hungryhorace

Is that information still accurate? I phoned them last week to specifically confirm this point with one of their underwriters and they stated that facility was no longer in place.

Were they incorrect? If so, I will open an account with them!

Michael

I've been using it for the past 5 years and used it about a month ago. I just checked the account and they changed it a little but the option is still there with my address book. Person to Person transfer only knows the last four digits of the account number (an email is sent to the recipient asking for the routing and account number) and once that is entered, the clock starts (they now indicate that it takes two days).

Michael

Hold on, I'm still checking it is a valid option electronically anymore.

Michael

No problem, it is still there. Recently they changed the menu and it confused me so I wanted to recheck one more time.

Michael

I think the rep was confused. Capital One and Capital One 360 are both valid internet banking services. I have both but it appears that they are phasing out the Capital One banking service. Since this thread started, I was rechecking all my accounts to determine the capabilities and discovered that if I went to the Capital One banking service and clicked on their link to tell me about their accounts, it directed me to the Capital One 360 Banking service.

Before I got the Capital One 360 account, I opened a Capital One banking account since at the time it could transfer to or from any type of account that I owned in other banks (money market, savings, checking, etc.) and all my other accounts could only transfer to or from a checking account. For me this was important since it is a high interest rate account and I could transfer money for free directly to and from my brokerage account (money market). Therefore I didn't need any money in my brokerage account to purchase securities since I could get the money into the brokerage account before the settling date.

However recently I looked at my brokerage account and it now appears that it can transfer funds to or from any type of account for free so I probably don't need my Capital One account any more and can use only the Capital One 360 account.

yellowroom

I'm with First Direct in the UK and HSBC in the US. FD are by far and away light years ahead of HSBC here, still. I recently went to mainland Europe and called both to advise I was planning to use my cards there. The call to FD was answered in person 15 seconds and the call concluded in less than 4 minutes. The exact same task took two calls, endless phone menus, and a total of 18 minutes to HSBC (because I had to call different numbers for my debit and credit cards.). It's everyday tasks like that where customers like me ask why on earth banks can't be more like FD than HSBC(US), regardless of the difference in banking systems.

HSBC still blocked my card anyway 'for my convenience'.

hungryhorace

Perfect, thanks for checking. Appreciated.

OK, looks like there could be a way to get money to my broker (currencyfare) like described here: http://www.indextown.com/archives/20...cyfair-part-1/

Can you confirm if what is described there is possible with C1360? Thanks!

Michael

The only thing Capital One 360 can do is push or pull ACH transfers to or from your other bank checking accounts for free. Since CF apparently needs a B of A bank account, you could push the funds to that account for free if it is a checking account. If it is a savings or money market account, that is not supported by Capital One 360.

The authorization for ACH account to account transfers is that you setup the routing and account number of the other bank and a small deposit (less than $1) will be put in the other bank account. After the deposit occurs, you verify that amount in Capital One 360 and you are then authorized ACH transfers to and from that account.

Only 3 external checking accounts are allowed for account to account transfers. For new customers, you have to wait 30 days to add accounts online but your first link can be setup by sending them at least a $1 check via mail. If I remember correctly, you'll have to sign and return some papers within a specific period of time or the account will be closed.

It doesn't appear that Capital One 360 supports wire transfers.

Edit: One other thing I forgot to mention about Person to Person transfers. When it was ING Direct, maximum Person to Person transfer was limited to $100K per day but Capital One 360 reduced that to a maximum of $5K per day. So occasionally I now have to make transfers for two or three connective days if I want to transfer $10K-$15K to my sons.

hungryhorace

I believe it's a checking account, however I would be unable to verify what the amounts were as I have no access to this account. It did seem to work for the poster in the link I provided though. But then, most banks can perform ACH push and pulls between accounts you own, so i'm not sure what is making Capital One 360's service unique? Unless i've mis-understood?

Michael

Yes I just noticed that he used the ING Direct Orange checking account (that is the Capital One 360 checking account) without electronic verification. He may have gotten a check book from B of A for that account and mailed a check to Capital One 360 to setup the account to authorize ACH transfers between accounts. However that means you need to initially have money in the B of A account plus a printed check to setup the link.

I don't remember how I initially funded my ING Direct account whether it was with a check or an ACH transfer from the menu when I opened the account but I believe it can be done either way. If I did it with an ACH transfer, I don't believe the link was authorized for further transfers and I later had to do the electronic verification of two small deposits to authorize the link. Unless Capital One 360 changed how ING did it without electronic verification, the non electronic verification method to authorize the link appears to be with a printed check.

kodokan

When we were renting last year, our bank (Chase) originally set up the monthly payment in the usual Byzantine way - instruction on my account triggers the product of a check which was then mailed not the landlords' address, because they wanted it all automatic, but to the actual branch they banked at, which yes, WAS exactly the same as mine, and the bank staff then deposited the check in their account. It took around 10 days, and once made me miss the payment day because the check got stuck in the post.

After I went in and had a little moan, one bright spark realised they have a system like standing orders, but as they largely only use it for parents transferring allowances to their kids who also bank in the same branch, they hadn't thought to offer it outside of that context. So then I used that, and all was well.

I now do the same with my teenage son - he gets his allowance paid from my account to his on the 1st of the month; it seems to go through instantaneously.

The mortgage is no problem either - I've set up an ACH (direct debit-a-like) payment, which I can alter online monthly if I want to send additional principal payments as the fancy takes me.

So now the only thing that appears to be beyond the wit of man is sending an electronic payment to someone who's not in their Bill Payment system, ie, another individual.

Oh, and being able to hold an account in any other currency but dollars. We have a multi-currency account in USD/GBP/CHF (used to work in Switzerland, still waiting for our final tax rebate...) in Jersey, which is tiresome as we may as well tattoo 'Stone me as an evil tax evader!' on our foreheads.

On the plus side, my Chase branch are SUPER nice. The second I push the door open someone calls a friendly Hi from over across the counter, where I can go to talk to actual people who aren't behind a screen of glass or using a stupid microphone I have to shout into. And they've been ever so patient with my 'hello, I'm new, and don't know what I'm doing...' questions. I'm on first name terms with most of the staff there now.

AdobePinon

Find yourself a different bank. ACH is usually next business day for me. For free. To any account with a routing number. I can wire free of charge too.

hungryhorace

Which bank allows you to wire domestically for free? ACH is 3 days. It's a national clearing house, which all banks who subscribe to are governed by. I'd be interested to know which bank provides a NBD ACH transfer?

AdobePinon

Unfortunately for you, my bank is a local one, maybe half dozen branches. Probably not much help for you. ACH is dependent on whenever the bank sending the money gets off its ass and sends a batch of payments. For me, the transfer will be done by NBD as long as it's set up prior to 2 pm mountain time. But banks can be cheapskates and wait a couple of days to send a larger batch.