1/29/2024 0 Comments Capital one chat"These servicing issues were immaterial and cured by Capital One pursuant to the terms of the agreement, without harm to customers, the program, or Walmart," a Capital One spokesperson said in a statement to CBS Moneywatch. The bank said in an emailed statement that the lawsuit is part of Walmart's effort to "renegotiate the economic terms of the partnership" or "end the deal early."Ĭapital One: No right to end partnership "mid-stream" The lawsuit also claims the lender "admitted" it had failed to meet five of Walmart's service standards.Ĭapital One is refuting its servicing issues constitute grounds for Walmart to end the companies' partnership. "The are … essential to preserving the quality customer service at the core of Walmart's brand."Ĭapital One failed to deliver replacement cards to customers within a critical five-day period it was obligated to meet "99.9% of the time," the lawsuit alleges, and did not consistently post transaction and payment information to cardholders' accounts in a prompt manner. "Unfortunately, Capital One was consistently unable to meet the customer service standards required by the contract," the lawsuit states. Walmart is suing Capital One to end their credit card partnership agreement, alleging the bank fell short of its customer service standards as the exclusive issuer of Walmart's private label and co-branded credit card program in the U.S.Īccording to the lawsuit, filed in the United States District Court for the Southern District of New York on Friday, Walmart seeks to terminate a deal it inked with Capital One in 2018 "worth in excess of a billion dollars."Ĭapital One struggled to honor its contractual obligations to Walmart, the lawsuit alleges, failing to measure up to its retail partner's customer care standards in "at least five Critical service areas" during a 12-month rolling period.
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