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

[Anonymous]

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? 

[Jnbmom]

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.

[Anonymous]

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.

[Anonymous]

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.

[Gmood1]

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.

[outofcredit]

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@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.

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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.

[Anonymous]

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.

[UncleB]

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.  

[Anonymous]

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 

[Anonymous]

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.