Capital One Credit Card Complaint

Capital One Credit card department,

Credit card protection / Debt protection Virginia

On - -, 2016, I accepted an offer online from Capital One to get a balance transfer for zero points and my regular rate of interest. I requested Capital One, account ending in -, send $6300.00 to our - Cash Rewards Card ending in -. I received an email stating that it was sent the next day, - -. Today, I called CapitalOne to see why the amount had not yet been credited to our - credit card account and was told that Capital One does not accept electronic transfers of this nature, but only accepts a paper check, so the initial attempt by Capital One was not successful. At that time, a paper transaction was made. The banks both state that it sometimes takes up to 10-12 days to complete the transaction. During this time, the customer incurs 16.1 % on the balance transferred. In addition, the customer is paying interest to - Bank for the amount on the card, or 17.1 %. So, together, the customer is paying 33.2 % on this amount of $6300.00, for maybe 12 days, amounting to $69.00 which is borne by the lowly customer. I am sure I am not the only person that is in this situation, so I can see how this could be a very profitable situation for the banks. I realize that the customer should pay the originating loan interest up to the time the amount is transacted into the receiving bank. But, this situation is obviously one where banks are taking advantage of customers. Please investigate this practice to determine why this practice is allowed to exist in which the customer/consumer is obviously being " robbed '' by the banks and credit card companies.