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.

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.

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 would never put all my egg shells in one basket like that. Once this is cleared up, it’s timr to pull all of your money and take it elsewhere

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.

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.

The bank can't explain that to OP? They froze the accounts AND don't seem to be forthcoming with much information about why. Still bad customer service. I would take my money elsewhere.

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.

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

They said I had to wait five full business days for the checks to see if they would clear

Unfortunately banks are making up rules as they go along. It's forever-changing

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.

+1

Plenty of other banks out there.

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.

Switch bank after this is settled. I hate capOne.

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

This has not happened to me, but this is a situation where once the checks clear I think you should walk with your feet. It’s a hassle, but just close all your accounts with Capital One and bank elsewhere.

I bank with Wells Fargo and write large-ish ( 5 figures) checks without a problem.

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?