topic Re: Good Idea to Get Into Cap One 360? Is it Really Worth it? in Personal Finance

Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Thu, 10 May 2018 00:53:53 GMT

I have been debating About opening at Account with Cap One's 360 Bank, Which of course has a no ATM Fee, (Yes i know you people are gonna say, Well, The ATM Owner or Operator, Might Charge a fee) I know about that, Im just wondering if it really to move to a bank that is All internet (Although there are NO Branches Nearby, They Really Should Open One up here, Where i am)

Good Idea? Or Bad?

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Jnbmom — Thu, 10 May 2018 02:32:55 GMT

I am sure others will chime in as I know nothing about the banking side of capital one. I would suggest other online banks or really credit unions that many members have here.

DCU

Penfed

NFCU ( if you are eligible)

Not sure what type of banking you want to do with them? I have the regular brick and mortar bank that we can go to, but have opened a few ( might be too many lol) CUs and use my online banking for saving and some small bill paying.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Thu, 10 May 2018 03:43:12 GMT

You should be fine, they also have very competitive savings/money market and CDs, the only thing I don't like about them is the 3 external account limitation which makes pushing payment a little challenging. BTW CO360 is internet only, you can't walk into a Capital One branch to do your Capital One 360 business.

If you still don't feel comfortable making the leap to "internet only", keep your current brick and mortar open (assuming it's free or relatively free checking), link it to your new 360 account, this way you can move all your money back to your old account easily if need be.

My suggestion is to run a parallel operation for 6 months instead of one huge move, move a few of your bills/CC payment over to the new account and test auto/pull/push payments for a few months before moving the rest, I would also keep the old account open regardless in case you need to get to your "internet money" fast.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Thu, 10 May 2018 05:05:23 GMT

One more thing, there is a $200 SUB offer out there for the 360 Money Market Account after 10k deposit and pays 1.6% APY when balance is greater than 10k, that would be my entry point into 360 and then open your checking from there, if you have Cap One cards it will all be in the same login.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Gmood1 — Thu, 10 May 2018 12:32:14 GMT

Yeah I agree with the old guy..lol. Go for it!

I haven't walked into one of my banks in years.

Ally is another really great online bank. As soon as the old man loans me some money, I want to open up another with Redneck bank https://redneck.bank !😂

Carrying around that debit card would make for some conversations.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

outofcredit — Thu, 10 May 2018 19:28:12 GMT

@Anonymous wrote:
You should be fine, they also have very competitive savings/money market and CDs, the only thing I don't like about them is the 3 external account limitation which makes pushing payment a little challenging. BTW CO360 is internet only, you can't walk into a Capital One branch to do your Capital One 360 business.

If you still don't feel comfortable making the leap to "internet only", keep your current brick and mortar open (assuming it's free or relatively free checking), link it to your new 360 account, this way you can move all your money back to your old account easily if need be.

My suggestion is to run a parallel operation for 6 months instead of one huge move, move a few of your bills/CC payment over to the new account and test auto/pull/push payments for a few months before moving the rest, I would also keep the old account open regardless in case you need to get to your "internet money" fast.

Capital One 360 is also part of Zelle so if your external bank is also a part of the Zelle network, you may be able to set it up so you can move money instantly. I seldom do transfers by "pushing" or "pulling" with an external account preferring to "send" or "request" money instantly via Zelle option.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Thu, 10 May 2018 20:15:29 GMT

I have been with CapitalOne360 for ages now. I was nervous when they bought out ING but so far, they have been great. My only complaint with them in the two day wait on my mobile deposit checks. I have not had an issue with overdrafts or bounced checks for a long time but the little OD coverage they give you is worth it (they charge you a small interest fee if you use it) and the last time I had a bounced check it was $9.00. Now I use them for my auto loan, investments, kid's savings and my credit cards. Very convenient.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

UncleB — Thu, 10 May 2018 22:04:40 GMT

While I don't have a data point specific to Cap One 360, I can add that using an internet-only bank can work out quite well.

I use USAA, and while 'technically' they do have a single brick-and-mortar branch they might as well be internet-only to me, and I've been quite pleased.

I 'second' the suggestions to keep your existing account open, at least for a little while. In the event you realize that internet-only banking isn't for you it will be easier to transition back, and you might find that you prefer to have both (like I did).

I currently use USAA for all of my 'main' banking, and I have a secondary no-fee checking account at Wells Fargo that I use to deposit cash or if I need something that would be easier to simply drop by in person (like a cashier's check). I use a combination of ACH transfers and Zelle to move money back and forth, and so far it's worked out extremely well for me - I get the best of both worlds.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Fri, 11 May 2018 02:31:51 GMT

I opened a checking account with them online and switched my direct deposit to them..I got a bonus $150 on the checking account after my 2nd direct deposit... that is just like getting a $150 cc sign up bonus without the hard pull... I switched my dd because chase offers $200 bonus and I have to wait a while till I am eligible for that bonus again. Johnny

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Fri, 11 May 2018 12:27:28 GMT

I've had checking and savings with CO since it converted from ING. I've never had any issues. If you don't have a need to visit a branch and don't see better rates elsewhere, I don't see a downside.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

601flyguy — Sat, 12 May 2018 17:09:07 GMT

I like Ally over 360. I have both.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

jacetx — Sun, 13 May 2018 20:26:12 GMT

@Anonymous wrote:
You should be fine, they also have very competitive savings/money market and CDs, the only thing I don't like about them is the 3 external account limitation which makes pushing payment a little challenging. BTW CO360 is internet only, you can't walk into a Capital One branch to do your Capital One 360 business.

If you still don't feel comfortable making the leap to "internet only", keep your current brick and mortar open (assuming it's free or relatively free checking), link it to your new 360 account, this way you can move all your money back to your old account easily if need be.

My suggestion is to run a parallel operation for 6 months instead of one huge move, move a few of your bills/CC payment over to the new account and test auto/pull/push payments for a few months before moving the rest, I would also keep the old account open regardless in case you need to get to your "internet money" fast.

This is no longer the case, all branches in Texas (and maybe nationwide) are cashless now (aside from the ATM's in there) and you can get help with your 360 accounts.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

UncleB — Sun, 13 May 2018 20:29:45 GMT

@jacetx wrote:
@Anonymous wrote:
You should be fine, they also have very competitive savings/money market and CDs, the only thing I don't like about them is the 3 external account limitation which makes pushing payment a little challenging. BTW CO360 is internet only, you can't walk into a Capital One branch to do your Capital One 360 business.

If you still don't feel comfortable making the leap to "internet only", keep your current brick and mortar open (assuming it's free or relatively free checking), link it to your new 360 account, this way you can move all your money back to your old account easily if need be.

My suggestion is to run a parallel operation for 6 months instead of one huge move, move a few of your bills/CC payment over to the new account and test auto/pull/push payments for a few months before moving the rest, I would also keep the old account open regardless in case you need to get to your "internet money" fast.
This is no longer the case, all branches in Texas (and maybe nationwide) are cashless now (aside from the ATM's in there) and you can get help with your 360 accounts.

Not to get off-topic, but I don't know if I'll ever wrap my head around a cashless bank branch.

I would seem easier to just phone it in altogether.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

jacetx — Sun, 13 May 2018 22:20:02 GMT

@UncleB wrote:
@jacetx wrote:
@Anonymous wrote:
You should be fine, they also have very competitive savings/money market and CDs, the only thing I don't like about them is the 3 external account limitation which makes pushing payment a little challenging. BTW CO360 is internet only, you can't walk into a Capital One branch to do your Capital One 360 business.

If you still don't feel comfortable making the leap to "internet only", keep your current brick and mortar open (assuming it's free or relatively free checking), link it to your new 360 account, this way you can move all your money back to your old account easily if need be.

My suggestion is to run a parallel operation for 6 months instead of one huge move, move a few of your bills/CC payment over to the new account and test auto/pull/push payments for a few months before moving the rest, I would also keep the old account open regardless in case you need to get to your "internet money" fast.
This is no longer the case, all branches in Texas (and maybe nationwide) are cashless now (aside from the ATM's in there) and you can get help with your 360 accounts.
Not to get off-topic, but I don't know if I'll ever wrap my head around a cashless bank branch.

I would seem easier to just phone it in altogether.

Maybe eventually they will do away with branches. The staff mostly helps people with opening accounts, making deposits, etc. Back to the OP question, there are a few things to consider:

- Their check deposits and electronic fund transfers take forever.

- Only way to get a decent rate on savings (1.60% APY) is to open a money market with $10k+. Regular savings account rate is 1% APY.

- No cash deposits unless you live in a state/city with CO branches.

- No refunds for non-CO ATMs but you have a large network of free ATMs (Target, Walgreens, CVS, etc)

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Sun, 28 Apr 2019 21:20:30 GMT

By cashless they mean they don't have tellers.

There is a Capital One Cafe in Portland. They have people to assist with opening new accounts and utilizing the ATMs to pull up to $2,000 per day or make deposits. They can also assist with increasing that pull limit if necessary from the ATM.

Basically what they're eliminating is the open cash so all the cash is secure in ATMs.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

calyx — Mon, 29 Apr 2019 15:32:15 GMT

I've had Cap One - 360 savings/checking forever - since they were ING and I've never had a problem with them. I also use them for my savings/CD Ladder.
I do like to keep their debit card handy when I'm out of the country, as it's no-FTF, unlike my credit union.

Zelle is instantaneous with them (of course), but as has been mentioned, any other kinds of external (ACH) transfers can take a few days, which is annoying.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Mon, 29 Apr 2019 15:55:56 GMT

@UncleB wrote:
While I don't have a data point specific to Cap One 360, I can add that using an internet-only bank can work out quite well.

I use USAA, and while 'technically' they do have a single brick-and-mortar branch they might as well be internet-only to me, and I've been quite pleased.

I 'second' the suggestions to keep your existing account open, at least for a little while. In the event you realize that internet-only banking isn't for you it will be easier to transition back, and you might find that you prefer to have both (like I did).

I currently use USAA for all of my 'main' banking, and I have a secondary no-fee checking account at Wells Fargo that I use to deposit cash or if I need something that would be easier to simply drop by in person (like a cashier's check). I use a combination of ACH transfers and Zelle to move money back and forth, and so far it's worked out extremely well for me - I get the best of both worlds.

USAA does have Financial Centers located in: Colorado Springs, CO; Highland Falls and West Point, New York; Annapolis, Maryland; and San Antonio, Texas. Now I will say, not exactly a location next door.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

UncleB — Mon, 29 Apr 2019 16:10:12 GMT

@Anonymous wrote:
@UncleB wrote:
While I don't have a data point specific to Cap One 360, I can add that using an internet-only bank can work out quite well.

I use USAA, and while 'technically' they do have a single brick-and-mortar branch they might as well be internet-only to me, and I've been quite pleased.

I 'second' the suggestions to keep your existing account open, at least for a little while. In the event you realize that internet-only banking isn't for you it will be easier to transition back, and you might find that you prefer to have both (like I did).

I currently use USAA for all of my 'main' banking, and I have a secondary no-fee checking account at Wells Fargo that I use to deposit cash or if I need something that would be easier to simply drop by in person (like a cashier's check). I use a combination of ACH transfers and Zelle to move money back and forth, and so far it's worked out extremely well for me - I get the best of both worlds.
USAA does have Financial Centers located in: Colorado Springs, CO; Highland Falls and West Point, New York; Annapolis, Maryland; and San Antonio, Texas. Now I will say, not exactly a location next door.

True, but as far as I know the financial centers don't handle cash (other than assisting you with an on-site ATM), which is usually what I need when I go to a branch. (Unless this has changed?)

For someone who needs financial advice or to buy insurance and happens to live near one I'm sure they are helpful, though.

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Mon, 29 Apr 2019 22:24:36 GMT

UncleB did not know about USAA not handling cash at the Financial Centers. Thanks for the further information! Maybe why they are labeled "Financial Centers"?

Re: Good Idea to Get Into Cap One 360? Is it Really Worth it?

Anonymous — Tue, 30 Apr 2019 18:56:46 GMT

That's the other thing I forgot to mention. Capital One have started on their IOS app, and it's supposed to be coming to Android, the ability to use the app on the phone to draw cash at the ATM at their cafes without using a debit card.

It is limited to $200 per day so unless you live right near one it's not really super beneficial because the debit cards allow a lot larger pull. But it's beneficial if you lose your debit card or situations like that.