Posted by William Charles on June 17, 2019
Bank Account Bonuses

Published on June 17th, 2019 | by William Charles

73

Capital One Paying Out $500 360 Money Market Bonus + Interest

Last year Capital One was offering a bonus of $500 when you opened a 360 money market account. Today some people have received checks in the mail for the $500 bonus, plus interest. This was sent out to people who didn’t receive the bonus.

Some people didn’t receive the bonus because they use cumulative deposits to reach the $50,000 deposit requirement. At the time Capital One stated that didn’t qualify for the bonus, despite the fact that the fine print didn’t state a balance requirement of $50,000 0r a single deposit of $50,000. It’s unclear if Capital One received enough CFPB complaints/legal pressure that they decided to pay out the bonuses or if there is another reason. It’s also unclear what will happen to people who accepted a lower offer of $200 after filing CFPB complaints.

Update: Seems like people are receiving checks even if no complaint was made. In addition people who made a complaint and received a similar amount (e.g $200) have received the difference (e.g $306)

Hat tip to bplturner

 



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Tony
Tony

I got my $506 check today. I had done cumulative deposits and contacted them a few times to pressure them back at the end of the year with no luck. Filled a CFPB complaint which went nowhere too. It was a nice surprise to receive this today!

THG
THG

Do you still have the account open?

JAS
JAS

Yes, do you still have the account open? I had since closed by Cap1 MM out of frustration because of them refusing to budge

Roy Markus
Roy Markus

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ZD
ZD

Similar to Tony, I received a $506 check in the mail but my account was closed. Wonderful surprise!

Bruce
Bruce

Unless I’m missing something, bplturner said he did not receive the bonus last year.

Hari

He said 2 x $506 checks each. So its twice.

Benjamin Turner
Benjamin Turner

One was for P1 and one was for P2. I have not had the bonus more than once.

Eric M.
Eric M.

I received a $500 check today after being denied the bonus last year. Completely unexpected but I’ll take it.

Evan
Evan

Had you filed a complaint?

Mj
Mj

I didn’t but p2 did. I still got mines. I did complain in chat a few times even asked for 200.

Cora Moon
Cora Moon

Wonderful Info, I did fix my credit and got rid of my debts with the help of a genius programmer and he did a near perfect job on my profile increasing my credit about 184 points in a few days. My score’s amazing at its high 790’s now and all debts and inquiries are gone & I’ve never been so happy. I refer this techie experts to those who have a fixed date to fix their profile. “r a y c r e d i t r e b u i l d (at) GMAIL

Steven
Steven

Received the check too..I had never even bothered too call and ask about it. Very happy!

Eric M.
Eric M.

No formal complaint and I closed the account after they refused the bonus.

Brad
Brad

This is what I needed to hear: account closed, still got check. I hope mine comes soon 🙂

Evan
Evan

Shoot. I had pressured for some courtesy credit and got $100. I hope I didn’t shoot myself on the foot. I hadn’t filed a complaint either.

Ann
Ann

Several other people reported that they received a check for $506 minus their earlier partial payout. So everybody ends up with the full $506 in total.

Jeff
Jeff

I didn’t even bother filing a CFPB complaint due to no one having any success at all. Seemed like a waste of time. Hope I didn’t just cost myself a shot at getting the $500 in the end. Shucks!

Ben
Ben

I didn’t file a CFPB complaint because of the federal government partial shutdown, I knew no one would ever follow up on my complaint. I was a bit of a nuisance with one customer service representative on one occasion after the bonus was overdue. Had been thinking of sending a certified letter reminding Capital One that I never accepted their unilateral change in terms, but hadn’t gotten around to that either.

And voila, nice surprise birthday present of a $506 check shows up in the mail from Capital One. So you’re not out of luck if you didn’t file complaints.

TheJester
TheJester

My guess is this was CFPB driven.

CapitalOne would not pay out *with interest* if it was not legally required to do so – or some semi-legal means, you never know how this stuff works – the message could’ve been “do it, or risk a lawsuit” by the CFPB prompting CapitalOne to make this decision.

Mel
Mel

Got my check for $506 today also! I did not receive the bonus either and did not complain since I’m a believer that you win some and lose some. But yes, very, very nice surprise for sure =)

thg
thg

Do you still have the account open?

Mj
Mj

I’m 506$ richer baby! That class action suit was lock and loaded!

Mj
Mj

Also p2 got 200 from them after yapping last year and got 306. We ballin. Drinks on me!

Ann
Ann

This wasn’t a class action lawsuit, just customers complaining to the CFPB. Lawsuits take years to result in checks.

CtownBin
CtownBin

I didn’t get the bonus and haven’t yet filed a complaint. Didn’t receive the check… any dps of people who got the check without filing? Is it too late to file?

CtownBin
CtownBin

Actually, scrap that- just looked through my mail again and found the check for $506! Just as a DP- I never even complained to Cap1, let alone CFPB, because I did the bonus at the tail end of the time range (the last day to make the last deposit was 10/31/18, which was when I hit the $50k cumulative) and nobody before me had any luck. So I think they’re just automatically sending it to everyone who hit the $50k requirement by cumulative deposits, complaint or not. Wonder if we’ll find out what caused this.

Chex Party Mix
Chex Party Mix

Amazing–got $506 today as well after having written this off after a few calls and a complaint to the captured-agency CFPB yielded nothing. The letter included a phone number of 888-464-0727. After having spent a couple of hours with C1 bankers insisting that up was down, I feel like I should call a few times just to mock them. Does that make me seem petty?

CtownBin
CtownBin

This whole thing reminds me of the Discover Apple Pay saga from 2015. They didn’t pay the 10% Apple Pay promotion ( which became an insane 20% if you were in the first year double promotion) if they thought you had bought gift cards- except they couldn’t know for sure what you had bought (and in fact, some non-gift card purchases got caught in the crossfire and were denied the promotional payment). Most of us couldn’t complain because we HAD bought gift cards, which under the terms didn’t qualify for the promotion. Well, TWO YEARS later they paid everyone in one lump sum for ALL purchases that were previously denied, including the first year doubling! My wife and I netted $1k each. We should remember these 2 stories the next time a promotion hits a snag when the bank is on shaky ground- we may just get surprised down the road.

AcroMatt
AcroMatt

Did multiple pushes/pulls of different amounts to hit $50k cumulative, but no bonus after talking to several CSRs. Ended up taking the $200 offer instead and got $306 today!

THG
THG

Hit 50k through cumulative. Never got bonus. Called twice. Eventually closed the account out of frustration. No check for me yet. Curious if me closing the account screwed me. Does everyone who has received the check still have the account open?

Eric M.
Eric M.

No I closed my account and still received the check.

Jason
Jason

Same here. Closed it after no results from CFPB and got the check for me and SO yesterday.

Brad
Brad

Perfect. I also filed and was unsuccessful with CFPB then subsequently closed. Hopefully check should be in the mail.

767
767

Accepted $200, filed CFPB complaint. Did cumulative deposits, never reached actual balance of $50k total. Crossing my fingers for a $306 check tomorrow!

767
767

The $306 came in the mail today. Happy they finally decided to do the right thing. Thanks to all who filed CFBP complaints!

bill
bill

Now I’m feeling bad! Did anyone not get a check yet? I did 50 k but cumulative. Contacted CS few times. Accepted 100 at one point and filed a CFPB complain that went nowhere. Account is currently closed. I have NOT yet received anything. Hopefully my mail is late but now I’m concerned that literally all comments are people saying they got theirs …

Parkerthon
Parkerthon

I haven’t received mine. I closed my account simply being pissed they wouldn’t even offer me a modest amount like $200 I would have otherwise qualified for. Based on DPs, looks like that’s the catch although if this was something they did due to external pressure, I’m surprised that’s a requirement.

Parkerthon
Parkerthon

I see someone else got a check that closed their account. I guess just need to be patient and hope it’s just making its way here still. Mail today had nothing in it.

bill
bill

UPDATE: Just got my check today! $406 with interest. Hang in there! Looks like everyone is getting this regardless of other factors. Def a very nice surprise!

Parkerthon
Parkerthon

Excellent. Thanks for update sir!

Brad
Brad

I filed (with CFPB doing nothing but passing it on to CapOne and CapOne again denying me) and then closed my account. I haven’t gotten mine yet either, yet.

Parkerthon
Parkerthon

I got mine today. First class mail can take up to ten business days. If I was betting man, USPS is just taking their time getting it to you. And fyi it could be mistaken for a promotional mailer the way it looks. Has the colorful branding printed on envelope and everything. Def doesn’t give impression it’d have a check inside or an important communication of any sort.

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