Capital One froze all my accounts

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are federal regulations on this stuff... you may have inadvertently triggered the money laundering flags?

I imagine the checks were over $10K - that does trigger regulatory inspection.

But not freezing all of the accounts. Without explanation. OP - I would be steamed and close my accounts once it gets worked out. And explain in a letter why.

They do that in suspicious transfers of $10K + because they think OP might be laundering money.

Actually may be more likely if they were just under $10k as it might look like structuring to get around federal reporting requirements.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are federal regulations on this stuff... you may have inadvertently triggered the money laundering flags?

I imagine the checks were over $10K - that does trigger regulatory inspection.

But not freezing all of the accounts. Without explanation. OP - I would be steamed and close my accounts once it gets worked out. And explain in a letter why.

They do that in suspicious transfers of $10K + because they think OP might be laundering money.

Actually may be more likely if they were just under $10k as it might look like structuring to get around federal reporting requirements.

Yep. I had to explain a number of under $10k transfers to one of banks, because of it. I said I didn't trust them not to lose the money in transfer.

[Anonymous]

Anonymous wrote:I just closed my Cap One /small business for a similar wacky reason: I’d made an under $10,000 deposit and 3 days later went in to get $4000 cash. Teller said ‘Oh this account was changed is a deposit only account.’ Incredulous and after producing all ID as I’m then sole person on account and even IF I’d changed it to not allow cash out (which I hadn’t) I of course could change it to whatever I wanted. After bringing over manager/making calls they eventually ‘let’ me have my money. As I was waiting for first bit of cash I wrote a second check for the balance of my account (another $14,000) so gladly quit Cap Ine but nervously drove home with $18,000 in cash.

I’ve been too busy still to open new account - and felt I had to tell my DH where I’d stashed the cash in case something happened. Capital One has terrible customer service and arbitrary fraud rules

I think you wrote about it awhile ago.

[Anonymous]

Yeah OP you should switch if that makes you feel better. Just know that ANY other bank would’ve handled the same situation the same way. This is regulatory. The associates are not allowed to tell you if they suspect suspicious or illegal activity.

[Anonymous]

Anonymous wrote:Yeah OP you should switch if that makes you feel better. Just know that ANY other bank would’ve handled the same situation the same way. This is regulatory. The associates are not allowed to tell you if they suspect suspicious or illegal activity.

Agree. I work for a bank. I am personally not in consumer banking but we have to take all sorts of training. If there is a SAR (suspicious activity report), we are specifically told not to let the customer know. My DH is a small business owner and when he deposits large checks, they always take longer than smaller amount checks to clear.

[Anonymous]

Anonymous wrote:They just lost your business. Once this is settled I would go into the bank and let a manager close them all and tell them why then write a letter to everyone from the top to the bottom of the organization telling them how they effed up. Do your business at the credit union from now on. Tired of these loan shark, low-grade mafia gangster banks.

The local bank managers are just as unhappy. Write to the CEO.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are federal regulations on this stuff... you may have inadvertently triggered the money laundering flags?

I imagine the checks were over $10K - that does trigger regulatory inspection.

But not freezing all of the accounts. Without explanation. OP - I would be steamed and close my accounts once it gets worked out. And explain in a letter why.

They do that in suspicious transfers of $10K + because they think OP might be laundering money.

Actually may be more likely if they were just under $10k as it might look like structuring to get around federal reporting requirements.

The $10k things is only applicable on cash transactions.

[Anonymous]

Anonymous wrote:That’s nuts. I’d be livid and would switch ASAP. We’re with Bank of America. We had a tax refund of like 80k one year and zero problems, although it did take several days to clear. Another time we walked into a branch and withdrew seven figures to buy an apartment, and although a manager was involved, it didn’t take more than 25 minutes soup to nuts. That wasn’t even at a branch that serves a wealthy community.

Wow 80k refund
You withdrew million dollar short in cash? You couldn’t write a check at the closing table? Just curious.

Op We have Capone for daily life account and use Schwab account for heavy hitting kind of transactions. Schwab is very professional so I would recommend looking into them. I easily transfer between the two online. I also have usaa for the kids accounts and insurance. Usaa is the worst with technology, bunch of idiots.

[Anonymous]

Happened to us,but the villian was Suntrust. After 25 years banking with them, found certified letters in the mail infirming us they would shut down our accounts. There was an “error” and some cfo called and apologized profusely. Very stressful. Idiots.

[Anonymous]

That’s why we call them Crapital One in our house.

When I switched to independent consulting about 10 years ago, they flagged my account for suspicious activity and froze my account for 48 hours while their team investigated due to getting deposits from several different companies. Another time when I tried to deposit a large check ~$12k for a project I completed, they said they’d only release $500 into my account for 10 days because it wasn’t a check from a bank they recognized or a company name they recognized. I walked away after that.

[Anonymous]

Anonymous wrote:Has this ever happened to anyone? I received a large federal refund and it went directly into my credit union account. I wrote myself two checks from the credit union account into my Capital One account. I have several Capital One savings accounts, so I wanted to split the refund into one Capital One account I designated as "emergency reserves" and another account for "house repairs". The federal refund deposited into the credit union account successfully. Three days later I wrote the checks and used mobile banking to deposit my two checks into Capital One. When I logged into my credit union account both checks cleared, no problems. Capital One calls me and said there was a fraud alert on my account. They said they have information that my two checks would not clear and advised me it was a crime to deposit checks into an account knowing they wont clear. I had no idea what they were talking about. When I pressed them for what this "information" was they said they contacted my credit union and was told there was insufficient amount in my account. I called my credit union immediately and they confirmed both checks cleared. I called Capital One back and they said they spoke with their "investigator" and still felt the checks were suspicious. They said I had to wait five full business days for the checks to see if they would clear. That's not the problem--the problem is Capital One froze all my accounts (i have several savings accounts, along with a credit card) and I was NOT able to login to my accounts because my accounts were now considered "restricted" and that if the checks did not clear, Capital One would automatically close all my accounts.

I understand the need to wait for my checks to clear---but the drastic measure of freezing all my accounts, and be told by this phone, and WITHOUT any letters from the bank letting me what's going on and why I felt was wrong. And, when I told them the "information" they received that my checks would NOT clear was inaccurate and I invited them to contact my bank again went on deaf ears.

I plan on writing a letter to the bank asking for a full review and detailed explanation.

Has this happened to anyone before?

Capital One treats me like a criminal every time I go into the branch. They sometimes ask me for two forms of ID to deposit checks! The only problem I have ever had is when someone stole money out of my account electronically and they didn't see as concerned about the crime as I would have hoped. I have pretty much stopped using my Capital One account and will close it out soon, it doesn't feel like a safe place to bank. They must have a lot of fraud to treat customers so badly.

[Anonymous]

Anonymous wrote:Walk into the local branch and ask to speak to the manager there.

If you do that ask for a Translator also..

[Anonymous]

It really sounds like a scam it's so horrible.