If you're reading this article, then you've probably had your Capital One account restricted. Don't panic; there are a number of reasons that you may not be able to access your account. The bank is extremely good at picking up fraud, protecting their customers, but they also restrict accounts for much less serious reasons. Here we're going to walk you through the main reasons that Capital One would restrict your account and what you can do to resolve the issues. Our list of the top reasons to have your Capital One account restricted are as follows:
- Overdue Credit Card Payment
- Insufficient Funds (Debit Card)
- Suspicious Behaviour
This is the number one reason that your account would be restricted. Capital One, and all banks these days, have an incredible system in place for picking up fraud. This is to help protect you because it could be a week or so before you notice any payments that you may not have made.
For example, if you make a cash withdrawal and then got to a shop and pay with your card using your PIN, you are making two transactions that require your physical presence. If a payment is processed for your account or card between those two transactions in a different location, a bank like Capital One will restrict your account. They will also have your card seized, if possible.
What Should you do if you Suspect Fraud?
If you've had your account restricted and card seized, your first port of call should be your bank. You can probably still check your account online to see if there are any suspicious transactions, but calling your bank will be faster. They will be able to take your details and tell you exactly what the issue is quicker than you can locate any transactions that might not have been made by you. The number to call for Capital One for general support is 1-877-383-4802.
2. Overdue Credit Card Payment
If you have a Capital One credit card, your account can be restricted if you don't make regular payments on it. Credit cards all have a minimum payment for each statement period. If you miss it, you can be charged a late payment fee. Missing a number of these payments for a few months in a row, the bank is well within its rights to restrict your account.
If you find your Capital One account restricted and you don't see any suspicious payments, check your credit card. Not being able to use your credit card specifically, the bank has probably restricted it. There's no need to worry, though. This is standard practice and very quickly resolved.
You've reached or surpassed your credit card limit
There is a second reason that you can have your account restricted because of a credit card, though. If you reach your credit card limit or go beyond it, a bank will restrict your account. This is to stop you from spending any more money on that card. This could force the bank to lower your credit limit in the future.
3. Insufficient Funds (Debit card)
At some point in our lives, most of us have run out of money in our account. Unless you have a planned overdraft, your account will be restricted. This isn't a penalty; as such, it's simply a restriction to stop you from overspending. Banks won't let you spend money you don't have in your account on a debit card.
What Should you do if you Have Insufficient Funds?
There's not much to say here apart from move some money back into your account. If you need to make a card payment, use a different account or a credit card. Unfortunately, there's no way that your bank can help you with having insufficient funds. The best thing to do is talk to your bank about a planned overdraft if you think you need it. These always come with a hefty charge for using them, so only enable a planned overdraft if you really need it.
4. Suspicious Behaviour
The final reason that you could find your Capital One account restricted is general suspicious behavior. The bank has various systems that will pick up types of behavior that they deem suspicious. In some cases, those transactions will be declined. In other, more extreme circumstances, the entire account can be restricted.
Sometimes banks get things wrong though. If you happen to be making a payment on holiday, this could trigger as suspicious behavior. Buying something particularly expensive, such as a car, may also have the same effect.
Whether the suspicious activity on your account is you or someone else, you'll need to get your account back. The best thing to do, once again, is to contact your bank. You can explain ay payments that you have tried to make, which should give the bank all they need to let you back into your account.
What You Should Do if Your Credit Card or Account is Restricted?
If your credit card is restricted, you need to find out why. A quick check online will tell you if you're at or over the limit. If this is the case, then you must pay off some or all of the amount of debt on the card. This usually prompts an automatic response from the bank, which will allow you to use your card again. If it doesn't, then you'll need to phone your bank.
Your credit card could be restricted due to a fraudulent or suspicious payment. You won't know about this until you call your bank. If you can't see any reason for your credit card to be restricted, call your bank immediately to find out why it is.
Now if your whole account is restricted, there's nothing else you can do than calling the bank support and take it from there.
The most important thing to do when you find your account restricted is to stay calm. Capital One has a fantastic customer service team who will be able to help you whatever the issue may be. While these are the main ones, some more niche issues may crop up as well. Whatever the case, Capital One will walk you through it.
If there's something about having your Capital One account restricted that you think we missed, let us know in the comments.