Capital One 360 Checking Review

Capital One 360 Checking Review
Best Bank account ever. Capital One 360 is awesome, highly impressed with Capital One 360 Checking and a Capital One 360 savings account online. I even enrolled in an Capital One Investing App
and have started investing in dividend paying stocks. Signed up for a Capital One 360 Credit Card, and it is the best decision I ever made. Outstanding support no overdraft fees. and my investment account is doing good. That will be a later post. Overall on 5-star rating system, I give capital one 360 five stars. Had really bad experiences in the past with banks, which is why I decided to try capital one and have not regretted it since. I hope you will give it a try too. No minimum balance to open or earn interest. Rates are variable and account APY ranges from 0.20% to 0.90% depending on your balance.

360 Checking Account:

  • No monthly fees
  • FDIC insurance coverage
  • A free MasterCard debit card/li>
Capital one 360

Capital One 360 Bill Pay

Send bill payments directly from your checking account for free. And set up eBills to receive electronic bills from participating merchants. Person2Person payments. Send money free of charge to people who bank with Capital One 360 and elsewhere. Transfers to Capital One 360 accounts occur instantaneously. Transfers outside of the bank take up to two business days to authorize once the recipient approves it.

Capital One 360 ATM Network

Access to 38,000 Allpoint and Capital One ATMs for free. Drawing cash from an online account or making a deposit is a breeze, just search for an in-network ATM on Capital One’s mobile app or website. Use of CheckMate for check deposits. Take photos of your checks from your mobile phone to make deposits. No standing in line or locating an ATM necessary. Turn your card on and off. You can deactivate a card yourself online which is helpful if it’s stolen or missing. No overdraft fees. Instead of a fee, they offer an Overdraft Line of Credit that charges you a competitive interest rate if your account falls below zero.

>Depositing Cash and Checks in Capital One 360 accounts
Before taking the leap to online banking you may feel apprehensive about giving up access to a live teller for bank deposits. Fortunately, 360 Checking offers several simple ways to fund your account.

You can transfer money from another bank or set up direct deposit from your employer. You can also deposit cash and checks at 360 Cafe and Capital One branch ATMs. Find deposit locations near you with its ATM locator map. Avoid using an ATM altogether for deposits and take snaps of your checks and upload them using CheckMate. The 360 Checking website offers a short demo to show you exactly what’s involved with depositing remotely.

Capital One 360 Accounts

Capital One 360 Overdraft Protection
The 360 Checking account has a pretty lenient overdraft policy. If you apply for the Overdraft Line of Credit the daily interest on overdrafts will cost you pennies. Though you should keep in mind that during the application process for the line of credit, Capital One will perform a “hard pull” and it can affect your credit score. However, this dip of 5 to 10 points is well worth the protection to avoid overdraft charges.

The rate for an overdraft is currently 11.46% APR and Capital One offers a convenient overdraft calculator to show you how much you can expect to be charged if your account goes into the red. For example, an overdraft of $100 for 10 days will cost you just $0.31 based on its estimate.

What happens if you pass on the Overdraft Line of Credit and your account goes into the negative? There’s no mention of the repercussions on the 360 Checking website. However, customer service confirmed there’s still no fee, the transaction is simply declined. They do advise transferring funds into your account promptly, otherwise, you run the risk of having your account shut down. Keep in mind that while it’s great you don’t have a fee levied against you, declining a charge could mean an important bill goes unpaid.

Additional Fees to Consider
Although Capital One 360 Checking has no monthly fee, it’s important to note that there are some other fees for extra services associated with the account. For instance, sending out overnight checks will cost you $20 and an overnight card replacement costs $25. Your first checks are free, but future checkbooks cost $5. Additionally, if a check is returned for insufficient funds you’ll incur a $9 Rejected Check Charge. And to place a stop payment on a check you’ll have to pay $25.

What Sets Capital One 360 Apart From Other Online Accounts

The ability to make cash deposits at select ATM machines is a key differentiation of this checking account. Other popular online banks like Ally, The Bank of Interest USA, EverBank and Charles Schwab don’t currently accept cash deposits. In other areas like customer service and fees, Capital One 360 Checking has some stiff competition. The Ally Bank Interest Checking Account has no monthly fee or minimum balance requirement as well, but they offer 24/7 customer service. Capital One 360 provides customer service from 8 am to 8 pm. Furthermore, miscellaneous fees for checkbooks, stop payments and expedited delivery services are higher with 360 Checking than Ally Interest Checking.

Capital One 360 Refer a Friend

How does the Capital One 360 Stack Up With Interest?
This account is decent for earning interest if you can’t put more than $100 into it initially. If you have a little bit more money to deposit, there are other options that will earn you more interest. For instance, the Bank 5 Connect High-Interest Checking Account currently offers APY of 0.76% for balances over $100 at the opening. In order for you to make that type of interest with a 360 Checking account you, need to maintain a balance over $50,000. Just keep in mind that you shouldn’t be hoarding tons of cashing in your checking account. It’s much better to keep high amounts of cash in a savings account, which offers better fraud protection.

A Good Deal if You Value Convenience
Overall Capital One 360 may not be your first choice if your primary goal is to find a checking account with the highest interest. But it should be at the top of your list if you value conveniences like easy access to your money at thousands of ATMs for free, the option to deposit cash, the ease of bank transfers and no overdraft fees.

Thanks for reading my Capital One 360 article. This is one of the best banking products out.

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3 Comments

  1. Madaline Corathers September 29, 2016 Reply
  2. Maria Matayoshi October 3, 2016 Reply
  3. Lane Cornacchio October 6, 2016 Reply

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