Understanding Hidden Fees in Your Capital One Statement

Capital One is a bank holding company specializing in credit cards, bank accounts, and auto loans. They operate heavily online, so depending on where you live, you might only have one physical branch in the entire state or one Capital One ATM in the entire state. So, what do you do when you look at your Capital One statement and see a mistake or an unexpected fee?

Make sure you check to see whether that fee was warranted. The fee might be something perfectly explainable, like an ATM fee from the previous month. You might have to contact Capital One to ask them about it. If not, you can file a complaint against Capital One or consider alternative legal measures to get a resolution for your problem. 

Capital One Extra Charges

Capital One has checking accounts, savings accounts, and credit cards. They also provide loans for things like vehicles. There is a monthly fee for many Capital One accounts, but it differs depending on the deal you get when you open your account. There are situations where you might open a new checking account that has explicitly a promotion for no monthly maintenance fees or no monthly maintenance fees for the first 12 months, after which you might be hit with an unexpected fee*.

Depending on your service, Capital One will charge around $25 for overdraft fees. This happens to any account you have that gets overdrawn, and it can be placed against your account each day that you are in the negative.

There are also ATM fees. ATM fees are charged whenever you withdraw money or check your account balance at an ATM that Capital One does not own. Capital One operates primarily online, and there aren’t many Capital One ATMs, so it is very likely that you will face fees from Capital One and whatever third party owns the ATM.

If you lose a card and need a replacement, the card fee is $30.

No matter the type of account you have with Capital One, you must opt-in for paperless statements every month. They will charge you a few dollars every month to send you a paper statement if you don’t. 

If your account goes inactive anywhere between three months and six months after you open your account, you get charged an inactivity fee, which varies based on the type of account you have. If you decide to close an account within a year of opening it, they will also charge you a closing account fee.

*Note: With Capital One, you might have time-sensitive offers like a referral if your friend signs up or a bonus for opening a second account with them and depositing a specific amount of money by a deadline. Be advised that this might seem as though it has no strings, but any bonus money you get in this capacity will be billed as interest charges on your account and taxed accordingly. 

Specifically, you will face things like annual fees with a credit card. The annual fee is a membership fee you get charged for being able to have a credit card. With Capital One, your annual fee can be anywhere between $35 and $500. Many Capital One cards come with a special promotion where you don’t pay a yearly fee for a specific length of time, but it kicks in automatically after that. Many people forget, and then it shows up on their statement and seems like a hidden or unexplained fee.

• Other fees you might face include late charges. If you miss two or more payments in a row, your API or interest rate charged on your Capital One credit card can go up. Typically late charges are $30, but if you miss a second payment within the same six-month period, it can go up to $41.
• If you want to transfer some of your credit card balance from one card to another to consolidate, a balance transfer fee can be up to 4% of the amount you are moving.
• If you need a cash advance, this comes with a special cash advance fee, the amount of which is based on the terms of your specific card.
• If you try to make a payment and it gets returned because of insufficient funds, you might face a returned payment fee and a late payment fee on your following credit card statement from Capital One. If you use your Capital One credit card for any type of foreign transaction, you will typically see a charge that amounts to 3% of the total purchase.

What Can I Do If I Find Incorrect or Hidden Fees on My Capital One Statement?

If you find incorrect fees on your Capital One Statement, you need to start by reaching out to Capital One customer service. They might be able to explain what the unexpected charge is and why it is there. If it is a mistake, they might be able to fix it. 

If customer service isn’t helpful or doesn’t solve the problem, you have two other options:

The first is to sue Capital One in small claims court. Your user agreement probably prohibits other forms of lawsuits but not this one. However, there are limits for compensation and which cases qualify depending on your state. If you have the time and money and your case qualifies, this could be a good option. 

The second is to use binding arbitration. Consumer arbitration has more flexibility and fewer limitations compared to small claims courts. You can usually get a resolution faster, too. 

Share your complaint about Capital One with FairShake today.