Inactive Capital One 360 Checking & Savings

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HappyWorkerBee
Posts: 35
Joined: Fri May 22, 2015 9:31 pm

Inactive Capital One 360 Checking & Savings

Post by HappyWorkerBee » Wed Nov 07, 2018 5:07 pm

I opened a checking and savings account with ING Direct many years ago. They've since become Capital One 360 and I've since opened checking & savings accounts at another institution and moved all of my money and banking business there. Now I have an empty savings account and an empty checking account at Capital One. Capital One seems to make it not easy to close these accounts so I was considering just leaving them open.

Is there any harm to me in leaving these inactive, empty accounts open?

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Strayshot
Posts: 395
Joined: Thu Mar 05, 2015 8:04 am
Location: New Mexico

Re: Inactive Capital One 360 Checking & Savings

Post by Strayshot » Wed Nov 07, 2018 5:23 pm

I opened a 360 account to get a bonus, kept it open for a small amount of time, and closed it. Closing was done online and was a piece of cake (couple of clicks on the website).
If you don’t plan to use it and don’t need it, I would close it.

ladycat
Posts: 68
Joined: Fri Sep 28, 2018 5:02 pm

Re: Inactive Capital One 360 Checking & Savings

Post by ladycat » Wed Nov 07, 2018 5:34 pm

I recently closed savings & MMA accounts with Capital One (they were also ING accounts). I just called and asked them to transfer funds back to my credit union and close the accounts. Received a letter in the mail a few days later saying the accounts were closed. So, if you can't do it online, just call and they'll close the accounts.

Trism
Posts: 248
Joined: Mon Jul 18, 2016 6:34 pm

Re: Inactive Capital One 360 Checking & Savings

Post by Trism » Wed Nov 07, 2018 5:47 pm

What do your account agreements say about inactivity fees?

HappyWorkerBee
Posts: 35
Joined: Fri May 22, 2015 9:31 pm

Re: Inactive Capital One 360 Checking & Savings

Post by HappyWorkerBee » Wed Nov 07, 2018 7:51 pm

Trism wrote:
Wed Nov 07, 2018 5:47 pm
What do your account agreements say about inactivity fees?
I couldn't find anything about an inactivity fee. Since there isn't any money in the account, I expect they would just automatically close it rather than try to levy a fee on it if they were so inclined.

furwut
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Joined: Tue Jun 05, 2012 8:54 pm

Re: Inactive Capital One 360 Checking & Savings

Post by furwut » Thu Nov 08, 2018 6:20 am

I’m in the process of switching banks away from Capital One and I plan on officially closing the account.

Trism
Posts: 248
Joined: Mon Jul 18, 2016 6:34 pm

Re: Inactive Capital One 360 Checking & Savings

Post by Trism » Thu Nov 08, 2018 7:32 am

HappyWorkerBee wrote:
Wed Nov 07, 2018 7:51 pm
Trism wrote:
Wed Nov 07, 2018 5:47 pm
What do your account agreements say about inactivity fees?
I couldn't find anything about an inactivity fee. Since there isn't any money in the account, I expect they would just automatically close it rather than try to levy a fee on it if they were so inclined.
Then the only risk I see is some recurring payment posting out of the blue and causing you to be overdrawn, and then it's all downhill from there.

I've sworn on a couple of occasions that I meticulously maintain a list of all of my recurring charges, but just last week my annual New York Times crossword subscription auto-renewed for $59.99 and reminded me of my fallibility. Granted, that was on a credit card...

I would still close the accounts. Someday you might want to get a new account bonus, and those are generally not available to existing customers.

I see zero upside to keeping the accounts.

RickBoglehead
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Joined: Wed Feb 14, 2018 9:10 am

Re: Inactive Capital One 360 Checking & Savings

Post by RickBoglehead » Thu Nov 08, 2018 7:46 am

There are no fees.

We went with ING well over a decade ago. Transition to Cap One ultimately removed all the benefits. For several years we've maintained $0.50 or $1.00 balances in the accounts.

Recently used Cap One as an intermediary from our investments to get funds to Ally for the 1% bonus. Some of the accounts were marked as "inactive" or similar, and we had to do a transfer in/out to keep them active, which we did (sent $0.50 back and forth).

I see no reason to not keep them open with tiny balances. If you can't keep track of automatic withdrawals on your accounts as some posted, don't set them up to begin with...

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