Capital One Overlimit Fees
Capital One's Customer Agreement has the following overlimit fee provision: "...overlimit charge if your account exceeds its assigned credit limit, even if we approved the overlimit amount...."
With no reference to billing periods, I cannot see how Cap One fees that they may assess an overlimit fee in each billing period that an account is over its limit. Capital One, however, insists that that reading is plainly contained in that provision.
I would appreciate comments from cardholders on the following questions:
1. Did you ever receive your Customer Agreement from Capital One? (it purports to come after you sign your application) Did you read it? Did you read that provision? If so, what was your understanding of its meaning?
2. Having read that provision alone (not other provisions in the Customer Agreement), do you believe that Capital One may assess one overlimit fee per exceedance, or one fee per billing period?
Thank you
Click here to read other Rip-off Reports on Capital One
1 Updates & Rebuttals
Ann-Marie
Farmington,New York,
Capital One Named 'Company to watch'
#2Consumer Suggestion
Tue, February 26, 2002
Reading an article in 8/1999 Newsweek in 'Focus on Money', CapitalOne was named one of the top credit card banks to watch for the following scam: No matter when you mail your payment, it will get to them after the due date - whereas you get charged the 'late fee'. Then if you are close to your limit, this 'Late Fee' will cause your account to go over your limit and they add the 'Over the limit fee'. It is a never ending battle to pay off the account.
This article suggested to file a complaint to the Federal Reserve 1-(800)-526-2028.
It works - I explained to CapitalOne that I was prepared to file a complaint with the Federal Reserve and my account was credited over $400.00!! I was assured that this would not happen again, but it did.
Call the Federal Reserve - don't let CapitalOne take your hard earned money!!!