Capital One is at it again

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Mudpuppy
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Re: Capital One is at it again

Post by Mudpuppy »

CFM300 wrote: Fri Jun 19, 2020 4:56 pm
Mudpuppy wrote: Fri Jun 19, 2020 4:36 pmWhat you see on the disclosure page is today's rate.
I assume that the rates shown on the disclosure page are not only today's rate, but also the rate since April 27, 2020 -- because that's the date on the page. Is that not correct?
The simplest explanation is that someone forgot to update the date on the page. I personally checked the page a couple of weeks ago and the rate was 1.0%. I don't have a screenshot as proof, so you'll just have to take my word for it, but others have posted similar observations in other Capital One threads.
CFM300
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Re: Capital One is at it again

Post by CFM300 »

Mudpuppy wrote: Fri Jun 19, 2020 5:03 pm The simplest explanation is that someone forgot to update the date on the page. I personally checked the page a couple of weeks ago and the rate was 1.0%. I don't have a screenshot as proof, so you'll just have to take my word for it, but others have posted similar observations in other Capital One threads.
Maybe your browser had a cached copy of the page. :twisted:

I guess if you really wanted to know what rate you were being paid, you could check your statements.
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Re: Capital One is at it again

Post by Mudpuppy »

CFM300 wrote: Fri Jun 19, 2020 5:06 pm
Mudpuppy wrote: Fri Jun 19, 2020 5:03 pm The simplest explanation is that someone forgot to update the date on the page. I personally checked the page a couple of weeks ago and the rate was 1.0%. I don't have a screenshot as proof, so you'll just have to take my word for it, but others have posted similar observations in other Capital One threads.
Maybe your browser had a cached copy of the page. :twisted:

I guess if you really wanted to know what rate you were being paid, you could check your statements.
The browser did not cache the page. Please review the other thread from May to see the rates others reported at that time: viewtopic.php?f=2&t=314067

In particular for balances above 10k: viewtopic.php?f=2&t=314067#p5238667
And in particular for balances below 10k: viewtopic.php?f=2&t=314067&start=50#p5246936

Both were posted after the date on the disclosure page. Both note the rates abc123 had in the list. By Occam's Razor, the simplest explanation is that someone forgot to update the date on the disclosure page when they updated the rates.
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Re: Capital One is at it again

Post by CFM300 »

Mudpuppy wrote: Fri Jun 19, 2020 5:32 pmBy Occam's Razor, the simplest explanation is that someone forgot to update the date on the disclosure page when they updated the rates.
Fair enough.
abc132
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Re: Capital One is at it again

Post by abc132 »

The date is likely the date of the legal document.

Googling 360 savings, I also get a date from April 27th.
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Re: Capital One is at it again

Post by pj1983 »

Kenkat wrote: Thu Jun 18, 2020 10:33 am
j0nnyg1984 wrote: Thu Jun 18, 2020 9:56 am I’ve been a cap1 / ING customer for a long, long time, and I think it’s extremely sleazy for them to dump the MM rate like they did and add a new “performance Saving” account. I have put up with Cap1 not having the best rates because I’ve always had great experiences - their free mailed check service has never failed me, transfers are fast, etc. but I’ve moved almost all of my money to other banks now and will be looking for somewhere else to send my direct deposits and future money.
Yes, this is what ultimately led me away from CapOne. I too started with an ING Orange which became a CapitalOne 360. Then they created a new CapitalOne Money Market with better rates. Now it sounds like the Performance Savings is their newer product with better rates than the money market. I think they are occasionally switching which type of account pays the best rate knowing there will be some inertia with current customers that aren’t paying attention and don’t move to the new / better account, No thanks, see ya CapitalOne.
+1 to both, and to the others here who bemoan the account switcheroo dance. As recently as three months ago, I had $125ishk on deposit with CapOne; started out with them during the INGDirect days. On top of the lack of transparency, they made it too difficult IMHO to change account type. Now I have $25 on deposit with them and will be closing that out at the end of the month. You'd think they might notice the steep decline in deposits coinciding with accounts being closed and ask why. Not a peep out of any sort of CS or retention office in the last 60 days. C-ya...over to Ally now.

CapOne's unstated motto seems to be: "We're not happy, until you're not happy."
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Re: Capital One is at it again

Post by Kevin M »

I haven't logged into my Capital One account in a couple of years at least. I just did, and see that I have "360 Savings" with a APY of 0.50% (which can be found by clicking a VIEW DETAILS link near the top right of the page). I have a balance of $0.

I think the only reason I even still have a Capital One login is that I also have a Quicksilver Visa that I got a few years ago for international travel, as at the time it seemed like the best card for that. I get a text message every week telling me that my "Visa Signature" balance is $0.00.

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Re: Capital One is at it again

Post by goodenyou »

After reading all these posts, I bit the bullet and opened up an Ally Online Savings Account today. I figured it's time to add to the diversification with an online FDIC bank for the emergency fund.
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Re: Capital One is at it again

Post by MikeG62 »

abc132 wrote: Fri Jun 19, 2020 12:25 am
...I'm looking for why the comments rose to the level of Capital One being slimy or sleazy instead of a rational discussion of why they prefer Ally.
I'll repeat something I posted in another thread regarding a friends experience with Capital One...

Friend of mine opened a 360 performance savings account on 5/27. During the account opening process he choose to enter his source banking information to pull the funds from his CU account. As of 6/2, still no transfer. No trial deposits either (which I don't think are used when funding the account during account set up). I kept telling him to be patient - it's going to show up.

FWIW, I had planned to open two accounts myself (one for me and one for my DW) before the offer expired on June 10th. I planned to fund using wire transfers from the sourcing financial institution instead of ACH, expecting that will avoid the protracted delay many others are seeing in getting funds into the account within the time window.

Update as of 6/5 - still no transfer. Depending on how you count the days, he's pushing up on the 10-day funding requirement.

At my urging, my friend called Capital One on 6/5 and was told he needed to verify two trial deposits into his CU account. Said he had received no message from Capital One asking him to do this (and no indication that such would be required when he input his banking information during the account opening process). Even when the CSR took him to the screen to link his external bank, there was no place for him to input the trial deposits. CSR had no explanation for that and offered to input them manually on his end to get the account linked. CSR did say that today was the last day of the 10-day funding window. Said he did not know when the transfer would get credited to his account and there was no way to know if he’d qualify for the bonus until Sept (when the bonus would be paid). Even said, there was no one at Capital One that could tell him whether or not he met the funding criteria.

I advised him to call back and speak with someone else. Told him if he can’t get assurance that the transfer happened within the appropriate window, to just cancel the transfer or send it back to his CU and close the account. My friend has chosen to wait it out and see what happens in the fall. Said he is tired of speaking to people at Capital One and waiting forever on hold when he calls in.

Based on his experience, I decided to pass on the performance 360 bonus offer. It just seems to me that Capital One is going to try and find some way to avoid paying the bonus.

Contrasting his experience to my own...I earned a transfer bonus at Ally in the winter of 2019 and am earning a second one this month. I earned one at Marcus in summer of 2019. In each case, after transferring the funds I received an e-mail from the bank letting me know I had met the funding requirement and what I needed to do in order to ensure I would get the bonus.

Do the actions of Capital One look anything like those of Ally or Marcus? Not to me they don't.
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abc132
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Re: Capital One is at it again

Post by abc132 »

MikeG62 wrote: Sat Jun 20, 2020 7:25 am
abc132 wrote: Fri Jun 19, 2020 12:25 am
...I'm looking for why the comments rose to the level of Capital One being slimy or sleazy instead of a rational discussion of why they prefer Ally.
I'll repeat something I posted in another thread regarding a friends experience with Capital One...

Friend of mine opened a 360 performance savings account on 5/27. During the account opening process he choose to enter his source banking information to pull the funds from his CU account. As of 6/2, still no transfer. No trial deposits either (which I don't think are used when funding the account during account set up). I kept telling him to be patient - it's going to show up.

FWIW, I had planned to open two accounts myself (one for me and one for my DW) before the offer expired on June 10th. I planned to fund using wire transfers from the sourcing financial institution instead of ACH, expecting that will avoid the protracted delay many others are seeing in getting funds into the account within the time window.

Update as of 6/5 - still no transfer. Depending on how you count the days, he's pushing up on the 10-day funding requirement.

At my urging, my friend called Capital One on 6/5 and was told he needed to verify two trial deposits into his CU account. Said he had received no message from Capital One asking him to do this (and no indication that such would be required when he input his banking information during the account opening process). Even when the CSR took him to the screen to link his external bank, there was no place for him to input the trial deposits. CSR had no explanation for that and offered to input them manually on his end to get the account linked. CSR did say that today was the last day of the 10-day funding window. Said he did not know when the transfer would get credited to his account and there was no way to know if he’d qualify for the bonus until Sept (when the bonus would be paid). Even said, there was no one at Capital One that could tell him whether or not he met the funding criteria.

I advised him to call back and speak with someone else. Told him if he can’t get assurance that the transfer happened within the appropriate window, to just cancel the transfer or send it back to his CU and close the account. My friend has chosen to wait it out and see what happens in the fall. Said he is tired of speaking to people at Capital One and waiting forever on hold when he calls in.

Based on his experience, I decided to pass on the performance 360 bonus offer. It just seems to me that Capital One is going to try and find some way to avoid paying the bonus.

Contrasting his experience to my own...I earned a transfer bonus at Ally in the winter of 2019 and am earning a second one this month. I earned one at Marcus in summer of 2019. In each case, after transferring the funds I received an e-mail from the bank letting me know I had met the funding requirement and what I needed to do in order to ensure I would get the bonus.

Do the actions of Capital One look anything like those of Ally or Marcus? Not to me they don't.
I was well aware of the test transaction when I signed up.

Had your friend been aware or on top of things, I'm sure things would have gone much smoother.

Here are the instructions, which seem pretty clear to me, and mention what your friend missed.

They should have known to call after 3 days if they didn't see a test deposit.

It took me less than 30 seconds to google "Why hasn't my Capital One Account been opened" and find the answer.

"To link an external account:

Sign in to your bank account on capitalone.com. Please note, this feature is not available through the mobile app.
Select your profile picture at the top right of the screen.
Select “Settings.”
Scroll down to “External Accounts.”
From there, select “Add External Account.” You’ll be asked to verify your identity and enter your external account information.
Within 3 business days, Capital One will make 2 small test deposits (each less than $1.00) into your external account. We’ll generally withdraw the total amount of the test deposits the same day.
Once you know the amounts, sign in to capitalone.com and select your profile picture at the top right of the screen. Click “Settings,” then navigate to “External Accounts.”
Choose “Verify account to finish setting up transfers,” and enter the amounts on the next screen."
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Re: Capital One is at it again

Post by LadyGeek »

As of this morning, my Capital One savings accounts were paying:

360 Savings: 0.5% APY
Money Market: 0.8% APY

(Performance Savings is advertised as 1.0% APY.)

I no longer need the 360 savings account, so I transferred everything to the money market account. I'll take a look at the Performance Savings account.

================
For new investors, the wiki has a deep-dive explanation on the difference between APR (Annual Percentage Rate) and APY (Annual Percentage Yield).

See: APR versus APY
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MikeG62
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Re: Capital One is at it again

Post by MikeG62 »

abc132 wrote: Sat Jun 20, 2020 4:35 pm
MikeG62 wrote: Sat Jun 20, 2020 7:25 am
abc132 wrote: Fri Jun 19, 2020 12:25 am
...I'm looking for why the comments rose to the level of Capital One being slimy or sleazy instead of a rational discussion of why they prefer Ally.
I'll repeat something I posted in another thread regarding a friends experience with Capital One...

Friend of mine opened a 360 performance savings account on 5/27. During the account opening process he choose to enter his source banking information to pull the funds from his CU account. As of 6/2, still no transfer. No trial deposits either (which I don't think are used when funding the account during account set up). I kept telling him to be patient - it's going to show up.

FWIW, I had planned to open two accounts myself (one for me and one for my DW) before the offer expired on June 10th. I planned to fund using wire transfers from the sourcing financial institution instead of ACH, expecting that will avoid the protracted delay many others are seeing in getting funds into the account within the time window.

Update as of 6/5 - still no transfer. Depending on how you count the days, he's pushing up on the 10-day funding requirement.

At my urging, my friend called Capital One on 6/5 and was told he needed to verify two trial deposits into his CU account. Said he had received no message from Capital One asking him to do this (and no indication that such would be required when he input his banking information during the account opening process). Even when the CSR took him to the screen to link his external bank, there was no place for him to input the trial deposits. CSR had no explanation for that and offered to input them manually on his end to get the account linked. CSR did say that today was the last day of the 10-day funding window. Said he did not know when the transfer would get credited to his account and there was no way to know if he’d qualify for the bonus until Sept (when the bonus would be paid). Even said, there was no one at Capital One that could tell him whether or not he met the funding criteria.

I advised him to call back and speak with someone else. Told him if he can’t get assurance that the transfer happened within the appropriate window, to just cancel the transfer or send it back to his CU and close the account. My friend has chosen to wait it out and see what happens in the fall. Said he is tired of speaking to people at Capital One and waiting forever on hold when he calls in.

Based on his experience, I decided to pass on the performance 360 bonus offer. It just seems to me that Capital One is going to try and find some way to avoid paying the bonus.

Contrasting his experience to my own...I earned a transfer bonus at Ally in the winter of 2019 and am earning a second one this month. I earned one at Marcus in summer of 2019. In each case, after transferring the funds I received an e-mail from the bank letting me know I had met the funding requirement and what I needed to do in order to ensure I would get the bonus.

Do the actions of Capital One look anything like those of Ally or Marcus? Not to me they don't.
I was well aware of the test transaction when I signed up.

Had your friend been aware or on top of things, I'm sure things would have gone much smoother.

Here are the instructions, which seem pretty clear to me, and mention what your friend missed.

They should have known to call after 3 days if they didn't see a test deposit.

It took me less than 30 seconds to google "Why hasn't my Capital One Account been opened" and find the answer.

"To link an external account:

Sign in to your bank account on capitalone.com. Please note, this feature is not available through the mobile app.
Select your profile picture at the top right of the screen.
Select “Settings.”
Scroll down to “External Accounts.”
From there, select “Add External Account.” You’ll be asked to verify your identity and enter your external account information.
Within 3 business days, Capital One will make 2 small test deposits (each less than $1.00) into your external account. We’ll generally withdraw the total amount of the test deposits the same day.
Once you know the amounts, sign in to capitalone.com and select your profile picture at the top right of the screen. Click “Settings,” then navigate to “External Accounts.”
Choose “Verify account to finish setting up transfers,” and enter the amounts on the next screen."
While I agree that my friend should have been more proactive about this, please explain to me why it is ok that no one at Capital One is willing to tell him whether he met the funding requirement on time or not? He’s been told clearly that he has to wait until the bonus is supposed to post to find out.

This is fair and reasonable? This is an organization you want to do business with (and keep defending)?
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sycamore
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Re: Capital One is at it again

Post by sycamore »

MikeG62 wrote: Sun Jun 21, 2020 7:06 am ...
While I agree that my friend should have been more proactive about this, please explain to me why it is ok that no one at Capital One is willing to tell him whether he met the funding requirement on time or not? He’s been told clearly that he has to wait until the bonus is supposed to post to find out.

This is fair and reasonable? This is an organization you want to do business with (and keep defending)?
It's not fair and reasonable. But on some level it's understandable that those things happen. Whether it means I or you or anyone should not use Capital One is another question. I too had concerns about whether I'd meet the bonus funding requirements so I called them. Long story short, it took 6 people to help me out. They were all courteous and helpful in moving things along. 6 people was a lot for sure, but I've worked in and with organizations with large support staff and know how these things go. They're dealing with financial and legal requirements so sometimes jumping through hoops is required.

It wasn't a great experience but at the end of the day their customer support helped out and did their job. For MikeG62's friend, it turned out the opposite. Yep, it sure was crappy. To me, knowing that some CSRs are knowledgeable and some aren't, that can explain the different outcomes.

I've had good and bad experiences at Vanguard. Ditto at Merrill Edge (well, their benefits site). Ditto for Fidelity.

Just some data points. To me all these anecdotes don't prove a organization is horrible and should never be used - at some point you take the information you have about the org and decide if you want to take the chance. This thread was helpful in reminding me that I should be prepared for difficulties when I deal with just about any organization.
CFM300
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Re: Capital One is at it again

Post by CFM300 »

LadyGeek wrote: Sat Jun 20, 2020 6:13 pm Money Market: 0.8% APY

(Performance Savings is advertised as 1.0% APY.)

I'll take a look at the Performance Savings account.
Note that the money market fund pays just 0.5% for balances < $10K vs. Performance Savings which pays 1.0% on all balances. If one has less than $10K in the money market account, switching to Performance Savings would be an easy 0.5% gain. Currently. Who know what tomorrow will bring? :twisted:
abc132
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Re: Capital One is at it again

Post by abc132 »

MikeG62 wrote: Sun Jun 21, 2020 7:06 am
abc132 wrote: Sat Jun 20, 2020 4:35 pm
MikeG62 wrote: Sat Jun 20, 2020 7:25 am
abc132 wrote: Fri Jun 19, 2020 12:25 am
...I'm looking for why the comments rose to the level of Capital One being slimy or sleazy instead of a rational discussion of why they prefer Ally.
I'll repeat something I posted in another thread regarding a friends experience with Capital One...

Friend of mine opened a 360 performance savings account on 5/27. During the account opening process he choose to enter his source banking information to pull the funds from his CU account. As of 6/2, still no transfer. No trial deposits either (which I don't think are used when funding the account during account set up). I kept telling him to be patient - it's going to show up.

FWIW, I had planned to open two accounts myself (one for me and one for my DW) before the offer expired on June 10th. I planned to fund using wire transfers from the sourcing financial institution instead of ACH, expecting that will avoid the protracted delay many others are seeing in getting funds into the account within the time window.

Update as of 6/5 - still no transfer. Depending on how you count the days, he's pushing up on the 10-day funding requirement.

At my urging, my friend called Capital One on 6/5 and was told he needed to verify two trial deposits into his CU account. Said he had received no message from Capital One asking him to do this (and no indication that such would be required when he input his banking information during the account opening process). Even when the CSR took him to the screen to link his external bank, there was no place for him to input the trial deposits. CSR had no explanation for that and offered to input them manually on his end to get the account linked. CSR did say that today was the last day of the 10-day funding window. Said he did not know when the transfer would get credited to his account and there was no way to know if he’d qualify for the bonus until Sept (when the bonus would be paid). Even said, there was no one at Capital One that could tell him whether or not he met the funding criteria.

I advised him to call back and speak with someone else. Told him if he can’t get assurance that the transfer happened within the appropriate window, to just cancel the transfer or send it back to his CU and close the account. My friend has chosen to wait it out and see what happens in the fall. Said he is tired of speaking to people at Capital One and waiting forever on hold when he calls in.

Based on his experience, I decided to pass on the performance 360 bonus offer. It just seems to me that Capital One is going to try and find some way to avoid paying the bonus.

Contrasting his experience to my own...I earned a transfer bonus at Ally in the winter of 2019 and am earning a second one this month. I earned one at Marcus in summer of 2019. In each case, after transferring the funds I received an e-mail from the bank letting me know I had met the funding requirement and what I needed to do in order to ensure I would get the bonus.

Do the actions of Capital One look anything like those of Ally or Marcus? Not to me they don't.
I was well aware of the test transaction when I signed up.

Had your friend been aware or on top of things, I'm sure things would have gone much smoother.

Here are the instructions, which seem pretty clear to me, and mention what your friend missed.

They should have known to call after 3 days if they didn't see a test deposit.

It took me less than 30 seconds to google "Why hasn't my Capital One Account been opened" and find the answer.

"To link an external account:

Sign in to your bank account on capitalone.com. Please note, this feature is not available through the mobile app.
Select your profile picture at the top right of the screen.
Select “Settings.”
Scroll down to “External Accounts.”
From there, select “Add External Account.” You’ll be asked to verify your identity and enter your external account information.
Within 3 business days, Capital One will make 2 small test deposits (each less than $1.00) into your external account. We’ll generally withdraw the total amount of the test deposits the same day.
Once you know the amounts, sign in to capitalone.com and select your profile picture at the top right of the screen. Click “Settings,” then navigate to “External Accounts.”
Choose “Verify account to finish setting up transfers,” and enter the amounts on the next screen."
While I agree that my friend should have been more proactive about this, please explain to me why it is ok that no one at Capital One is willing to tell him whether he met the funding requirement on time or not? He’s been told clearly that he has to wait until the bonus is supposed to post to find out.

This is fair and reasonable? This is an organization you want to do business with (and keep defending)?
I would want to talk to your friend in person and see what actually happened. What you told us before, that your friend told you there is no way your friend could have known they needed to confirm the deposit amount, seems to be very misleading.

I don't know the specifics of why it was difficult to confirm the bonus, and given the lack of knowledge about creating an account, I can't automatically blame Capital One. Forums such as this are intended to provide actionable help, which would be things like having people that had trouble confirming a bonus explain exactly what their situation was, and why there was difficulty. Looking at this in aggregate, it would allow people reading the thread to either make informed decisions or to resolve the issue quickly. I gave you an example that did exactly this (steps to confirming an account), and I prefer this type of help so that people can make informed decisions.

Why have you shown interest in going after Capital One, without actually researching the answer yourself?

I can go to the other thread on rates that doesn't have a catchy anti-Capital One title, and find out the Ally doesn't always notify their customers when there is a rate drop. That's not what I was told here. I think unfortunately that the title of this thread has made it far less informative than what I hope for on this forum. I'd encourage anyone looking for information to try out some of the other rate threads.

An informed thread is not pro and anti Capital One. It seeks to find out and clarify information. Any reader can make their own conclusion based on information, and the idea that we team up for and against to influence others is silly, in my opinion. Put me in the pro-information camp, and not in the mud slinging camp. Anyone can choose to invest wherever they wish, ideally wherever best matches their own preferences.
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Re: Capital One is at it again

Post by Mudpuppy »

Mudpuppy wrote: Fri Jun 19, 2020 3:15 pm Personally, I have inertia and I haven't converted my CO 360 MM account over to a CO 360 Performance Savings yet just to chase that 0.2%. I'd rather spend my time chasing new account bonuses, which is the only reason I have the CO 360 account to begin with. So I'm planning to transfer some of the CO 360 MM money to Citibank to get the offer I have with my Double Cash card. Maybe later I'll work on a Chase bonus (although I hate the bonuses that involve direct deposit, because fundamentally I'm lazy when it comes to such things).
So much for those plans... the Citibank website froze in Firefox when I tried to submit the first step of the checking account application. It just sat there on processing until the site timed out. When I switched over to Chrome to try again, it said the account was not approved. I don't know if there was some sort of mid-processed application from the frozen Firefox attempt that caused the issue with the Chrome attempt. I'll have to call in the morning and see how long I wait on hold for someone to look into it.
02nz
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Re: Capital One is at it again

Post by 02nz »

Mudpuppy wrote: Tue Jun 23, 2020 12:10 am
Mudpuppy wrote: Fri Jun 19, 2020 3:15 pm Personally, I have inertia and I haven't converted my CO 360 MM account over to a CO 360 Performance Savings yet just to chase that 0.2%. I'd rather spend my time chasing new account bonuses, which is the only reason I have the CO 360 account to begin with. So I'm planning to transfer some of the CO 360 MM money to Citibank to get the offer I have with my Double Cash card. Maybe later I'll work on a Chase bonus (although I hate the bonuses that involve direct deposit, because fundamentally I'm lazy when it comes to such things).
So much for those plans... the Citibank website froze in Firefox when I tried to submit the first step of the checking account application. It just sat there on processing until the site timed out. When I switched over to Chrome to try again, it said the account was not approved. I don't know if there was some sort of mid-processed application from the frozen Firefox attempt that caused the issue with the Chrome attempt. I'll have to call in the morning and see how long I wait on hold for someone to look into it.
I've dealt with a lot of banks from churning bonuses and other banking. Citi is probably the worst when it comes to website and general experience, and they're one of the few I had to call to get the bonus posted.
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Re: Capital One is at it again

Post by Mudpuppy »

02nz wrote: Tue Jun 23, 2020 12:14 am
Mudpuppy wrote: Tue Jun 23, 2020 12:10 am
Mudpuppy wrote: Fri Jun 19, 2020 3:15 pm Personally, I have inertia and I haven't converted my CO 360 MM account over to a CO 360 Performance Savings yet just to chase that 0.2%. I'd rather spend my time chasing new account bonuses, which is the only reason I have the CO 360 account to begin with. So I'm planning to transfer some of the CO 360 MM money to Citibank to get the offer I have with my Double Cash card. Maybe later I'll work on a Chase bonus (although I hate the bonuses that involve direct deposit, because fundamentally I'm lazy when it comes to such things).
So much for those plans... the Citibank website froze in Firefox when I tried to submit the first step of the checking account application. It just sat there on processing until the site timed out. When I switched over to Chrome to try again, it said the account was not approved. I don't know if there was some sort of mid-processed application from the frozen Firefox attempt that caused the issue with the Chrome attempt. I'll have to call in the morning and see how long I wait on hold for someone to look into it.
I've dealt with a lot of banks from churning bonuses and other banking. Citi is probably the worst when it comes to website and general experience, and they're one of the few I had to call to get the bonus posted.
Yeah, I had forgotten that I had to use Chrome instead of Firefox to apply for the Double Cash card. Firefox works fine to manage the Double Cash account, so that particular headache had faded from memory until tonight. And I just received an email, timestamped after my Chrome attempt, saying "Thank you for your application" with no mention of it being denied. At least I have a good 4-hour break between work Zoom meetings tomorrow morning, so I can spend the time on hold with customer service.
Mudpuppy
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Re: Capital One is at it again

Post by Mudpuppy »

Mudpuppy wrote: Tue Jun 23, 2020 12:58 am
02nz wrote: Tue Jun 23, 2020 12:14 am
Mudpuppy wrote: Tue Jun 23, 2020 12:10 am
Mudpuppy wrote: Fri Jun 19, 2020 3:15 pm Personally, I have inertia and I haven't converted my CO 360 MM account over to a CO 360 Performance Savings yet just to chase that 0.2%. I'd rather spend my time chasing new account bonuses, which is the only reason I have the CO 360 account to begin with. So I'm planning to transfer some of the CO 360 MM money to Citibank to get the offer I have with my Double Cash card. Maybe later I'll work on a Chase bonus (although I hate the bonuses that involve direct deposit, because fundamentally I'm lazy when it comes to such things).
So much for those plans... the Citibank website froze in Firefox when I tried to submit the first step of the checking account application. It just sat there on processing until the site timed out. When I switched over to Chrome to try again, it said the account was not approved. I don't know if there was some sort of mid-processed application from the frozen Firefox attempt that caused the issue with the Chrome attempt. I'll have to call in the morning and see how long I wait on hold for someone to look into it.
I've dealt with a lot of banks from churning bonuses and other banking. Citi is probably the worst when it comes to website and general experience, and they're one of the few I had to call to get the bonus posted.
Yeah, I had forgotten that I had to use Chrome instead of Firefox to apply for the Double Cash card. Firefox works fine to manage the Double Cash account, so that particular headache had faded from memory until tonight. And I just received an email, timestamped after my Chrome attempt, saying "Thank you for your application" with no mention of it being denied. At least I have a good 4-hour break between work Zoom meetings tomorrow morning, so I can spend the time on hold with customer service.
Just in case anyone runs into the same issue, the phone support was useless. All they would say is "a letter was mailed, wait for the letter". I've been around banking long enough to know that response from phone suppport means the fraud or security team is involved. The browser crash in the middle of the first attempt and then trying again from a different browser probably triggered some sort of security protocol on their end and they won't budge even though it was a technical glitch. That also gives them a good excuse for getting out of having to honor the offer. I hate the hoop-jumping needed for Chase's banking offers, but maybe that's the way to go. I know their website works in Firefox.
Rainmaker41
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Re: Capital One is at it again

Post by Rainmaker41 »

FYI - I just noticed Capital One’s Performance Savings Account is now at 0.8% APY versus 1.0% previously. I received no email alerting me to this.

I already have most cash at Ally Bank (no penalty CDs and online savings account) except for a small amount at Capital One. I expect Ally will also reduce their savings rate soon, but I am confident they will do customers the courtesy of at least informing us by email.
02nz
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Re: Capital One is at it again

Post by 02nz »

Rainmaker41 wrote: Sun Aug 09, 2020 1:25 pm FYI - I just noticed Capital One’s Performance Savings Account is now at 0.8% APY versus 1.0% previously. I received no email alerting me to this.

I already have most cash at Ally Bank (no penalty CDs and online savings account) except for a small amount at Capital One. I expect Ally will also reduce their savings rate soon, but I am confident they will do customers the courtesy of at least informing us by email.
Waiting for the Capital One apologist on this thread to tell us Capital One is better for not "spamming" you!
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Re: Capital One is at it again

Post by Mudpuppy »

Rainmaker41 wrote: Sun Aug 09, 2020 1:25 pm FYI - I just noticed Capital One’s Performance Savings Account is now at 0.8% APY versus 1.0% previously. I received no email alerting me to this.

I already have most cash at Ally Bank (no penalty CDs and online savings account) except for a small amount at Capital One. I expect Ally will also reduce their savings rate soon, but I am confident they will do customers the courtesy of at least informing us by email.
I have never had Capital One email me when rates were lowered. You have to bookmark the disclosure page and check it regularly. Here are the links again:

360 Money Market (older accounts): https://www.capitalone.com/bank/savings ... sclosures/
360 Performance Savings: https://www.capitalone.com/bank/savings ... sclosures/

The older Money Market account is now 0.6% and it was 0.8% at the start of the month when I last checked it. They've made this change within the past week.
erictiger12
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Re: Capital One is at it again

Post by erictiger12 »

I received the email last week regarding the rate change. So maybe check alert setting?
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Re: Capital One is at it again

Post by susa »

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Re: Capital One is at it again

Post by CardinalRule »

Interesting. I'm one of those who has never been notified. I couldn't see an applicable alert setting on the Capital One website, and of course, with Capital One there is no way to do a chat or send a secure email message to inquire about things like account settings.
erictiger12 wrote: Sun Aug 09, 2020 3:24 pm I received the email last week regarding the rate change. So maybe check alert setting?
Rainmaker41
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Re: Capital One is at it again

Post by Rainmaker41 »

Capital One has reduced the APY on the Performance Savings account to 0.65%.

Based on this, I expect the APY on Ally's savings account will drop from 0.80% to something like that in the coming week or so. Accordingly, I took the bet of opening a no penalty CD at 0.75% before Ally drops that too.
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Leif
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Re: Capital One is at it again

Post by Leif »

Anyone recall the low yield point for HYS in the GFC?
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Re: Capital One is at it again

Post by MotoTrojan »

Leif wrote: Thu Aug 27, 2020 10:10 pm Anyone recall the low yield point for HYS in the GFC?
I would wager you'll see lower now than in the GFC. Rates have been telegraphed to remain at 0 for several years. HYS may soon be joining money-market funds near 0%.
JackoC
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Re: Capital One is at it again

Post by JackoC »

MotoTrojan wrote: Thu Aug 27, 2020 10:13 pm
Leif wrote: Thu Aug 27, 2020 10:10 pm Anyone recall the low yield point for HYS in the GFC?
I would wager you'll see lower now than in the GFC. Rates have been telegraphed to remain at 0 for several years. HYS may soon be joining money-market funds near 0%.
Right now best savings account rates are similar to low point of 'Great Financial Crisis'. Probably somebody here tracked it exactly but my recollection was similar to now: the generally better 'usual suspect' online banks clustering at ~0.80%, but there are still some 1% offers. Probably still a little higher now: the magic 1% became a special offer back then, but there are still several now slightly above 1%.
https://www.depositaccounts.com/
(note, different people see different things on this site as to smaller banks/CU's unless they all set the region to 'any')

The Fed Funds rate was nearly zero from late 2008-late 2015, 7 yrs, and deposit rates near 1% persisted. It could be that ~zero FF rate lasts longer than 7 yrs this time, and one might argue it wasn't as 'telegraphed' last time (hard to nail that down though) but it seems it could also be a shorter period this time, it's a different event. It could also be that the competitive/regulatory* dynamics of the online savings account business result in rates closer to the FF rate this time. But overall seems speculative to project that HYS rates will converge closer or faster to FF this time.

Another proxy is 11 month no-penalty CD rates, which are a pretty close substitute for HYS, and for example Ally offers 0.75% on 11 mo NPCD v 0.80% on HYS. Since those are a strictly one-sided commitment, you'd expect them to be a little lower than what the bank expects to have to offer on HYS over the coming 11 months. Which of course doesn't mean you do better with the 0.80% necessarily, a few months ago I shifted my holding to 11 mo CD when the rates at Ally were 1.60% on HYS and 'only' 1.50% on NPCD. HYS rates *could* take another big drop.

*how much extra rate the online banks have to offer to get often relatively price insensitive consumer (there are people on this forum routinely saying they have money in VMFXX at <0.1% they could easily shift to HYS or NPCD far above that, they don't think it's worth the trouble I guess) and bank regulators tend to insist on a strong base of more stable (insured) consumer deposits so a bank isn't too vulnerable to sudden credit worries against it in the wholesale (uninsured) funds market, even though the latter is always going to be cheaper in a low rate environment (rate closer to FF as long as no credit worries, and much less overhead).
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Capital One Saving drops interest rate (again)

Post by Monsterflockster »

[Thread merged into here, see below. --admin LadyGeek]

Interest rate now 0.65%. Seems to decline every 2 weeks.
Is that just where things are?
happydaze412
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Re: Capital One Saving drops interest rate (again)

Post by happydaze412 »

Savers are getting destroyed. I use cash in the bank for my day to day needs. Ally Bank is slightly higher at 0.80% still losing purchasing power to inflation. I don’t have a lot but what I do have for holdings is in gold and silver. I can always exhange it in retirement for fiat paper at spot price to complement whatever is left in social security. Not investment advice of course because different strokes for different folks but I can understand the stress of seeing fiat currency continue to lose purchasing power to inflation.
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Re: Capital One is at it again

Post by LadyGeek »

I merged Monsterflockster's thread into the on-going discussion. The combined thread is in the Personal Finance (Not Investing) forum (interest rates).

happydaze412, Welcome!
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Leif
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Re: Capital One Saving drops interest rate (again)

Post by Leif »

happydaze412 wrote: Sat Aug 29, 2020 9:02 pm Savers are getting destroyed.
Savers that depend on interest from savings accounts or bond funds, yes. Savers that use a total portfolio approach can sell a bit of their appreciated (higher NAV) bond and stock funds for their income.
Rainmaker41
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Re: Capital One is at it again

Post by Rainmaker41 »

Capital One’s Performance Savings APY is reduced to 0.50%.
Ally’s is still at 0.60% for now...
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Re: Capital One is at it again

Post by JoMoney »

Meanwhile, the The composite rate for Series I US Savings Bonds issued from May 1, 2020 through October 31, 2020, is 1.06 percent.
That's 200% what high interest banks are paying :o ... but two times something next to zero, is still next to zero :annoyed
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Re: Capital One is at it again

Post by Mudpuppy »

JoMoney wrote: Wed Sep 30, 2020 11:42 am Meanwhile, the The composite rate for Series I US Savings Bonds issued from May 1, 2020 through October 31, 2020, is 1.06 percent.
That's 200% what high interest banks are paying :o ... but two times something next to zero, is still next to zero :annoyed
I'm already in the process of moving money from CO360 to my bank account linked with Treasury Direct to max out my I-Bond allocation for the year.
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