Wire transfers from internet banks (CapOne 360)

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
User avatar
sunny_socal
Posts: 1681
Joined: Tue Mar 24, 2015 4:22 pm

Wire transfers from internet banks (CapOne 360)

Post by sunny_socal » Mon Jul 16, 2018 6:14 am

I'm required to make a large transfer for a down payment on a house (~$110k.) The final transfer will occur when the deal closes and will likely be to an escrow account. The closing won't be for another 6 months since the house is a new build.

My local credit union held the funds but I moved out of state and thus pulled it all into a national bank (BofA.) BofA doesn't pay any interest and I'd like to send the money over to my CapOne 360 MM account while I wait. I googled for the CapOne wire transfer details but couldn't find it. Nothing on their website either.

Another option is Alliant, they pay 1.7% on their savings account. However they are not local to me either, no branches where I can go initiate a wire transfer. Seems like it may be possible by sending in a form:
https://www.alliantcreditunion.org/help ... nt-account

Any ideas?

EagertoLearnMore
Posts: 536
Joined: Wed Jun 30, 2010 4:05 pm

Re: Wire transfers from internet banks (CapOne 360)

Post by EagertoLearnMore » Mon Jul 16, 2018 6:36 am

ALLY Bank does an excellent job with wire transfers. In fact, you can set it up online. I have used them and no problems. They will call for verification information so good with security.

AlohaJoe
Posts: 3817
Joined: Mon Nov 26, 2007 2:00 pm
Location: Saigon, Vietnam

Re: Wire transfers from internet banks (CapOne 360)

Post by AlohaJoe » Mon Jul 16, 2018 6:54 am

sunny_socal wrote:
Mon Jul 16, 2018 6:14 am
I googled for the CapOne wire transfer details but couldn't find it. Nothing on their website either.
What did they say when you called their 24 hour customer support?

User avatar
cheese_breath
Posts: 7991
Joined: Wed Sep 14, 2011 7:08 pm

Re: Wire transfers from internet banks (CapOne 360)

Post by cheese_breath » Mon Jul 16, 2018 7:25 am

EagertoLearnMore wrote:
Mon Jul 16, 2018 6:36 am
ALLY Bank does an excellent job with wire transfers. In fact, you can set it up online. I have used them and no problems. They will call for verification information so good with security.
I used Ally wire transfer when I moved DW down to Texas by air ambulance. No problems at all. I think the fee was $20.
The surest way to know the future is when it becomes the past.

feehater
Posts: 105
Joined: Fri Jul 14, 2017 10:14 am

Re: Wire transfers from internet banks (CapOne 360)

Post by feehater » Mon Jul 16, 2018 8:20 am

Capone 360 does wire transfers to escrow companies. I just did one a few months ago. There is a form on their website and as long as you submit it before a certain time (2 pm?) is guaranteed to go out that day. Worked great for me out of a MM account.

User avatar
sunny_socal
Posts: 1681
Joined: Tue Mar 24, 2015 4:22 pm

Re: Wire transfers from internet banks (CapOne 360)

Post by sunny_socal » Mon Jul 16, 2018 8:38 am

Thanks all!

User avatar
sunny_socal
Posts: 1681
Joined: Tue Mar 24, 2015 4:22 pm

Re: Wire transfers from internet banks (CapOne 360)

Post by sunny_socal » Tue Jul 24, 2018 11:17 am

feehater wrote:
Mon Jul 16, 2018 8:20 am
Capone 360 does wire transfers to escrow companies. I just did one a few months ago. There is a form on their website and as long as you submit it before a certain time (2 pm?) is guaranteed to go out that day. Worked great for me out of a MM account.
Interesting, the FAQ explicitly says they don't allow it
https://www.capitalone.com/directbankin ... king-faqs/
Can I request an outbound wire?
You can wire funds out of your account only if the receiving account is in the name of, or for the benefit of, the account owner or beneficiary (in deceased situations only). Wires cannot be sent to third parties, including escrow accounts, and title companies. Please complete our Wire Request Form. Failure to submit a complete and accurate wire request will delay the wire from being processed. Note there is a $20.00 service charge to process an outbound wire.

User avatar
sunny_socal
Posts: 1681
Joined: Tue Mar 24, 2015 4:22 pm

Re: Wire transfers from internet banks (CapOne 360)

Post by sunny_socal » Tue Jul 24, 2018 12:24 pm

Tried to do a wire to myself and got this nasty message:
You are not eligible to make a wire right now. You may be able to send money with a cashiers check, a transfer, or send money with Zelle. Or call us at 1-877-383-4802 for any help
So lesson learned: Don't rely on CapOne 360 if you must make a wire transfer in a hurry! :oops:

feehater
Posts: 105
Joined: Fri Jul 14, 2017 10:14 am

Re: Wire transfers from internet banks (CapOne 360)

Post by feehater » Wed Jul 25, 2018 8:41 am

Bizarre. Here's a section of their website that addresses what I did:
https://www.capitalone.com/checking-acc ... estatement

"You will have the option of sending a wire transfer to your confirmed linked checking account or a title company. The dollar limit on wire transfers to a title company is $500,000.00 per day; some exceptions to this limit may apply. There's no daily dollar limit on wire transfers to your linked account. We may restrict the use of wire transfers for new accounts and newly added joint account holders."

I don't know the difference between us except that I can say I've been an account holder since it was ING so maybe I have different rules. Or maybe there's some difference between traditional capital one and 360?

User avatar
sunny_socal
Posts: 1681
Joined: Tue Mar 24, 2015 4:22 pm

Re: Wire transfers from internet banks (CapOne 360)

Post by sunny_socal » Wed Jul 25, 2018 4:47 pm

When I called CapOne they said indeed one could wire money to an Escrow company. I believe that will work.

However I was trying to wire money to a Builder. They use a regular bank account. I had assumed that any earnest money or deposit would be held in an escrow account, but my builder won't put the money into Escrow until we close on the home.

obgraham
Posts: 1140
Joined: Mon Jan 28, 2013 7:30 pm

Re: Wire transfers from internet banks (CapOne 360)

Post by obgraham » Wed Jul 25, 2018 11:42 pm

This is why I keep a small amount in a local brick/mortar bank. Linked to my Ally or CapOne.
Much easier to arrange such occasional transactions.t

alpaca1
Posts: 56
Joined: Wed Jan 17, 2018 7:34 am

Re: Wire transfers from internet banks (CapOne 360)

Post by alpaca1 » Thu Jul 26, 2018 6:27 am

I just did this yesterday because I closed on a property. When you go into the system there's a drop down box that allows you to select "TItle Company" I didn't see an option of sending directly to an escrow company. (Is this the same thing?)

There's a box at the bottom where it allows you to type in the memo so I just put "alpaca1 sending payment for <property address>"

mervinj7
Posts: 665
Joined: Thu Mar 27, 2014 3:10 pm

Re: Wire transfers from internet banks (CapOne 360)

Post by mervinj7 » Thu Jul 26, 2018 11:07 am

A year ago, I used CapOne 360 to wire almost $300k to a title company for escrow. However, when I tried to repeat the process today, I got the same error as other users:
You are not eligible to make a wire right now. You may be able to send money with a cashiers check, a transfer, or send money with Zelle. Or call us at 1-877-383-4802 for any help

Post Reply