Capital One QS1

[LadyJEsq]

I don't think you need to change banks. It doesn't sound the least bit advantageous to you and the holding of payments has so far proven to be temporary. From what I've read, it only happens with new accounts and stops after a CCC gets used to your spending/payments habits.

[UncleB]

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@Anonymous wrote:

I am actually emailing back and forth with Capital one BOFA for opening a checking account aswell as USAA.  They only problem is most of the big banks are pretty far from me and I dont get direct deposits .  The company I drive for has about 10 employees and boss has an accountant do the payroll taxes and such and we get paycheck with stubs.  I am intrested in their take a picture of check ect.  They only problem I hate waiting sorta because sometimes when we are in slow few months I live paycheck to paycheck.  We are currently in slow phaze of the year will be probabally untill Feb.  Give or take. 

If it dont go my way so be it them and I will deal with holding of funds.  At the moment I am 2 months ahead on my bills I am paying bills before I even get them.  I know how much my stuff costs within 20 dollars of each month so when I have the extra funds I pay ahead of time.

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It could be that having two checking accounts would be the perfect 'mix' for you - it actually works quite well for me.  If your local bank is as good as you say, I would stay with them also... but there's no harm in having a secondary account with a larger institution for situations like this.

One quick note about deposit by phone (and similar services)... the official banking term for that is "remote deposit capture", and deposits made in that way are not covered by Regulation CC (that's the one that determines when funds are available).  In other words, when you make a deposit by phone (or home scanner) you're at the mercy of your bank as to when the deposit is made available.  Many banks have internal formulas they use to determine this, and the internet is full of complaints about banks (seemingly) arbitrarily holding funds, even on business checks.  (Note:  Deposits made at an ATM are covered by Reg. CC, even though technically the check is also scanned).

[Anonymous]

Cap 1 was terrible with holding payments for the first 2 months I had them. After a few times of calling to have the funds released--which involved them calling my bank to verify that the funds had been withdrawn--they began no longer holding the payments. YMMV of course, but I was spending a similar amount. You should be looking at an excellent increase after your 3rd statement cuts.

2 banks works really well for me. I LOVE NFCU, but there aren't any branches near me. I opened an account with Chase because it's convenient and I wanted them to find me attractive for CSP and Freedom. That worked out in my favor after a few months of banking with them.