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I was doing business with a company in London and they deposited…

Customer Question
I was doing business with...
I was doing business with a company in London and they deposited $4500 on my CapitalOne account for payment. It showed as pending and I called CapitalOne to see when I would have access to the money.

They stated a deposit that large had to be confirmed before being released. Two days later the funds showed as Authorized and were applied to my card. That day I did a cash advance and sent back to this company for another business opportunity.

The next day CapitalOne came back and stated the funds did not clear and are stating I owe the $4500 and the company I was dealing with are no longer answering so I am out $4500 for their payment and $4500 for CapitalOne. I am more concerned with CapOne and why they would release the funds when not truly approved and they are being jerks about it even though they keep stating they would never release the funds ahead of time even though my online account shows this.

I am completely frustrated at this time needless to say!

Tim Bunce
Submitted: 8 years ago.Category: Finance
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Answered in 1 day by:
6/29/2010
Financial Professional: Taxtom, Accountant replied 8 years ago
Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2,364
Experience: 25 Years in preparing Personal and Business Tax Retuns
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Hello, I am sorry but are dealing with a professional criminal group who temporarily fund an account and send the same deal to all "customers" and when the bank makes an initial check it shows that the funds are in the account but since they made the offer to 1000 "customer" only the customer bank who actually draws the money first gets the money. Interpol is the best source of information on these rings and here is there link http://www.interpol.int/Public/FinancialCrime/Default.asp If you sent the money through the post office you can also report the crime to them.

The final answer comes down to although the bank made the normal check that the account was good they are not responsible for criminal acts. I advise most clients to wait 10 days before drawing on deposits from overseas. Since the amount withdrawn was not a charge to your credit card but a cash advance you in the end are responsible.

If the transaction is something other than I described give me an idea of why they credited your account in the first place and I will investigate further. Thank You Tom

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Customer reply replied 8 years ago
The thing is the company made another deposit and they waited 10 days to clear as they stated they would the first time when I called in.

I would have never sent the money back unless it had cleared and was authorized and I based my actions on their response.

The strange thing is the company is still contacting me trying to work things out. I know this is a complete scam now but I cannot udnerstand what they are trying to do by continuing the conversaation.
Financial Professional: Taxtom, Accountant replied 8 years ago
Hello, they are usually keeping contact to find another way to get money. What was the money for to start with. Tom
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