LAFAYETTE, La. (KPEL News) - Customers with one of the largest banks in the country are furious over deposit issue that is leaving them without their mid-month paychecks, leaving customers across Louisiana and the rest of the country worried about bills, groceries, and more.
Capital One has acknowledged that an issue with a service provider that has resulted in delayed processing of Automated Clearing House (ACH) payments, as well as other transfers.
"Specifically, this has delayed processing of some transactions, including direct deposits and Early Pay credit for direct deposits, as well as electronic payments and transfers (ACH)," Capital One said in a statement.
Customers are reporting for the third straight day that expected transfers have not made it into their accounts. These transfers, according to the statement referenced above, include direct deposit and Early Pay.
The company is being inundated with complaints online, including social media.
Friday marks the third day of issues, with more banks being hit with delays, according to CBS News.
After nearly 4,000 reported issues with Capital One banking earlier in the day, just under 3,000 were reporting difficulties as of 3:05 p.m. Eastern on Friday, according to Down Detector, an online service that tracks tech outages. The problem has escalated since getting flagged mid-week, on Wednesday, and just over 1,700 outage reports from Capital One users by Thursday afternoon.
Capital One finds itself in the spotlight for the technical problems it's facing, which is only piling on to what has been a challenging news cycle for the financial giant. The company is also facing a lawsuit from the federal government.
Consumer Financial Protection Bureau is accusing Capital One of misleading customers about its high-interest savings accounts. The CFPB claims this cost customers more than $2 billion in potential interest, though Capital One has denied the allegations and says it plans to defend itself in court.
Capital One says that while the funds are currently not showing in customers' accounts, the money is safe and will display properly soon, stating on the social media platform X (formerly Twitter) that "Your funds are safe and full account functionality will be restored as soon as possible."
But customers are not happy about the situation.
"It's been TWO DAYS!!!!" one person said in a post to the bank on Thursday. "What excuse do you have?"
"Where is my Direct Deposit??" another asked. "This has gone on too long!!"
For many Americans, the delayed processing could mean going to the red when bills and other necessities come due, especially through autopsy systems. Capital One is currently saying they will reimburse for fees accrued, but added they would only be covering "reasonable" fees.
If your account has been impacted, the bank says the systems are being restored and, when they are online, you should see the money in your account. Accounts should be back online and properly displaying all funds sometime Friday.