What’s in your wallet?

Capital One Bank has joined Bank of America in hiding behind privacy laws that shield fraudulent deposits made into undisclosed accounts that might be funneling huge sums of money to al-Qaeda support groups.  Since neither bank will disclose where the money goes, we can only take them on “trust” the funds are not being used for supporting terrorist organizations.

In the latest scam, Capital One seems to be counting on people not verifying bank withdrawals with payments going to the undisclosed Capital One accounts.   Of course, if you are one of those careful watchers of all your account activity and make an inquiry to Capital One, they will most likely reverse the charge with no apology.

If you’re not carefully reconciling every entry, you might assume the ACH transfers from your checking account are being used to pay your Capital One account.  However, on close examination, some people are finding withdrawals from their bank account with NO corresponding credits to their credit card accounts.  Instead, the money is going into the hidden accounts for use by an undisclosed recipient.

If “what’s in your wallet” is a Capital One credit card, you should beware.