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Why You Shouldn't Close Your Capital One 360 Account

You might want to run away from Capital One 360, but give it a little time before you close your account. You may be pleasantly surprised.

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In the world of investing, one core principle that investors abide by is to sell a stock or mutual fund when the company or management no longer performs in a manner that you expected. The same approach should apply to those of you who are contemplating the idea of leaving your bank. Given the recent evolution of Capital One 360 from ING Direct, former ING Direct customers are considering leaving their banks, but I’m suggesting that instead, they adopt a wait-and-see mentality before rushing to close their accounts.

Ever since ING Direct announced its sale to Capital One, many ING Direct customers have said that they’d be leaving, simply to avoid association with Capital One. Despite repeated messages reassuring customers that nothing about their experience is changing, skepticism lingers as Capital One takes the helm.

“Let’s see how long it will stay the same,” said Danny, a commenter said in our Capital One 360 launch story. “I give 1 - 2 years before ING and its ‘awesomeness’ will be forgotten and it will be just like any other traditional bank, nickel and dime you in every possible way.”

However, in the one and half years since the acquisition was announced, I haven’t noticed any significant changes to my ING Direct experience. In fact, multiple upgrades -- such as remote check deposit and check-writing -- have been introduced. The team behind ING Direct remains a part of Capital One 360.

Sure, I have mentioned that I’m moving the bulk of my savings to Ally Bank. But that was strictly because Capital One 360’s savings rate has slipped enough to warrant the move. Following the rule stated earlier, I transferred money out because the savings rate had lost its competitive edge. I would do the same if a mutual fund manager decided to take a less aggressive approach in picking the funds' holdings.

Patience matters

Many Capital One 360 customers are sticking around to see what becomes of their accounts and online banking experiences. That’s a great move. If everything works the way it should, why be so hasty to leave?

“I’m a bit nervous about this Capital One thing and am scouting around for another bank in case things go south,” said Costello, who left a positive review for ING Direct. “Shopping around at other online banks and credit unions over the last month or so has made me realize how good ING is. I seriously hope Capital One doesn’t foul it up.”

I think Costello is a great example of someone who finds that his bank account is doing a good job, and that’s all that matters -- not the change in the bank’s name.

Andreo, another ING Direct reviewer and 10-year patron of the online bank, said, “As it stands for now things have pretty much remained the same as they did pre-Capital One days. So I guess as long as Capital One minds its manners I will remain with them.”

Now ask yourself this: if ING Direct was acquired by any other bank, and experience stayed the same, would you stay?

Let us know in the comments below!

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Friday, 17 Aug 2018 1:06 AM
<p>Incredible but true, at Capital360 you can open an account on line, move money from other banks and to other banks, all electronically, but to add a beneficiary you need archaic paper forms and then find a notary to get them notarized and then if you dont have a fax, go to the post office....Doesn't sound smart, I went to a local Capital branch to be told that no notary is available.. so try another bank...Not sure why other on line banks can do beneficiaries online and Cap1 360 cant. Will not open another CD at 360 until I can add or change beneficiaries on-line. Someone needs to rethink this situation.</p>
Thursday, 14 Jun 2018 12:01 AM
<p>Agree. I have a rather large money market account with Cap 1 360 which I am about to close because they don't allow beneficiaries or POD/TOD accounts. If more people were aware of the usefulness of these type of accounts, they would also jump the 360 ship. It is interesting that I have been told that the original Cap 1 (not 360) allows beneficiary accounts. Unfortunately, Cap 1 has few checking/savings options and what they have pays zilch.</p>
Thursday, 05 Apr 2018 10:50 PM
<p>As long as Capital One 360 maintains their policy of not allowing Beneficiaries to be listed on a Capital One 360 CD Account, that when my current CD matures in June of 2016 I will not renew the CD but transfer the money to a competing bank that allows beneficiaries to be listed on CD accounts..</p>
Thursday, 01 Mar 2018 2:12 AM
<p>I'm about to move all of my direct deposits and bill pay to another bank. Chime looks good. It will be either Chime or Navy Federal. The same bank that delays deposits also will demand credit card payments, knowing their ACH policies are slow.</p>
Friday, 24 Nov 2017 1:59 PM
<p>Unfortunately, Jim Kelly's email address at Capital One 360 is no longer valid ... and -- worse -- there is no replacement email address!! <br>==&gt; I got a bounce-back email saying that I can only *telephone* them. <br>~ Do not bother emailing them!</p>
Thursday, 09 Feb 2017 10:52 PM
<p>Cap1-360 was recommended for international use. <br>Meanwhile I live in this country and they hold deposits and transfers way too long. Over a week for their fancy check by photo app. Then over a week for a simple bank to bank transfer. Then I set up an automatic deposit from my normal account to the youth money account for Mondays, the money is available on the Thursday. (my kid said his allowance got pushed back to the end of the week) <br>So I transferred my money right back out to a real bank. They cashed my CapitolOne 360 check in half the time it took to make the deposit.</p><p>Sorry I had anything to do with them.</p>
Tuesday, 18 Oct 2016 7:29 PM
<p>You're probably worth millions. Everyone else gets treated like scum. Online banking is merely a fishing tool used by them to maybe net a big fish or two out of the pond. Small fish will be quickly gotten rid of because they were not the object anyway. My A+ rated small town community bank opened my new checking account in less than 30 minutes with no fees plus full free ATM access at Wells Fargo banks in town. My 360 checking is still incomplete after 3 weeks wait with no customer service response, probably two people in a garage in the Philippines. They sent me a useless debit card though. Hopeless. Don't let them anywhere near your money.</p>
Friday, 26 Aug 2016 11:44 PM
<p>Yeah you should have bailed. </p>
Saturday, 29 Aug 2015 6:37 PM
<p>My roommate at the time called them crooks, (after the fact of course) I didn't understand what he meant until after bootcamp. At that time I figured a bank is a bank. Now I call them crooks of America. Back then, people weren't on the internet quite as much now we all can see which banks are honest and which ones are crooks. The brick and mortar bank's days are numbered.</p>
Thursday, 20 Aug 2015 7:29 PM
<p>Ah, that's quite unfortunate. Always advised readers to get a written statement of account closure, but your case was a long time ago, when banks didn't garner as much hate I guess.</p>
Wednesday, 19 Aug 2015 2:59 PM
<p>Yes, well, I joined BofA when they were called Nations Bank back in 1998, In 99 I was heading into the Marines and I told the teller I didn't need the account anymore. His goofy self never closed the account. Back in those days a bank maintenance fee could also cost you an overdraft fee. By the time I returned from bootcamp BofA reported me to ChexSystems for almost $300 worth of fees which has since been resolved. That's separate from when I joined ING Bank (Now CapitalOne 360) I do like my Capital One Account but since BofA and CitiBank, I no longer trust just one bank under any circumstances. I always have at least 2 bank accounts in case one gets greedy.</p>
Wednesday, 19 Aug 2015 4:46 AM
<p>Did BofA report an infraction to ChexSystems? Is that why you're holding onto your CapOne account as backup?</p>
Tuesday, 18 Aug 2015 11:51 PM
<p>I would do the same as I'm doing with CapitalOne waiting to see, however that might not be the case with Bank of America. They're the only reason why I know of such an entity as ChexSystems.</p>
Wednesday, 15 Apr 2015 2:04 PM
<p>Mike, was it just the password lock-out that pushed you over the fence? What other customer service issues have you had?</p>
Wednesday, 15 Apr 2015 2:56 AM
<p>I just closed my account. My customer service experiences have been horrible Locked my out my account for a forced password change.</p>
Wednesday, 08 Apr 2015 10:47 PM
<p>Rene, it's always nice to hear good experiences from bank customers (since they often don't take the time to praise their banks). So far, I still don't feel that Capital One 360 changed too much from the ING Direct culture.</p><p> On a side note, I think the cash-deposit capability will definitely play a role in making the online bank stand out from the competition.</p>
Wednesday, 08 Apr 2015 9:23 PM
<p>I have been with Cap one 360 for two years and I have two Cap One Cards. I cannot complaine. I come from a difficult credit situation, and I got my checking account and I never looked back. Being a person who has been treated badly by other accounts this account s a blessing. The only thing I wish they had was a way to deposit cash into your account. They have added this feature at the ATM, but not all ATM Allpoint have been upgraded. I had a few problems logging in, and I called them and they fixed my issue no problem. Once I got on board with CHECK now Mint Bills, my life has never been better. Banks are not there to give you thing they are there to make money using your money, your job is to minimize the amount they keep and still have an account.</p>
Thursday, 19 Feb 2015 10:20 PM
<p>Worst online banking site I ever been online. I closed it.</p>
Thursday, 08 Jan 2015 10:57 PM
<p>You ended up moving money from Capital One 360 into Capital One's Essential Savings account?</p>
Thursday, 08 Jan 2015 10:48 PM
<p>We'll see. There are problems with most banks. It's how those problems get resolved that sets the benchmarks. My chats with reps have been helpful.</p><p>I've gone as far as taking advantage of the promotional rate at their brick and mortar banks to get 1.25% for 6 months. Service there was outstanding (especially after seeing that I was bringing 6 figures in a new account). Seems to me they want to do well by their customers both online and in bricks.</p>
Thursday, 25 Dec 2014 11:18 PM
<p>hey you guys I need help and the site isn't helping me at I opened an ing direct account over 10 years happened and its been about 6 years since I have checked my account, only 1 of my security questions is wrong which denies me the whole sigh in it doesn't even ask for my email to send me a temp password, nothing...I just found out the change to capital one...what can I do???</p>
Tuesday, 14 Oct 2014 12:50 PM
<p>Sorry, mistyped;</p><p>When I first opened an account with them, checks would;</p><p>Them = Wells Fargo</p>
Tuesday, 16 Sep 2014 3:43 PM
<p>I just closed my account. My customer service experiences have been horrible. Rude, dismissive and uncaring.</p>
Thursday, 31 Jul 2014 9:10 PM
<p>ebd, thanks for sharing your experience about the transition that Capital One 360 is making. You know, if you'd like to get your message heard by the online bank, you can email Jim Kelly, head of Capital One 360 at He openly shares this email through CapOne 360 newsletters. You can send your feedback directly to him!</p>
Thursday, 10 Apr 2014 2:17 AM
<p>I have had Capital One 360 account for over two years and will be closing my account as soon as I get access to my money. I will be closing escrow the next week on a home and had roughly 25k that was transferred into my Capital One account via ACH Direct Deposit on 4/6/14. The funds had complete swept over today 4/9/14. I needed to transfer that and the remaining balance to my US Bank account because I need to wire the money on 4/15/14 to the escrow company to finalize the purchase of my home. I transferred money from four other bank accounts on 4/6/14 and all those cleared by 4/9/14. I find out today, that Capital One has placed a hold on the entire 25k until 4/16/14. The funds and account info has complete swept to my Capital One account, but they are holding the money due to set internal policies.</p><p>I spoke to four different representatives who all basically told me it is there policy to hold ACH transfers for five additional days and there is nothing I can do to get the hold removed. I am not an expert, but I believe this violates section 229.10 of the FDIC. Either way, I will not bank with a company who arbitrarily sets their own rules and places holds on their customer's money with no regard as to the outcome to those policies. There are far to many better banks out there that value their customers.</p>
Wednesday, 09 Apr 2014 11:57 PM
<p>It's starting to happen. CapitalOne just called me and told me I could no longer use the re-occurring scheduled transfer feature from my HELOC. They cancelled all my re-occurring due to system upgrade. I informed that that upgrading system never takes away features. They were indifferent.</p>
Wednesday, 19 Mar 2014 6:08 PM
<p>account transfers upon death to beneficiary without having to go through probate court, which can be very expensive...takes 5-15% of assets in legal and court fees (POD = Payable On death also know as TOD)</p>
Wednesday, 12 Feb 2014 2:46 PM
<p>I love cap 360 lured me in by stating they would credit my account 50.00 by signing up, then after getting my personal information I was told my credit score was not good enough (my score is 740). Now come to find out Capital One is a huge rip off... BEWARE PEOPLE.</p>
Saturday, 30 Nov 2013 12:43 AM
<p>for the past several months, I have had a problem logging in, from 3 different browsers. Today, after resetting EVERYTHING on every browser, per their help instructions, and resetting my PIN, still cannot login. Tells me my PIN is wrong even when I just reset it and confirmed it via phone help. So now I have to figure out how to login one more time and move all my money to my other bank: whose online banking I can access from ANY of my browsers ANYWHERE. Can't login, CapitalOne account is USELESS.</p>
Saturday, 09 Nov 2013 6:46 AM
<p>I'm a very happy Capital One customer on both the 360 and the credit card sides, they treat me better than other issuers, I've had no problems at all. I will say that I wish they had EMV cards to help make the no F/X fee easier to take advantage of, but other than that, the experience has been excellent. I think the people who complain about their credit cards tend to have their near-prime and sub-prime products. The truth, though, is that even in that space you can't do much better. Go see how Credit One or First Premier will treat you if that's what you qualify for with Capital One :)</p>
Saturday, 02 Nov 2013 5:43 PM
<p>what the heck is POD</p>
Friday, 25 Oct 2013 8:57 PM
<p>I recently opened a Capital One 360 checking account and a Savings account. Then I learned Capital One 360 does not have POD accounts - requiring one to go to the great expense and trouble of creating a Revocable Living Trust to accomplish the same thing! I'll be going to Ally Bank which does have POD provisions.</p>
Thursday, 10 Oct 2013 10:04 PM
<p>Did you know that if you transfer from a linked account at another institution to Capital One, which is in fact a cash transfer, that a 5 business day hold is placed? I transferred $450 to my savings. I made the transfer to purchase stock through my brokerage account with them. When I called, all the representative was interested in was selling me a checking account which would not work for me. Oh, I miss ING. Now my big project is to find a better online bank/brokerage.</p>
Tuesday, 01 Oct 2013 6:07 AM
<p>Leaving now. Since February, seems like the site is down more often and rates aren't very competitive. The new app is buggy, but will probably improve with time. Still a shame to see a good bank falling. Switching to Ally.</p>
Wednesday, 28 Aug 2013 1:27 AM
<p>I never liked the fact that I never received statements from ING unless I go online to retrieve them. Same thing for my end of year interest statement. And I ALWAYS have difficulty logging into my account for some reason. I just can't say my experience with either has been pleasant. There are better places to put money safely these days and I intend to close my account tomorrow (because Customer Service is closed right now...what's up with THAT? You're an INTERNET BANK!)</p>
Sunday, 25 Aug 2013 6:19 PM
<p>I don't understand the complaints. I've had a legacy Capital One MMA and credit card for years and it pays good interest rate and still has no fees on international ATM and POS usage. Actually from my perspective things started going downhill there for new customers after they acquired INGdirect. I hope they keep us legacy account holders with no changes.</p>
Friday, 12 Jul 2013 5:16 PM
<p>You used to get a person to answer the phone when you called ING. Now it's a robot. Highly symbolic, if you ask me.</p>
Wednesday, 22 May 2013 2:19 PM
<p>I'm not worried. So long as my deposits stay within the FDIC deposit insurance coverage limit, I'll keep my money with Ally.</p>
Tuesday, 07 May 2013 5:00 PM
<p>Honestly, Capital One has been great to me. I can't complain; always been treated in a very professional manner. I have 2 credit cards and a legacy ING Direct account now a 360 account.</p>
Monday, 22 Apr 2013 1:30 AM
<p>I miss orange to but so far Cap 1 360 hasn't bothered me any. I have never had a problem. I also love their promotions! I closed my Ally account for ING and Cap 1</p><p><a href=";cuid=15643" rel="nofollow noopener" title="">https://home.capitalone360....</a></p>
Friday, 12 Apr 2013 1:21 PM
<p>hi, this link works to open a new capital one 360 account with $25 bonus</p><p><a href=";cuid=15643" rel="nofollow noopener" title="">https://home.capitalone360....</a></p>
Friday, 29 Mar 2013 9:44 PM
<p>I agree that Capital one is the cancer of the banking industry. The worst possible experience, the worst possible customer service, a palatable dislike of their customers and a complete disregard for basic human interactions. I closed my account with them after a terrible experience and I would urge everyone who still has not left them to do the same!</p>
Wednesday, 27 Mar 2013 3:16 AM
<p>FYI: Get a $50 bonus when you sign up for Capital One 360 checking and a $25 bonus for savings. Easy $75..</p><p><a href=";cuid=15643" rel="nofollow noopener" title="">https://www.capitalone360.c...</a></p>
Tuesday, 05 Mar 2013 9:29 PM
<p>Everything bad about Capital One has been grafted onto Capital One 360. They will screw you 360 degrees.</p>
Sunday, 03 Mar 2013 9:32 AM
<p>I don't understand these people's attitudes. Even before the acquisition, Capital One offered online checking and savings accounts that were comparable to ING Direct.</p>
Saturday, 02 Mar 2013 8:07 PM
<p>Apparently none of the people dreading the Capital One takeover realize that Capital One has ALWAYS offered an online savings account that has never had monthly fees or minimums. I understand if you've had bad experiences with Capital One, but most people get so upset for silly reasons.</p>
Tuesday, 12 Feb 2013 12:28 AM
<p>Capital One is like the cancer of all financial institutions and it is a damn shame that the ING board sold off their customers to such a horrible company. That move alone confirms that "the people behind ING" never cared about the customer. Peace out, Capital One. You screwed me on a credit card - I won't let you do the same on my savings.</p>
Thursday, 07 Feb 2013 7:50 PM
<p>For rate-conscious fanatics like me (and you -- I'm guessing), the savings rates hold a ton of weight. If Capital One 360's rates were still competitive, my money would still be with Capital One 360 (and you probably wouldn't have ditched and went to Barclays too).</p><p>I think the low-rate environment is to blame for how we perceive savings rates. If Capital One 360's savings rate was 3.75% APY and Ally's savings rate was 3.90% APY, I wouldn't have bothered to move the money.</p><p>But, for those who found value in ING Direct's (Capital One 360) checking accounts, for example, I'm suggesting that they're better off financially by sticking with the online bank as opposed to jumping ship simply because they don't like the idea of being a customer of Capital One.</p>
Thursday, 07 Feb 2013 7:28 PM
<p>Simon, you moved the bulk of your money from ING to Ally yet you say others should wait and see? Seriously, with ING now owned by a scummy bank, savers should put their money at a scummy bank that pays more interest. I just switched my significant savings from Cap One 360 (plain scum) to Barclays (major scum.) Their interest rate makes the scum easier to take.</p>
Wednesday, 06 Feb 2013 7:51 PM
<p>I don't beleive there are no comments!</p>
Wednesday, 06 Feb 2013 7:27 PM
<p>I miss the Orange, but so far it's exactly the same service. Plus the government doesn't own 73% of their assets... unlike Ally.</p>
Wednesday, 06 Feb 2013 7:23 PM
<p>I believe they also did away with foreign transaction charges a few months ago.</p>

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