Capital One
Electronic Payments Listed With Five-Day Processing Time

My wife and I pay all our bills through E*Trade Bank Electronic Bill Pay. Our payees include nine (9) credit card accounts and seven (7) other organizations that accept electronic payments.

With one exception (Capital One), E*Trade guarantees payment delivery in three days for any vendor accepting electronic payments and five days for vendors where they have to mail a check using the US Post Office.

Capital One is the only vendor that specifies electronic delivery, yet still shows up as a five day delivery time. I had E*Trade research this problem. The answer from the E*Trade research department was that Capital One has told E*Trade they must list them as five days to process. Because E*Trade guarantees me delivery in the specified time, they are forced to follow Capital One's instructions.

I then contacted Capital One and spoke to a supervisor named Frances. Her answer was that five days was their policy, but sometimes it takes less. She had no answer as to why every other company in the country can process an electronic transfer in three days, but they can not.

I then went back and looked at some of my past payments and the time it took to get processed at Capital One. One took three days, the rest took four or five days.

It is clear why Capital One is adding extra days. For every extra day they have your money and don't post it, they get to charge you finance charges on your money, and increase the chances that you will be assessed a late charge on your account.

In my mind, this is clearly a scam.

Company: Capital One
Country: USA
Address: P.O. Box 71083
Site: capitalone.com

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