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360 Savings Transaction Times - Need new bank?

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LJ555
Valued Member

360 Savings Transaction Times - Need new bank?

Looking for info from anyone that has savings through Capital 1 360.  I just opened a new account there because it was easy... I already have a Cap1 card so it simply took a few clicks to get it open.  I have a savings account with my real bank too but I found it to be too easy to transfer money back and forth between accounts, so wanted something that was harder to touch.  Honestly I didn't research this much before doing it.

 

Anyway, I set up recurring deposits for every paycheck.  The first transaction was scheduled for today (I had put in an initial deposit to open the account but this was the first of my scheduled transactions).  When I open my account, it says transmittal date will be 02/22.  That's a whole week from now!  I also noticed my initial deposits took about a week to actually hit the account and be labeled "available balance".

 

Is this normal?  Their site says approximately 2 days.  Even though I just opened this account I'm already considering closing it and perhaps opening with Ally who has a 1.45% APY right now vs. Cap1's 1%.  I don't like the fact that it is taking an entire week to transfer funds from a linked checking account.

 

Thoughts?  Experiences with 360 savings?

Message 1 of 11
10 REPLIES 10
DaveInAZ
Senior Contributor

Re: 360 Savings Transaction Times - Need new bank?

I just opened a 360 Money Market account this week, and have not been impressed. I verified the 2 trial deposits to verify the external account for my initial deposit on Wed., but today when I logged to check if the $$$ was there I saw a message like yours with a date of 2/21. I opened the account because I have a targeted mailer offering a $200 bonus by depositing a minimum of $10k by 2/16 and maintaining that balance for 60 days. So when I saw that 2/21 "transmittal" date I thought that was past 2/16 & I'll miss out on the bonus, so I called in. The rep first claimed the money was there "earning interest" (1.40% on balances of $10k or more), so I asked what that 2/21 date meant and she said that's when the funds would be "available", so I asked "Wait, a 1 week hold on an electronic deposit???". She told me it's a 3 biz day hold on electronic funds, so Fri, Mon & Tues hold, funds available Wed.

I've never had any bank put a hold of any time on electronic transfers, when the funds hit the account they're available. I doubt if I'll stick around after 60 days and I get the bonus.

There's several banks where you can get 1.45% on savings in addition to Ally, I suggest you consider moving on.

Message 2 of 11
LJ555
Valued Member

Re: 360 Savings Transaction Times - Need new bank?

I was going to call them today to ask about it but got sidetracked.  It's ridiculous though!  This is 2018 for goodness' sake - it should take NO MORE THAN 2 days for funds to actually hit and be available.  I'm not even trying to use that money, I just want to know that it's there.  Like - actually there.  Incidentally it's already showing as a withdrawal in my linked checking account which makes this even MORE annoying because it's like my money is just going into a black hole for a week.

 

I was looking at Ally today - lots of people seem to like them.  I might check it out and even consider changing ALL my banking since I'm currently with the apparently evil Wells Fargo.  I'd probably keep one account there just for the rare cash deposit but I like the interest rates Ally is advertising.  The thought of changing all of my auto-pay information though.... ugh.

Message 3 of 11
iced
Valued Contributor

Re: 360 Savings Transaction Times - Need new bank?


@LJ555wrote:

Looking for info from anyone that has savings through Capital 1 360.  I just opened a new account there because it was easy... I already have a Cap1 card so it simply took a few clicks to get it open.  I have a savings account with my real bank too but I found it to be too easy to transfer money back and forth between accounts, so wanted something that was harder to touch.  Honestly I didn't research this much before doing it.

 

Anyway, I set up recurring deposits for every paycheck.  The first transaction was scheduled for today (I had put in an initial deposit to open the account but this was the first of my scheduled transactions).  When I open my account, it says transmittal date will be 02/22.  That's a whole week from now!  I also noticed my initial deposits took about a week to actually hit the account and be labeled "available balance".

 

Is this normal?  Their site says approximately 2 days.  Even though I just opened this account I'm already considering closing it and perhaps opening with Ally who has a 1.45% APY right now vs. Cap1's 1%.  I don't like the fact that it is taking an entire week to transfer funds from a linked checking account.

 

Thoughts?  Experiences with 360 savings?


My SO has a Cap 1 360, though I'm doing my best to migrate her over to Barclays. She hasn't complained, but we're also never needing to see money post into savings immediately. The usual I see is 1-2 days: if I do the ACH on a Monday morning, the funds usually show up Tuesday sometime; if I do them on a Monday afternoon, it may be Wednesday.

 

Also note that most (all) savings accounts also have a holding period where it's in your account but isn't "available" for withdrawal. These are typically 5 business days or so, though the money is still earning interest during that time.

Message 4 of 11
DaveInAZ
Senior Contributor

Re: 360 Savings Transaction Times - Need new bank?

Oh yes, I've only heard pretty much things about Ally.

If you don't mind my asking how much savings are we talking about? I ask because I joined DCU (Digital Credit Union) last October for the best car loan rate on a car I was buying and didn't even realize it at the time but to encourage folks to have a "nest egg" they pay 5% interest on a savings account up to $1,000, so I promptly stashed $1k there and moved my payroll direct deposit there.

 

Whether you go with Ally or another online bank/CU, dump Wells Fargo. If want to keep a local account for cash deposits, use a nice friendly local credit union, thats's what I use.

Message 5 of 11
LJ555
Valued Member

Re: 360 Savings Transaction Times - Need new bank?


@DaveInAZwrote:

If you don't mind my asking how much savings are we talking about?



Not much at this time... a measly $500 now that I used some recently to pay off an unknown medical debt that wasn't showing on my CR.

 

 

Message 6 of 11
DaveInAZ
Senior Contributor

Re: 360 Savings Transaction Times - Need new bank?


@LJ555wrote:

@DaveInAZwrote:

If you don't mind my asking how much savings are we talking about?



Not much at this time... a measly $500 now that I used some recently to pay off an unknown medical debt that wasn't showing on my CR.

 

 


Well then, you should consider DCU - dcu.org. As I said, they pay 5% on savings up to $1,000, and I've been pleased with their service, I moved a payroll direct deposit to them. And with DCU that solves the problem of a local bank account - they belong to the Credit Union Shared Branch network, you can deposit into or withdraw from your DCU account at a local credit union. Use the link below to check for local credit unions that belong to the shared network:

https://co-opcreditunions.org/locator/?ref=co-opsharedbranch.org&sc=1

Message 7 of 11
DaveInAZ
Senior Contributor

Re: 360 Savings Transaction Times - Need new bank?


@LJ555wrote:

@DaveInAZwrote:

If you don't mind my asking how much savings are we talking about?



Not much at this time... a measly $500 now that I used some recently to pay off an unknown medical debt that wasn't showing on my CR.

 

 


Make any decision yet?

 

I don't want to derail your thread, but not worth a thread of it's own: As I mentioned previously, I recently opened a 360 MM account because I have a targeted mailer offering a $200 bonus by depositing a minimum of $10k by 2/16 and maintaining that balance for 60 days. And my initial ACH deposit of $10,100 entered on 2/14 was on hold until 2/21. So, I logged into the account today to check, and Holy Moley! They gave me the $200 bonus already! I mis-read the offer, I don't have to maintain the $10k balance for 60 days, it says if I do the bonus will be paid "within 60 days". There's a note on the bonus deposit "no hold", so I think one of the reps I spoke with decided to put the immediate payment flag in.  And BTW, the initial deposit is now available.

 

Message 8 of 11
LJ555
Valued Member

Re: 360 Savings Transaction Times - Need new bank?

Nah, no decision yet.  I've been pretty overwhelmed with other life things (not the least of which is planning a wedding).  But I appreciate the advice and I'll look into it when I can.  For now I'll just continue to be annoyed that the transfer on 02/16 (already gone from my checking) has not hit the savings yet.  I'll probably end up going with Ally whenever I make a move.  Just the thought of changing all of my auto-pay info though.... ugh.

 

Hijack away!  Sounds like a win!

Message 9 of 11
DaveInAZ
Senior Contributor

Re: 360 Savings Transaction Times - Need new bank?


@LJ555wrote:

Nah, no decision yet.  I've been pretty overwhelmed with other life things (not the least of which is planning a wedding).  But I appreciate the advice and I'll look into it when I can.  For now I'll just continue to be annoyed that the transfer on 02/16 (already gone from my checking) has not hit the savings yet.  I'll probably end up going with Ally whenever I make a move.  Just the thought of changing all of my auto-pay info though.... ugh.

 

Hijack away!  Sounds like a win!


Congratulations!

 

They told me 3 biz days, with the Monday holiday it should show as available tomorrow.

Message 10 of 11
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