If you have been a long time Capital One High-Yield Savings account holder, be aware, your balances may be on their way to your friendly local state agency.
Here's my story.
I use my account actively...making 6-7 transfers IN and 1-2 transfers out per month. Last week, I scheduled a transfer OUT of a little over $5K to bring my balance down to $0. Last night I scheduled 5 transfers into my account with no problems. The only concern that I had was that I couldn't see any of my pending transfers in the Pending Transfer tab. I also found no history of my past transfers in the Transfer History tab. Very strange, but I figured it was probably a midnight maintenance sort of thing or a bug in the new user interface... I figured I'd just call them in the morning and find out what happened.
This morning the $5K transfer should have been completed, but the balance on my target account hadn't changed. WTF? Still no history, no pending transfers. I call them up and they tell me that as of the 15th, my account was closed because it had been "dormant" and that the balance of my account has been forwarded to my state's Unclaimed Property department. 
Huh...? Why wouldn't it be sent to me directly? What happened to the various transfers in and out of the account...why would it allow me to schedule them without a complaint if my account truly had been closed on the 15th? 
Edit: It appears that the new interface is a bit less tolerant of $0 balances and aggressively closes these accounts. Whenever your balance is at 0 for 72 hours, the account will be closed, and the UI will no longer list your CapitalOne account information. Your account number, transfer history, everything will be gone. I'm still wondering where my $5K is. Still holding out hope that it'll show up in my Dime Bank account where it was originally destined.
Edit #2: As of 9/28/06, my $5K transfer to Dime has arrived, but I still haven't seen the funds from my other accounts yet. Funds totaling $130 disappeared from four account three days ago an until today, haven't yet arrived in my account. I have no doubt that it'll eventually arrive, but it's just a painfully long wait -- more akin to the HSBC lag times -- when compared to the quick system used previously. Fund used to disappear from external accounts and show as credits in my CapOne account simultaneously. Now we have the 3-day disappearance B.S. to deal with. *sigh*
I also talked to CSRs this morning and managed to get my account reopened, but he confirmed that the new system DOES close your account immediately once your balance goes to $0. This is a change from the old behaviour. I've had my balance at $0 plenty of times without so much as a hiccup. The new system is completely agressive.
At this point, I'll probably leave $0.01 in the account so they can keep sending me statements, but I won't use it further. There's no advantage over HSBC. The lag time is the same, the interest rate is lower, and I don't want to have to deal with crap like this ever again.
