topic Capital One 360 Overdraft issue in Personal Finance

Capital One 360 Overdraft issue

NC84 — Mon, 10 Sep 2018 13:55:57 GMT

I have an overdraft account with penfed and its nice and smooth how they tell you what your min payment is just like a credit card but I found myself in trouble with 360. They never told me my min payment and It just slipped my mind now I got a letter saying im passed due. I'm deposting funds now to pay the whole thing off but the lady is telling me its going to be reported to my credit as a late payment . I guess its the customers responsibility to calculate the min payment. Beware

Re: Capital One 360 Overdraft issue

FireMedic1 — Mon, 10 Sep 2018 14:53:50 GMT

Little confusing. You have a overdraft account with Penfed. What does that have to do with 360? Is it a checking account that was overdrawn? Where does the minimun payment come in? Slip of the mind can be solved by auto pay in the begining. Pay what off a credit card? Please explain more detail.

Re: Capital One 360 Overdraft issue

fuzzle — Mon, 10 Sep 2018 19:18:34 GMT

It seems the warning is that CapOne offers a LOC to cover overdrafts, but doesn't make it simple to see what minimum deposit/payment is due (though it's in the fine print). I think they intended to give customers more leeway than the typical "courtesy pay," but are not set up for customers to stay overdrawn for months like PenFed apparently is. You are lucky they didn't close your account and send it to collections.

Re: Capital One 360 Overdraft issue

outofcredit — Mon, 10 Sep 2018 19:30:06 GMT

Capital One 360 OD requires a minimum $100 payment into the account each month by depositing into the checking account. If your OD is less than $100 then the full balance is due by the last day of the month. You can always re-overdraft the account the next day if carrying a negative balance is what you are trying to do. Your monthly checking account statement should show what your minimum payment is.

Re: Capital One 360 Overdraft issue

FireMedic1 — Mon, 10 Sep 2018 21:16:36 GMT

Understood. If the OP comes back. The "slip my mind" costs him. OP. Sorry the mistake cost you a ding on your CR. You got to stay on top of all things money and credit. Never know when lightning will strike.

Re: Capital One 360 Overdraft issue

NC84 — Tue, 11 Sep 2018 00:50:45 GMT

I think the letter regarding the late status to my credit was a scare tactic. I talked to a cap1 manager and she said I should be fine.

Re: Capital One 360 Overdraft issue

JoeLuvsHisCredit — Tue, 11 Sep 2018 02:56:28 GMT

@NC84 wrote:
I think the letter regarding the late status to my credit was a scare tactic. I talked to a cap1 manager and she said I should be fine.

That's awesome news . If you are NOT more than 30 days late you should be ok anything less than 30 days late is still R1 (pays as agree) on a credit report .