My Review of Capital One 360
I used to be with the largest bank in America and was getting tired of the terrible customer service. Having to use an automated menu for 5 full minutes before reaching a real person on the phone was getting very tiring. Even with my dissatisfaction, I was very hesitant to switch from a large bank with actual branch locations to an online account without physical offices.
Once I did finally switch, I even kept my account with the other bank just in case I was unhappy with this new method of banking. Within a few days of making the switch to Capital One 360 I couldn’t have been happier.
Attention servers, bartenders, under the table workers and others paid in cash: you can now deposit cash into any Capital One ATM that accepts cash deposits; that means one less thing in the “Cons” section, and one more reason to love this bank!
I’ve been using Capital One 360 since around 2011 when they were still called ING Direct. I absolutely love the service I have received and highly recommend them to help keep track of your immediate finances.
• Over 40,000 ATMs between the Allpoint and Capital One ATMs
• Mobile check deposits via CheckMate
• User-friendly mobile app and website
• The money in your checking account earns interest
• You can send cash to friends, family and landlords
• Their bill pay service is great
• No paper statements get mailed
• No minimum balance requirements
• No hidden fees
• Very minimal overdraft fees (pennies…literally)
• UPDATE: As of 10/17/2014 you can now deposit cash into any Capital One ATM, so this is no longer difficult, as I had mentioned before 🙂
– Difficult to deposit large amounts of cash
• No physical branch locations
Remember how I mentioned their overdraft fees were mere pennies? I wasn’t kidding.
The Capital One 360 Website
Their website and mobile application are extremely helpful and I never have to call.
In the 3 ½ years I’ve had them, not having a branch location to walk into has not presented any problems.
In fact, many larger banks and now charging you more for accounts in which you are able to use their brick and mortar locations, so this trend is clearly catching on.
When you sign up, you can make your initial deposit at any point via transferring funds from your current account. In a few days, your debit card will arrive in the mail and you can then begin using it any point. You can also order your free checkbook when opening your account – although I think I’ve used about 3 of these checks since I’ve opened my account three years ago.
I know that sounds crazy, but the convenience they offer in respect to bill payments and mailing checks on your behalf make these virtually unnecessary.
A Very User-friendly website
My favorite part of my Capital One 360 account has got to be how user-friendly the website is. It always shows a live, up to the minute synopsis of your account.
The minute I swipe my card to pay for something the website not only shows the transaction, it also gives a new “available balance” (total balance minus that transaction I’ve just made). This is extremely helpful if you have your “bad moments” with simple subtraction while you’re on the go. ☺
I work in the online business and marketing world and still find this website extremely useful, if that says anything to you. It’s simple, yet includes everything you could want in an online banking experience.
Paying bills is easy
Capital One 360 Bill Pay Screen
We all know how important it is to keep track of your bills and have them paid on time. With the Capital One 360 bill pay screen, you can add companies and people to pay.
Yes, I said people. This is extremely helpful for rent if your landlord will allow you to set it up. No more scrambling to get your check in the mail on time!
When you go to select which date the money will be taken out, it also gives you the delivery date to your selected biller. Some companies don’t allow the direct deposit payments, so Capital One 360 will actually send a physical check for you. They give the date this check will arrive into the hands of the billing company so you can make sure your payment won’t be late.
My car loan company is a bit….”behind the times” if you will. Their transfers and deposits take quite a few extra days than any other bill I have. Having the capability to see when my payments will be deposited into my car loan account is crucial because of their delay while processing payments.
In addition to adding companies to pay, you can also allow Capital One 360 to pull your billing statements. This means they will let you know when a bill comes in, as well as remind you when it’s getting close to being due. Awesome!
The whole website is just so user-friendly. Your available balance is listed on every page you would need it on, so you don’t have to go back and check if you have enough money to complete each transaction. Capital One 360 bill pay is awesome!
Depositing a check via CheckMate
Depositing a check using the mobile app is extremely easy. You simply open the app, log in, and select “Deposit Check”. You are then asked to take a picture of the front and then back of the check. Add the amount of the check, and you’re done.
You can locate ATMs, manage your account, deposit checks, and call right from the mobile app!
Capital One Checkmate, mobile check depositing
Take a picture of the front of the check
Then a picture of the back
Enter the amount and the account you want it deposited to. And voila!
They will send you an email once you are able to void the check (usually less than 24 hours later). You are also notified once the check has been deposited into your account.
Don’t have a smartphone? No worries. You can upload pictures of the front and back of the check on your computer and you’re all set!
Don’t Forget about the 40,000 ATMs
The mobile app allows you to quickly find ATMs in your area that will not charge you a fee since you’re a Capital One 360 account holder. This might be something you’ll want to look into to make sure there are ATMs near your home or work in case you do need to take money out. Chances are there will be a few in the local area, but you want to check just in case you are in the middle of nowhere.
Of course, you can still use another ATM, but the regular fees will apply. It’s really easy to find a local ATM using their online site as well.
No more long lines at the bank to deposit a check….heck, you don’t even have to drive to the bank anymore! I am so happy with Capital One 360 and would recommend them to everyone for an easy, checking account for those who don’t need to constantly deposit a large amount of cash (those who work on tips, etc.).
(This post contains referral links, meaning I do get credit for referring you but in no way does it cost you more for the service.)