need to cancel any recurring bill payments or direct deposits into this account.
The funds (plus any interest earned) were sent to your linked external checking account and should arrive in 2-3 business days. If you don’t have a linked account or your linked account is closed, you’ll receive a check by mail within 10-12 business days at your address on file.
Going forward, no additional activity can take place and no new accounts can be opened.
Thanks,
Capital One
So what happened?
I do know a couple of days ago, I was trying to do the p2p payment thing but it kept failing. It’s failed like this in the past, so I didn’t think much of it. This was after they’ve moved to that new p2p system. Maybe those errors triggered eyes on my account; I don’t know for sure. Either way, I had been pulling money into both my personal and checking accounts. I would then p2p people out (less than 10K a month on personal) and then I would use their bill pay system out on the business side. I didn’t think it’d be an issue, especially on the business side since businesses pay a lot of people. I don’t believe I was shut down due to the cc side since they axed my checking accounts first. This sucks but I’ll move on.
Lessons Learned
Apparently Capital One doesn’t like you doing too many peer 2 peer transfers or too many ACH outs. Go figure. Also, if you do get shut down, proactively cancel your cc’s to give yourself a chance down the road.
Capital one shutdown my three checking and saving accounts without any notifications. After they closed my accounts they send me letter saying that “we closed your account if you need additional information get in touch”. They didn’t even provide any contact informations. After I spend two hours with costumer service representatives ( after five attempts) they notified me that capital one closed my accounts and send me check with my remaining balances which was a huge amounts. They have no information why my account has been closed.
Does any way has similar situations.
Capital one is not responsive and I am trying to find out why they don’t want to justify their actions.
Any recommendations on how or who I should connect?
Where you doing a lot of MS on the spark cards?
Had you ever had any successful P2P payments before that? I tried to use the Zelle function and payment failed. My account is pretty new and I still need to get my checking bonuses and cap one venture CC bonus!
That sucks, sorry to hear.
Shut Down Vinh strikes again!
They closed my (ancient, unused) 360 account about two weeks before sending notice on my CCs (360 closure message from same email as this). So in my case, cause was def CC activity, but they axed banking accounts first as well.
Ah good to know. Thanks for dp.