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Is Capital One 360 worth it?

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LawStudentCivilis
Established Contributor

Is Capital One 360 worth it?

Hello All!

 

I am still in a dilemma whether to open a checking account with Capital One 360 or not.  I previously asked whether anyone knew if their criteria is the same as Capital One where they pull all three bureaus? I am fine if they only pull one!

 

Does no one bank with Capital One 360 or has any insight?

 

Wouldn't everyone agree a 3 bureau pull is pretty excessive to open a checking account?

 

EDIT:

 

I forgot to mention the primary reason I am so interested is because I already have a savings account with them.  The only way I will have instant access to savings is if I open their checking account.

Message 1 of 8
7 REPLIES 7
Mddlrthr2
Established Member

Re: Is Capital One 360 worth it?

I opened a Capital One 360 (ING Direct) savings account several years ago put withdrew all the money but never closed the account.  I recently (6 months ago) opened a checking account and do  not remember them doing a credit check/hard pull.

 

Just my experience with them.


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Message 2 of 8
LawStudentCivilis
Established Contributor

Re: Is Capital One 360 worth it?

Thanks for your input! I spoke with a rep on the phone who tried to persuade me to open a checking, inwhich I stopped him and asked about a credit pull.  He confirmed, and stated the reason why was due to the 50 dollar line of credit they extend to their customers.  Seriously, getting your credit pulled for a measely 50 dollars is hard to swallow.

Message 3 of 8
hutchj
Frequent Contributor

Re: Is Capital One 360 worth it?


@LawStudentCivilis wrote:

Thanks for your input! I spoke with a rep on the phone who tried to persuade me to open a checking, inwhich I stopped him and asked about a credit pull.  He confirmed, and stated the reason why was due to the 50 dollar line of credit they extend to their customers.  Seriously, getting your credit pulled for a measely 50 dollars is hard to swallow.


I've heard that they are ridiculous with the minimum amount that you have to keep in your account a month. I read a review that it's $500 (I think that was the amount) and your account has to be at that amount the entire month (or more), and if it dips below that amount by $1.00 for even a day, you get a maintenance fee.

 

And a HP for $50. Uh, yeah, no. Just no.

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Message 4 of 8
boonelb
Regular Contributor

Re: Is Capital One 360 worth it?

my regular cap one checking account was a soft pull.  listed as hibernia bank

Message 5 of 8
LawStudentCivilis
Established Contributor

Re: Is Capital One 360 worth it?

Hutchj,

 

hahahaha Idk why but your post cracked me up.  This is their strictly online banking they offer, and if I'm not mistaking there shouldn't be a minimum.

 

 

@boonelb This is different, the 360 account is strictly online banking and it offers a line of credit is why they're trying to justify the hard pull. It's really a bummer.

Message 6 of 8
steve23111
Frequent Contributor

Re: Is Capital One 360 worth it?

I actually have a $1000 Overdraft Line of Credit on my Capital One 360 checking account. However, I got that well before Capital One took over ING Direct. ING Direct initially started people out with (IIRC) a $200 OLOC, and then people started abusing it, so they dropped everybody's to either $50 or $100. I contacted them about an increase and they gave me $1000 and said that was as high as they go. IF... and this is a really big IF... Capital One 360 still operates by the ING Direct OLOC policies, the $50 might very well be a minimum or standard-issue amount. It's been so long ago that I couldn't pretend to remember whether there was a HP involved in my increase to $1000, but I can tell you that the OLOC does NOT even show up on your credit report.

As far as the overall value of the Capital One 360 product... personally, I would look at something like Alliant Credit Union. Better product portfolio, better rates on the accounts, very good fee structure, and the same ATM network as Capital One 360. Note that neither one makes it easy to deposit cash-- so if that's a factor, you'll need to maintain an account with a local bank. Check deposits are no problem using their smartphone apps.

I swore I was going to close my Capital One 360 account when Capital One took over ING Direct, but it's still open (with $1 in it) but I haven't used it since.
Message 7 of 8
hutchj
Frequent Contributor

Re: Is Capital One 360 worth it?


@LawStudentCivilis wrote:

Hutchj,

 

hahahaha Idk why but your post cracked me up.  This is their strictly online banking they offer, and if I'm not mistaking there shouldn't be a minimum.

 

 

@boonelb This is different, the 360 account is strictly online banking and it offers a line of credit is why they're trying to justify the hard pull. It's really a bummer.


@Anonymous

 

IDK if it's true or not. I was on tumblr and someone was ranting about it. I'll try to find the review. It might be another checking account product that they have.

 

EDIT w/ review:

 

"I used to have an account with them.  It went dormant, because…  hey, no money.  Then I got work, and had to cash checks.  Chase charges you $8.00 USD to cash a CHASE CHECK.  CapOne will cash a CapOne check, no charge—unless you use the drive-through teller after hours.  You can’t get free checking with CapOne without direct deposit, which wasn’t an option, but if you maintain a balance of $300.00 USD for the whole billing period, you can get a debit/credit card and buy things online like a real human being.

The only catch is your balance MUST BE at least $300.00 over the ENTIRE billing period.  If you dip down to $299.99 for even five seconds—even if you start the day at $300+ and end it at $300+—BAM!  NINE BUCKS SERVICE FEE.

Now, I threw $600 into that account right off the bat.

They charged me a f*cking $9 SERVICE FEE.  Because I used to have an account with them."

 

-----

 

I knew I read a review about Cap1's checking account, it wasn't the 360 though. So disregard my comment, lol.

AMEX BCE: 5k; Barclay Apple: 2.5k; BoA CB: 3k; BoA BBR 4.2k; BoA Travel: 8k; Chase Sapphire: 5k; Chase Freedom: 6k; Citi Diamond: 3k; Discover IT: 9k

June 2013 FICOs: TU: 763; EX: 754; EQ: 764 (was 747 9/2012). Last app 2/20/2014 Garden until 3/2015
Message 8 of 8
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