Capital One review: Takes up to 5 days to receive money for reissued bill pay to same payee

I am very dissatisfied with Capital One (CO) procedures for regarding “Bill Pay stop pay/reissue check procedures” and after my lengthy phone conversation today with two representatives that did not satisfy my expectations, I have now decided to complain to “Upper Management.” Outlined below is what happened and how I suggest it should have been handled.

On September 15, 2023, I bill payed Rooter Man (RM) $1,620 and $189 ($1,809 total) and they say they never received the two checks. Last month RM called me about not receiving the checks, so I called CO (with RM on the call also) just to prove to RM that I already had bill paid back on September 15. During the conference call we decided that it might just be “slow or temporarily delayed mail” and that RM would just wait a little longer for the checks to arrive. Yesterday, RM called and said still no checks, so I called CO and they said that they would “stop pay” the two checks (no fee) and I should reissue the checks through Bill Pay (which I did). Today, I noticed that my account had been debited those two “reissue checks” ($1,809 total) again, and this is wrong for CO to do this! I just now called CO to discuss the situation, and was told that it could take up to five business days for the $1,809 to be credited back. This is not fair to me, and CO should have immediately given a temporary credit of $1,809. My logic, “first of all” the checks have never even been cashed and now CO is debiting me again (now double)! When someone writes a check and mails it, the check is not debited until the check is cashed, meaning “cash flow.” Second, there is a process now going on (Back-office CO) to investigate, etc. and these things are a “cost of doing business” and I understand. However, don’t financially inconvenience the Customer, as they will have to figure out how to “cash flow” because CO debiting their account twice! I get it, it’s probably not CO’s fault, as the postal system probably caused this, however I know that it’s not my fault and you are inconveniencing me, your Customer with “very poor Customer Service Procedures.” This also makes me think that CO has figured out another way to “nickel and dime” their Customers’ just to increase their “bottom line!” Just in this one example, CO will pay me about $0.02 less interest in my Checking Account this month. I do wonder how many other Customers have had this type of problem because that “$0.02 really adds up!”

Example: 30-day month, $3,600 average daily balance, changes to only $3,299 (5 days to get $1,809 credit) and at 0.1% Interest, that’s about $0.02! Maybe I was going to use my Debit Card for a $1,809 purchase, but now I can’t because my Account does not have the funds to cover it. Now, I will have to transfer from my Savings (which is 4.3%) to my Checking (which is 0.1%). What CO is doing is not paying Interest on money for “up to 5 days” and this is wrong, and also adds up over time! Pretty slick, as it is “just another way” the Financial Controller has found to save paying some Interest to Customers! BTW, 4.3% Savings is better than 0.1% Checking, so that 4.2% difference would now be $1.05.

Bottom line, I feel this is wrong on every level and will continue to voice my displeasure, as I feel that CO is not treating the Customer in a fair manner. Look at how most Credit Card Companies handle fraud or possible fraud, and the way CO handles “Checking Bill Pay issues” is different. This is not about the money (I don’t have a cash flow problem) and you can see I keep much more money in your bank than an average Customer, however it is about “what I feel is bad business Policy by CO!” CO needs to correct this problem.

I expect a response to this complaint within 14 days.