topic Re: Capital One 360 Early Direct Deposit in Personal Finance

Capital One 360 Early Direct Deposit

LawStudentCivilis — Fri, 14 May 2021 12:01:38 GMT

I know most here aren't fans of Capital One, and there seems to be a repeated narrative of them being subprime, BUT I am surprised their 360 banking accounts aren't talked about more. Primarily because the Capital One 360 accounts (during pre-pandemic) have always had the same APY or higher than a lot of accounts that have been recommended on here.

Pre-Covid I believe their savings was around 1.0%, currently it's significantly lower at 0.40%. I love their checking account since it too has an APY and is absolute low maintenance and no fuss. You don't have to maintain a daily minimum or a monthly direct deposit.

They are not my only bank, and I have moved my DD around a little bit more than I ordinarily do here lately, but TWICE I have received my DD two days early. This has never happened in the past, and I am unsure if this is a new feature. They even send an email to let me know my DD has been processed early.

I want to caution that this may not be a new feature of the account, but I thought this to be a useful DP. If anyone else has experienced this, then please feel free to chime in.

Re: Capital One 360 Early Direct Deposit

Kelley9378 — Fri, 14 May 2021 12:43:46 GMT

The same for me...started around 3/21...never prior. I opened my account with the SUB $400 for the checking and have maintained a direct deposit since ( now lowered to 500) but I have access to my money Wed night vs Friday

Re: Capital One 360 Early Direct Deposit

LawStudentCivilis — Fri, 14 May 2021 13:00:14 GMT

Nice, glad we're sharing. I know a lot are interested in early direct deposit.

Re: Capital One 360 Early Direct Deposit

calyx — Fri, 14 May 2021 14:48:59 GMT

Interesting.

I've had my Cap1 360 since it was ING (I also am a fan of their CDs for e-fund purposes, since early withdrawal penalties are less than most places). In all of this time I've never received DD early.

It's become a running joke with me and my boss. Her bank (USAA) and my main CU each direct deposit early, but they do it in odd ways (and never the same way together), but my Cap1 is steady as anything. Always on payday, no exceptions.

Re: Capital One 360 Early Direct Deposit

DaveInAZ — Fri, 14 May 2021 15:05:44 GMT

Yeah, I did the Cap One 360 checking late last year for the $400 bonus, but I've kept the account (but lowered the payroll DD) for the convenience of paying my Cap One CCs, which I have too many (4). Cap One 360 just started the early payroll DD a month or so ago. But I work for the local county government and I never get my DD credited 2 days early, it's always just 1 day early even at CUs that claim 2 days early. Maybe the county doesn't process payroll as quickly as private companies, but 1 day early is fine with me - it's still 2 weeks between paydays.

Re: Capital One 360 Early Direct Deposit

Anonymous — Fri, 14 May 2021 15:22:20 GMT

Just noticed this on my last two DDs with CapOne. I typically get paid on Thursday, but the last 2 pays have been available on Tuesday evenings.

Re: Capital One 360 Early Direct Deposit

LawStudentCivilis — Fri, 14 May 2021 15:22:48 GMT

@calyxInteresting! That is why I was sure to caution this may not be everyone's experience, but it looks like a few others have been getting early DD too. Thanks for sharing.

@DaveInAZOverall, I don't think it makes too much of a difference because I budget, but I do wonder if this is a new feature going forward. I also wonder if they plan to promote or advertise this. When you receive your deposit may have something to do with when your employer releases funds. I believe my employer generates an earnings statement two days before we're paid, so it would make sense if the early deposit is directly tied to each employer's actions.

Re: Capital One 360 Early Direct Deposit

LawStudentCivilis — Fri, 14 May 2021 15:23:33 GMT

@AnonymousNice, I wonder if this is permanent.

Re: Capital One 360 Early Direct Deposit

calyx — Fri, 14 May 2021 15:39:58 GMT

@LawStudentCivilis wrote:
@calyxInteresting! That is why I was sure to caution this may not be everyone's experience, but it looks like a few others have been getting early DD too. Thanks for sharing.

@DaveInAZOverall, I don't think it makes too much of a difference because I budget, but I do wonder if this is a new feature going forward. I also wonder if they plan to promote or advertise this. When you receive your deposit may have something to do with when your employer releases funds. I believe my employer generates an earnings statement two days before we're paid, so it would make sense if the early deposit is directly tied to each employer's actions.

@LawStudentCivilis - absolutely! I think it's fascinating, because I split my paycheck (just the two banks) and my other FI does give me early DD, so it's certainly possible. I'll be keeping an eye out on my Cap1 (I've been already - when I see the deposit alert with my main bank, I log into Cap1 to check).

Re: Capital One 360 Early Direct Deposit

Anonymous — Fri, 14 May 2021 17:45:35 GMT

Yes, I just signed up for Cap1 360 checking account and so far every paycheck is DD two days early. Usually around noon ET.

Re: Capital One 360 Early Direct Deposit

VPExecutive — Fri, 14 May 2021 19:50:47 GMT

@LawStudentCivilis wrote:
I know most here aren't fans of Capital One, and there seems to be a repeated narrative of them being subprime, BUT I am surprised their 360 banking accounts aren't talked about more. Primarily because the Capital One 360 accounts (during pre-pandemic) have always had the same APY or higher than a lot of accounts that have been recommended on here.

Pre-Covid I believe their savings was around 1.0%, currently it's significantly lower at 0.40%. I love their checking account since it too has an APY and is absolute low maintenance and no fuss. You don't have to maintain a daily minimum or a monthly direct deposit.

They are not my only bank, and I have moved my DD around a little bit more than I ordinarily do here lately, but TWICE I have received my DD two days early. This has never happened in the past, and I am unsure if this is a new feature. They even send an email to let me know my DD has been processed early.

I want to caution that this may not be a new feature of the account, but I thought this to be a useful DP. If anyone else has experienced this, then please feel free to chime in.

There's nothing special about a Captial One 360 checking account.

Their savings account has always been middle-of-the-pack.
They don't offer ATM fee reimbursements.
They don't offer free checks after your first batch his shipped.
Early direct deposit is a marketing tactic. You still need to wait 7-14 days for your next paycheck.

When I can bank with Citi, I get the same exact perks minus the interest rate. Citi sent me a batch of free checks when I opened my account and is part of the same ATM network Capital One is part of.

Re: Capital One 360 Early Direct Deposit

Anonymous — Fri, 14 May 2021 20:13:30 GMT

This appears to be an official change.

https://www.capitalone.com/bank/early-direct-deposit/

Re: Capital One 360 Early Direct Deposit

calyx — Fri, 14 May 2021 20:18:08 GMT

@VPExecutive wrote:
@LawStudentCivilis wrote:
I know most here aren't fans of Capital One, and there seems to be a repeated narrative of them being subprime, BUT I am surprised their 360 banking accounts aren't talked about more. Primarily because the Capital One 360 accounts (during pre-pandemic) have always had the same APY or higher than a lot of accounts that have been recommended on here.

Pre-Covid I believe their savings was around 1.0%, currently it's significantly lower at 0.40%. I love their checking account since it too has an APY and is absolute low maintenance and no fuss. You don't have to maintain a daily minimum or a monthly direct deposit.

They are not my only bank, and I have moved my DD around a little bit more than I ordinarily do here lately, but TWICE I have received my DD two days early. This has never happened in the past, and I am unsure if this is a new feature. They even send an email to let me know my DD has been processed early.

I want to caution that this may not be a new feature of the account, but I thought this to be a useful DP. If anyone else has experienced this, then please feel free to chime in.
There's nothing special about a Captial One 360 checking account.

Their savings account has always been middle-of-the-pack.
They don't offer ATM fee reimbursements.
They don't offer free checks after your first batch his shipped.
Early direct deposit is a marketing tactic. You still need to wait 7-14 days for your next paycheck.

When I can bank with Citi, I get the same exact perks minus the interest rate. Citi sent me a batch of free checks when I opened my account and is part of the same ATM network Capital One is part of.

^ I like their CDs - my checking is a holdover. What I *will* give them is that their ATM network is pretty good and they don't charge FTFs for debit use (cash withdrawal or transactions). I carry it as a back up when I go places.

Re: Capital One 360 Early Direct Deposit

tnhomestead — Fri, 14 May 2021 22:16:29 GMT

My dad is always about 12 hours earlier than navy and my local bank. Not enough to me to really matter, but it's nice.

Re: Capital One 360 Early Direct Deposit

LawStudentCivilis — Fri, 14 May 2021 22:19:35 GMT

@AnonymousThanks! Very useful, and nice to know it's permanent.

@calyxYes I agree and they recently added MoneyPass ATMs. They have ATMs everywhere.

@VPExecutiveyour reasoning seems a little arbitrary. If most are looking for banking with decent interest rates, I don't think they factor in free checkbooks. Even so, the first checkbook is free and subsequent are $5. Although this may have changed as I wouldn't know since I haven't worked through the checks I have been given.

Re: Capital One 360 Early Direct Deposit

VPExecutive — Sat, 15 May 2021 18:27:46 GMT

@LawStudentCivilis wrote:
@AnonymousThanks! Very useful, and nice to know it's permanent.

@calyxYes I agree and they recently added MoneyPass ATMs. They have ATMs everywhere.

@VPExecutiveyour reasoning seems a little arbitrary. If most are looking for banking with decent interest rates, I don't think they factor in free checkbooks. Even so, the first checkbook is free and subsequent are $5. Although this may have changed as I wouldn't know since I haven't worked through the checks I have been given.

My point is, there's the same or better elsewhere, so that is why 360 checking isn't talked about a whole lot.

Re: Capital One 360 Early Direct Deposit

LawStudentCivilis — Sat, 15 May 2021 21:01:47 GMT

@VPExecutiveYes but my original point was the 360 options are comparable to a lot of suggestions made on this forum and even better than some, but you rarely hear about them.

Re: Capital One 360 Early Direct Deposit

SouthJamaica — Sun, 16 May 2021 23:55:56 GMT

@LawStudentCivilis wrote:
@VPExecutiveYes but my original point was the 360 options are comparable to a lot of suggestions made on this forum and even better than some, but you rarely hear about them.

Many years ago, my very first internet checking account was with ING Direct, which later became Capital One 360.

It was a great account. Once Capital One acquired it, it stayed good, except for the fact that Capital One owned it.

Capital One one day, for reasons which have never been explained, closed all of my accounts, including my Cap One 360 checking account.

By this point I had numerous credit union checking accounts which did all of the things my old Cap One 360 account did, many doing them even better.

Re: Capital One 360 Early Direct Deposit

Anonymous — Sun, 16 May 2021 18:04:54 GMT

@SouthJamaica wrote:
@LawStudentCivilis wrote:
@VPExecutiveYes but my original point was the 360 options are comparable to a lot of suggestions made on this forum and even better than some, but you rarely hear about them.
Many years ago, my very first internet checking account was with ING Direct, which later became Capital One 360.

It was a great account. Once Capital One acquired it, it stayed good, except for the fact that Capital One owned it.

Capital One one day, for reasons which have never been explained, closed all of my accounts, including my Cap One 360 checking account.

By this point I had numerous credit union checking accounts which did all of the things my old Cap One 360 account, many doing them even better.

I thought Capital One closed all of your accounts for abusing the grace period on balance transfers one too many times?

Re: Capital One 360 Early Direct Deposit

Kforce — Sun, 16 May 2021 19:04:36 GMT

Every bank / CU has both good and poor features and depending on what one believes is important determines what they think is the best.

For some speed of transfers and almost unlimited caps on ACH transfers.

Others want ATM's and nice web/app interface.

Some want a real branch to walk into.

Even others don't care about any of that and want the best interest.

I have found things that I want/need from my bank/CU and moved to places that support my needs. Everyone has different needs, that's why there are a lot of banks and CU's.

I had ING and then Cap1360, from my perspective ING had better APR rates and C1360 nerfed a few things that I used, so I dumped them. For me Cap One 360 is middle of the road no really strong or horrible features.

One can only point out the strong and week features.

Your "Best" is totally up to you