Well, here we are again back with another review for ya my friends! This time, it’s about Capital One’s 360 Bank account. This type of bank account does come with some limitations. However, after being a customer from the very beginning (back when it was actually ING Direct, yup Capital One bought them out) I have to say Capital One has made it a little bit better as time has passed. Let’s run down some of the features.
No Minimum Balance Requirements
No Monthly Fees
No Opening Balance Requirement
Free Access to 39,000 Fee Free ATMs Nationwide
Earn Interest On Checking Acct Balances
Overdraft Policy 4 Different Options
Mail Free Checks To Anywhere In The US
Free Bill Pay Service
Limited Branch Access
Now, let me just say upfront, if you need to deposit cash all the time because that’s how you make your money…this bank would not be for you! They only have physical bank branches which are now called Capital One Cafes where they serve delicious coffee in about 8 states which are California, Colorado, Florida, Illinois, Massachusetts, Minnesota, Pennsylvania, & Virginia. You can check the individual cities of bank branches here if you like as well.
Now, technically you can mail your checks to their Minneapolis office but who the hell is gonna wanna do that right?! So it’s either gonna be Direct Deposit, Link another checking account to it & make transfers that way, or you do what I do (when I actually get checks which isn’t often) & use the mobile app & make mobile deposits on your smartphone from pretty much everything except money orders. I don’t know why they don’t accept them but maybe it’s because of too much fraud in the past. You know how it is, a few morons ruin it for everybody else! That’s the only thing I wish they would change. Other than that, you can deposit pretty much any check that’s made out to you, unless you write one to yourself of course!
Let me also run down the 4 different overdraft options because they are different than most banks.
1) Auto Decline: This means you simply elect to have any transaction that takes you below $0 to be automatically declined & there’s absolutely no charges to worry about! Pretty simple to stay safe out of debt.
2) Free Savings Transfer: If a transaction makes your checking account drop below $0, Capital One will make a transfer from your elected savings account to cover the transaction. Once again, no fees associated at all with this option.
3) Overdraft Line of Credit: When you overdraft on your account, Capital One will now cover the difference. Instead of you paying a $35 OD fee, you just pay a small % interest rate until it’s paid back. By the way, you have until the end of the following month to do it. The interest rate is minimal compared to a $35 fee. The last time I did it, it was basically pennies it was so small. It depends on how much you overdraft & how much line of credit they give as well. Keep in mind, if you want this option they will do a credit check on you.
4) Next Day Grace: this option means that Capital One will cover your transactions when they dip below $0 but as long as you bring your balance up the next day, they’ll waive the $35 fee.
So you see, there are plenty of options to choose from with this type of checking account. Now, why on earth would you want a bank account if you can’t visit a branch? Well, to be honest, I don’t visit the bank that much anymore. Most everything is done online for me or on my smartphone. You could do what I do & keep it as a back up bank account. I like having options, just like different credit cards for various reasons, especially when traveling.
One last thing I’ll mention is about the customer service. I think it’s pretty darn good considering the awful experiences I’ve had with major banks. I’m sure you’ve all seen the news recently? So anytime I’ve had an issue, which isn’t often, I can email them, chat, or call Capital One & they are very helpful. I think that’s an important thing to consider these days. I mean, let’s be honest, you can bank almost anywhere & there are new ones popping up now all the time. How good is their actual customer service? That’s how you should measure companies after you weigh the features & benefits.
Now…it’s time for the special offer! That’s right folks…if you want to have a spare checking account or just maybe you want to separate some of your earnings for whatever reason…maybe you got a nosy significant other who likes to spend your money right?! Then you can take advantage of this offer & open a new checking, savings, or even a money market account you can earn a bonus! What are those bonuses? I’m gonna lay ’em out for ya right now.
Checking Account Bonus: With an initial deposit of $250 or more, 3 debit card purchases or Person 2 Person payments or any combination of the two, you will receive a $25 CASH bonus just for being a new Capital One 360 Checking Account customer. I’ll take any amount of cash I don’t know about you.
Savings Account Bonus: With an initial deposit of $250 or more you can earn a $25 CASH bonus just for opening a new Capital One 360 Savings Account.
Money Market Bonus: With an initial deposit of $250-$9999.99 or more you can earn a $25 CASH bonus. If you deposit $10,000.00 or more, you can earn a $100 CASH bonus. Hey, I don’t know about you but I love FREE money.
There you have it, I’ll leave a linkey link for you to take advantage of these deals & remember the reasoning you want the other account. Not only is free money great to earn, but it’s also nice to have a spare account to keep things separated.