Capital One 360 Early Direct Deposit

[LawStudentCivilis]

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.

[Kelley9378]

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

[LawStudentCivilis]

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

[calyx]

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.

[DaveInAZ]

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.

[Anonymous]

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.

[LawStudentCivilis]

@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]

@AnonymousNice, I wonder if this is permanent.

[calyx]

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@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.

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@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).

[Anonymous]

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