Capital One
Account Not Closed After Payoff and Closure Request

I called Capital One back in the beginning of April to pay off and close my account. At that time, I was given a specific amount in which I was to pay, which I did in full. I was told that it would cancel after one billing cycle. Now we are into the beginning of June, and I receive a bill for a zero balance. Thinking the account was supposed to be closed, I called them to find out why I was receiving another bill. I was told that they owe ME $5.17, and that was what was keeping my account open.

I happen to be in the process of making a large purchase, and I had to "clean" up my credit and get rid of certain things in order to qualify. This has prevented me from being able to qualify for my purchase.

I paid them the amount I was told I needed to pay, and because it was an error on thier part, I "over-paid" by five bucks, and that's their justification as to why my account is still open. I even asked them why they didn't issue me a check when they realized I had over-paid, and then cancel my account like I asked them to. The operator didn't have an answer for that one...

So, I said that I needed the account closed TODAY. I got the run around. They said they'd issue me a check today and it will take thirty days for my account to close. That means that it will have taken me nearly 4 months to close a small credit card account. When I asked to speak to a supervisor, I was informed that they were already "closed" for the day, but it wouldn't matter anyway because the supervisor will give me the same answer.

Is this legal? Can they legally keep your credit card account open after you've requested to have it closed? Can they legally keep it open if the mistake is on their end? I mean, they said, to pay off your account, you need to pay such-n-such amount. And I paid it. It was their fault that it was 5 bucks over, not mine. So, because Capital One owes ME money, I was denied the purchase I wanted to make, even though I ordered this cancellation in plenty of time. Nice, huh?

Company: Capital One
Country: USA
Site: capitalone.com

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