Capital One Bizzare Transfer System

enduser | Oct 8, 2020 | 711 posts since 2015

I scheduled CO to pull $400 from an external account at another FI 10 days into the future from today's date. To my complete surprise CO immediately accessed the external account, and immediately placed the $400 on hold at the external FI, but has not moved the funds yet. This is the first time I have witnessed a FI freeze the funds at the source FI, not only that, but doing so so far in advance from the scheduled transfer date.

Another thing, CO states that the transfer will take 3 business days to reach CO. Yet in the past when they have pulled funds from another FI and those funds arrived at CO, they still placed a hold on the funds availability of between 3-10 days. So a incoming transfer initiated by CO can take as long as 13 days to become available.

Has anyone seen this type of behavior from any other FI?

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Answers

me1004 | Oct 8, 2020 | 1,379 posts since 2010

Did they actually say it could take "up to" three business days? That's kind of a standard warning, but I've never had ACH take longer than overnight.

But that advance freeze is something new. In fact, you should read the fine print, as if you didn't specifically allow that or give them permission, I don't see how they could legally put a freeze on it. That can really foul up your banking with bounces.

enduser | Oct 8, 2020 | 711 posts since 2015

I looked up CO transfer disclosures and they definitely say it can take up to 3 business days for incoming transfers to arrive, and they also mention that ACH deposits that they initiate can be held up to 4 business days. There is no mention of placing a hold on future transfers.

From CO disclosures:
-Electronic transfers between your Capital One bank account and other Capital One accounts (such as a loan or credit card) or another bank, may take two to three business days.

-Most deposits into 360 Performance Savings, 360 Savings, 360 Money Market, and Kids Savings Accounts are subject to a 4 business day hold before they can be withdrawn.

-Deposits made via check drawn on another bank and ACH deposits that we initiate on your behalf will be held for 4 business days;

-Generally, you can't withdraw a deposit for 4 business days.

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