Need Info/Experience With Opening Capital 360 Account

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lilblu
Posts: 8
Joined: Fri Jun 29, 2018 2:23 pm

Need Info/Experience With Opening Capital 360 Account

Post by lilblu » Tue Jul 03, 2018 12:29 am

I don't have much experience with banks/credit unions. I'm interested in opening a Capital One 360 account, but I'm confused about some of the things I've read on their website.

They mention doing a test deposit when linking to an external account, does this HAVE to be a checking account? Or can they use/test a savings account?

Did they do away with the ability to scan checks and deposit them through their website? I know they do mobile deposits, but I don't have a smartphone and it wouldn't be cost effective to get one either.

What are ways to deposit cash? It looks like I can't do that at a local Capital One bank. I don't like the idea of mailing it in or using an ATM.

I'll probably have more questions later on.

bsquared
Posts: 37
Joined: Mon Jun 17, 2013 12:18 pm

Re: Need Info/Experience With Opening Capital 360 Account

Post by bsquared » Tue Jul 03, 2018 12:39 am

I am able to deposit cash at my local Capital One 360 Bank. I do have to mail checks to Schwab, but that has worked out okay.

signewton
Posts: 36
Joined: Sat Jun 13, 2015 4:50 pm

Re: Need Info/Experience With Opening Capital 360 Account

Post by signewton » Tue Jul 03, 2018 3:00 am

lilblu wrote:
Tue Jul 03, 2018 12:29 am
I don't have much experience with banks/credit unions. I'm interested in opening a Capital One 360 account, but I'm confused about some of the things I've read on their website.

They mention doing a test deposit when linking to an external account, does this HAVE to be a checking account? Or can they use/test a savings account?

Did they do away with the ability to scan checks and deposit them through their website? I know they do mobile deposits, but I don't have a smartphone and it wouldn't be cost effective to get one either.

What are ways to deposit cash? It looks like I can't do that at a local Capital One bank. I don't like the idea of mailing it in or using an ATM.

I'll probably have more questions later on.
I have capital one 360.

1. Call customer service and see if transfer can be from a savings or checking. I'm sure it doesn't matter.

2. You cannot scan checks via computer. They used to have that option but as of the new website update, I dont see it anymore. You can always use a family members old-unused smartphone via wifi (no phone service required). Android will be your best bet, since you only need to sign on via your gmail account.

3.If you dont have a computer, you can deposit cash/checks via capital one ATM's. You can also withdraw money (free of charge) from any ALLPOINT atm.

4. another bank to check out is ally. They recently raised their interest rates to 1.75%. I have both and each are the same with two exceptions.

ALLY has no physical banks/atms to withdraw money (but it uses the zelle). Ally has fast check deposit times.

360 has physical banks (via capital one atm's or withdraw free from ALLPOINT atms). Check deposit and transfer times are horrendous (if over $300).

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JoMoney
Posts: 6288
Joined: Tue Jul 23, 2013 5:31 am

Re: Need Info/Experience With Opening Capital 360 Account

Post by JoMoney » Tue Jul 03, 2018 3:36 am

I don't know if you can link a savings account or not.

They did do away with the ability to scan checks, only mobile deposit (or mail) :(

I've deposited cash at a "Capital One Cafe" ATM machine. If you search their ATM locations you can find ones that take deposits in a lot of major cities. ( I have to say, the ATM deposit was pretty slick... I just sat a stack of notes on a tray and it did all the counting, rejected one of the notes and I put back in a second time and it took)
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

boridi
Posts: 13
Joined: Sun Jul 14, 2013 1:33 pm

Re: Need Info/Experience With Opening Capital 360 Account

Post by boridi » Tue Jul 03, 2018 5:25 am

signewton wrote:
Tue Jul 03, 2018 3:00 am
Check deposit and transfer times are horrendous (if over $300).
My paychecks (several thousand dollars) are always available the next business day with Cap One 360.

Cop51
Posts: 121
Joined: Sun Jul 09, 2017 12:42 am
Location: NJ

Re: Need Info/Experience With Opening Capital 360 Account

Post by Cop51 » Tue Jul 03, 2018 6:25 am

I use its MM account (balance over $10,000) and have no issues. Sometimes it does take a few days for the transfer to show up. This is where I keep my EF and long term savings for vacations and house projects. I make 2-3 deposits a month and maybe withdraw once every other months. Its all automated for me. No problems or complaints for me. Ive been with them since the ING Direct days.

FreemanB
Posts: 264
Joined: Thu May 22, 2014 5:55 am

Re: Need Info/Experience With Opening Capital 360 Account

Post by FreemanB » Tue Jul 03, 2018 6:27 am

lilblu wrote:
Tue Jul 03, 2018 12:29 am
Did they do away with the ability to scan checks and deposit them through their website? I know they do mobile deposits, but I don't have a smartphone and it wouldn't be cost effective to get one either.
Do you have a tablet, or have you considered getting one instead of a smartphone? All you really need is an Android or IOS mobile device with a camera and WIFI access, so the cost should be minimal if this would be the only use for it.

tev9876
Posts: 123
Joined: Thu Sep 14, 2017 9:12 am

Re: Need Info/Experience With Opening Capital 360 Account

Post by tev9876 » Tue Jul 03, 2018 8:08 am

The screens for setting up an external account are very specific that it must be a personal checking account. My guess is that savings accounts are not allowed is because of the maximum of six ACH transfers a month rules with savings accounts. They probably don't want to deal with people who make 20 transfers from their external account and then complain about the other bank hitting them with a $10 fee for 14 of them.

They do allow you to transfer between Cap One savings/checking accounts. I have my direct deposit sent to savings to get maximum interest. My bills are synchronized in two batches during the month. I use bill pay from checking to schedule them and then a single transfer from savings to cover the amount needed a day before payment is sent. That keeps me well under my six allowed savings transfers.

If you are not near a Cap One branch or cafe I would recommend keeping a free checking account at a local B&M bank or credit union. I thought I could go internet only between Cap One and Fidelity Cash Management, but then a starter check (can't scan with smart phone) and some cash payments from friends stymied me. The starter check happened to be drawn on Huntington who has a completely free checking account with no minimum balance, so I just used it to fund a new account and then set up Cap One to pull from there.

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