This is an interesting situation. My wife sent a payment to Capital One of $2,000. Despite the fact that the check was clearly for $2,000 (comma and all), somehow Capital One posted the payment as $200. The first time we called Capital One, they said to contact our bank to get a copy of the check. So my wife called her bank BUT they said that they do not have the check because Capital One sent an "electronic check". The second call to Capital One said that, ooopps, oh yes, it was electronic BUT the check was destroyed so that there was no way to prove how much the check was for. On the third call to Capital One, a "supervisor", told us that yes the check was destroyed BUT they scanned it first and she could pull it up right then and there. So she took an additional payment of $1,800 over the phone BUT the finance charge adjustment would not show up for two months.
This may seem like a happy ending and you may wonder what my problem is BUT what about all of the people who just shrugged it off and said, "Oh well, I'll just pay more next month." Basically, Capital One has been able to charge you another month's interest even though you sent in a legal payment and they made a significant "mistake." Pretty nifty, huh? I bet there are Capital One folks sitting around just thinking of these clever ways to extract more interest from the poor consumer.
Have you ever had a similar experience? Is this an honest mistake or the beginning of a class action lawsuit? Just wondering.
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