Wally sent a message to Richard Fairbank Co-Founder, Chairman, and CEO, Capital One Financial – email address that said:
I have found your Spark Business Checking account difficult to work with.
As an example we deposited a clients check for $1095.00 on 1-12-17
Then we were told the funds would not clear for a week.
“The money will be available on 01/20/17. Any interest will accrue normally starting the 1st business day after the deposit is posted”
We told the client this and he hit the roof. We both agreed he should cancel his check and send to our other bank.
I then called Capitalone and told them the situation. They said Capitalone had the money and I could not cancel the check. That I needed to just wait.
Then on 1/18/17 the check was reversed. (As it should have been)
I called Capitalone on 1-18-17 letting them know they still had the $1095 on hold. I waited on the phone for about 20-30 minutes and finally had to hang up.
Today 1-19-17 the $1095 is still on hold. I called again and was routed to 3 different departments and told I would have to wait for another 1-2 days for this problem to be corrected.
Most checks we have deposited have 2 to 8 days hold on them. Our other bank credits us the next day. The person I was talking to said there is some sort of algorithm that places holds on our account and he can’t change it.
We never do work for anyone until their payment is available to us. Our staff are paid when we have funds we can use. At this point our staff is avoiding accepting payments that go thru our Capitalone account.
Just thought you would like to know one of your business customer’s experiences.
Thanks for your time.
Wally
