Signed up for a Capital One 360 account because I liked the idea of not being charged an overdraft fee (only interest on the overdraft) and they were offering a $50.00 bonus after using your debit card 3 times in the first 45 days. Those are the only pros with Capital One 360. Signing up is cumbersome and waiting for them to activate your account is very time consuming. There is also a separate username for each person listed on the account. Capital One 360 also makes you activate each check book and any additional check books beyond your first one cost $5.00. I think its great they are so concerned about security but for them make you go through so many hurdles their website needs to be more user-friendly and ultimately what kills Capital One 360.
I am running a Family Reunion and putting the reservation checks from people into a dedicated account within my accounts. One of my cousins apparently gave me a starter check for $148.00 and Capital One rejected it, stating that they don't accept "starter checks". I have more than a few thousand in the bank accounts but they won't let me deposit that tiny little sum? I guess they are getting a little swell headed, since if the check is no good, they make money anyway, by billing me for the bad check.
I liked ING Direct a lot better and am trying to find another online Bank that actually likes customers.
Since this is not a "brick and mortar" bank, your only way to contact them is either through the web or by phone. You'll basically get a "Mastercard" debit card for access to your funds.
And when a merchant submits a fraudulent charge on your card, which overdraws your checking account (because why would you keep extra money in checking when it earns at least a slightly higher rate of interest in savings), and then the merchant essentially acknowledges that it was a fraudulent charge by returning the money, this bank will not reverse the overdraft charges. "Because you have a previous 'relationship' with the merchant."
Their "debit card" safety guarantee is a joke.
And even if you didn't have a previous "relationship" with a merchant, and report the withdrawal as fraudulent, it takes upwards of 60 days (often much more) for them to "process" things and get your money back to you.
You'd be better off just stuffing your extra money under your mattress.
And there are very few ATMs that will allow you to withdraw without additional fees. The only one in the entire town I live in is at Target. Which, by the way, is not open 24 hours.
They took 30 minutes to say I was initially approved.
It then took 3 months and hundreds of hours and constant reassuring that I would be approved before being rejected.
I asked at least four times if we should stop because the process was intolerable. They assured me I was in good standing and they just needed to get the documents. After all that and $500 in expenses, I was turned down.
This group is not trustworthy. If you have any other options....TAKE THEM!
I Love CAPITAL ONE 360! They have several different plans to choose from! I opened the checking account with no minimum deposit! I also earned $50 Bonus by using this
Their customer service is top notch! the bank really cares about it's customers.. The CS department is located here in america and they are very easy to understand..
The application process also went very smoothly!! and required no credit check
This bank has no fees which is great!!