Capital One Bank Account Or Service Complaint

Capital One Bank account or service department,

Other bank product/service Making/receiving payments, sending money Oregon

As a small business, we signed up for Capital One 's SPARK PAY to accept mobile merchant processing payments. After signing up online, and receiving the dongle for our phones, an agent called us to inform our company that the terms of the agreement had changed, and that Capital One would be holding our proceeds for up to three months on a revolving payment schedule " while we establish a relationship with you. '' For example, $100.00 in merchant fees would be paid off in $33.00 increments, ever 30 days. Since they were calling to get my assent to this change in terms and conditions for their service ( before we had ever used it ), I asked what would happen if I said no. " We will cancel your account. '' I told them " Go ahead. '' A typical merchant processor pays within a day or two. Capital One was going to pay over three months, and not disclose that important fact until after we signed up. This practice is absuive, and unethical.