I have printed out the information I refer too. It is in hardcopy form and can be submitted for legal reasons if needed.

Right now (as of the writing of this email February 14th 1300 hours MST) according to CapitalOne's website my available credit on my CapitalOne Platinum MasterCard is 42.97. Total usage since I opened it is 385.41, total payments are 387.20. Credit limit $500. Note that ten dollars of my usage was a fee to make a payment by phone.

At the end of January I opened an account with CapitalOne. I did this as I need a MasterCard to pay my school with (they don't accept Visa). This is not my first credit card, and I don't normally carry a balance of any significant amount.

On February first I used my card. The purchase was for merchandise. Total price for the merchandise was $9.95. When I go into the account and click on the purchase, it shows a transaction date of 1 February. Directly under that is a post date. This date reads 2 February.

I called Capital one to ask about the difference in the dates. Agent ZZW192 (name withheld) assisted me. I asked her about the post date. My question was, "Is the post date the date the date the total of the purchase was subtracted from my available credit?" She informed me it was. So I said, "So the post date is the date the available balance is affected?" She said yes.

I then asked about a payment I made on February ninth. The payment was for $331.20. It was made by phone. When I made the payment by phone, my last comment to the operator that took it was, "and that will be credited today?" The operator responded in the affirmative. The transaction posted to my checking account on the tenth of February. They see the transaction on the tenth of February as well. As of 14 February CapitalOne has had these funds for four days (let's say three since we don't know what time on the tenth the funds posted). I asked why my available credit is 42.97. I was put on hold.

When the operator comes back on the phone, she informs me there is a hold on the payment. Note, this is one of two payments that have been made. There is a hold on the other as well. I asked, "What do you mean there is a hold on the payment?" I was told that customers that have an account for 1-6 months are subject to a payment hold. My response was, "Okay, obviously that doesn't apply in this case because the funds are posted." She informed me that when I made my payment I was informed that Capital one reserves the right to place a hold. I said, "Oh, I was unaware you were on the phone when I made my payment." She said she wasn't. My response, "Then you don't know what I was and wasn't informed of. The simple fact is, I was told the payment would be posted. I used this information to make the determination to make a payment that day. CapitalOne entered in to an agreement with me. Your website shows it's posted. Your website shows payments made before 1400 hrs are posted same day. I'm asking CapitalOne to honor its agreement and correct the account." I was told that no one could do that. Then, I was told they could if they verify with the bank the transaction they can see occurred, occurred. Then I was told the fraud department could release the funds. I was transferred to the fraud department. They were closed.

So to review; CapitalOne reserves the right to lie to you. I.E. the definition of post is contrary to the definition of hold. My available credit does NOT show the payment posted! CapitalOne dislikes SOME new customers so much, they want to place them in financial jeopardy. This was NOT done to my wifes CapitalOne account opened a few months earlier. Yet another lie that they do this to all their new accounts. Imagine if I hadn't caught this. I'm on a date with my wife for Valentines Day. The only credit card I have with me (I do have other cards) is declined when I go to pay for a NOT CHAEP dinner. As far as I know, I have funds available, BECAUSE I WAS TOLD I DO! What's in your wallet? Not very much if you have the displeasure of being a new customer. It's a good thing I keep my debit card with me. CapitalOne will apologize, but they WON'T fix their mistake.

Opinion of reasons for doing this: Aggravation, Assininity, Average Daily Balance

ADB is calculated by summing the amount owed on each day of the month and dividing by the number of days in the month. By holding a payment, they make extra interest, becuase money is still owed. Neat trick, making people pay you for holding their money. As this is an opinion I'll confirm if it's happening by looking at the interest I'm charged and computing what my ADB should be, compared to what they show. If we don't show the same thing, hello SEC violation (payments have to be posted in a timely manner, I can show they have held the funds for 5 days as of this writing) and class action suit. Keep in mind, I have printed from their website proof of everything I've said so far (minus my opinions).