America’s big banks are having a banner week, except for Capital One
The CFPB sued it and accused it of “cheating” customers out of $2 billion worth of interest. Then today business account holders suffered a disruptive outage.
Small-business owners suffered infuriating disruptions of access to their Capital One business accounts on Thursday, just days after the bank was sued by the Consumer Financial Protection Bureau, which accused the bank of “cheating” customers out of more than $2 billion worth of interest payments.
Company spokespeople did not return requests for comment on the extent and duration of the outage, though Capital One did acknowledge a stream of complaints online.
We are experiencing a technical issue with a third-party vendor that is temporarily impacting some account services, deposits, and payment processing for portions of our consumer, small business, and commercial bank.
— Capital One (@AskCapitalOne) January 16, 2025
The bank’s slump stands in stark contrast to its peers, with strong fourth-quarter earnings sending the KBW Bank Index up 6.1% so far this week.
On Reddit, several commenters said they experienced an inability to receive direct deposits, and others said that their entire business account appeared to have disappeared from their Capital One app.
Comment
byu/Zealousideal_Skirt18 from discussion
inCapitalOne_
That’s somewhat consistent with what other users have said elsewhere.
Why is capital one business account down for 24 hours, the accounts have disappeared and I called in yesterday and your rep said it’s down and being worked on. There is no public information on this hit a bunch of people on Reddit are complaining , I’ve been impacted too. @NFIB
— Sameul Ahsan (@AhsanSameul) January 16, 2025
It’s unclear if the outage is weighing on the stock on Thursday. It was down in line with other finance and credit-card companies such as Synchrony Financial and Discover, which Capital One is attempting to buy. The merger is set to close early this year.
