I don't think this is specific to Capital One. I think it is industry wide.in addition there does not seem to be anyone in government that is interested in investigating these crooks. Any attorneys out there?
If one goes to the Capital One web site to find out what your available credit is: On the front tab there is a number for "Total Available Credit*" with the following disclaimer:
*Your available credit may have been reduced by recent authorizations that have not yet posted to your credit card (e.G. For car rentals).
Then on the My Statment tab there is listed "Available Credit for Cash" which is a higher number with the same disclaimer.
When you call them up and ask them why you went over your limit (even when the web site says you have enough credit) and are are being charged an over the limit fee the operator starts reading a script of finantial double speak to make the customer feel dumb and not ask any questions. Because if you do you will discover that the operator has no clue as to what she just parroted to you.
I am not entirely finalitally illiterate and do understand some of the issues with this info not being accurate.
BUT
I have requested and been promised that my account is now set up so that it will be impossible for me to charge over the limit * (see note) and thus incurr and over the limit fee. I have been promised this 5 or 6 times. The woman today said that she watched her supervisor personally enter the information. I told her thank you very much for trying but that is what they said the last time.
It is my educated opinion that Capital One never allows these restrictions to take place. It's too much of a money maker. That way they can keep charging $29 over the limit fees knowing full well that you won' always have time to deal with the issue. And even more subversive on their part they raise your interest rate (which is not shown in a forth right manner on the web site) so that besides stealing the over the limit fee from you they also seripticiously raise the interest rate to steal more from you un-noticed.
These guys need to go to jail on the RICO statutes!
If any of you have the slightest doubt as to the criminal nature of these bankers please take 5 minutes and take a look at: wtv-zone
*NOTE:
after 2 years of putting Capital One on the spot for lying to me I was told that they can not (or will not) stop over charges occuring from pumping gas and for reoccurring payments.
Joe
Fort Myers, Florida
United States Minor Outlying Islands
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