My name is Samuel Hatton and I’ve been using Capital One 360 for seven and a half years now. This is my customer review of the pros and cons plus a usability tour of Capital One 360. I want to start with the history, all you need to know is that Capital One 360 used to belong to ING Group—the world’s largest banking and financial services institution from the 1700s, they create a product called online banking.
Back in 1997, they had divisions in several different countries. One of their divisions called ING Direct USA was sold for eight billion dollars to Capital On. They named it Capital One 360 the best user interface. I’ve ever seen for online banking and I’ve used several online banks in the last 10 years.
So you have your accounts your products here. It’s extremely easy to find everything you’re looking for. One thing that is a little difficult is finding the checking account books, but you can go to checkbook and order checks. Your first 50 checks are free, which is pretty cool.
So that’s the best thing is the user interface easy to use. Let’s get into the cons, because I want to give the negative side of Capital One 360 a fair share. Now these cons come from negative reviews that I found online. The first thing people complain about most is the customer service.
So I’ve seen reviews of people talking about using their customer service going back and forth with emails and closing the ticket stuff. I don’t recommend using email, just go to the help in Mora section, go to contact us and contact them by phone. I’ve never had an issue with their customer service. They’ve always been very nice to me, so call them and talk to them on the phone.
The second biggest con is that transfering takes a long time if you use more than one bank. I use Chase Bank as my primary bank. So if you’re transferring from an external account to a savings account, it does take longer, which takes about seven days. But if you’re transferring from an external account to a checking account, it takes two business days and I’ll show you that.
Let’s say I have $100, I want to transfer from my Chase Bank to my Christmas, fund transfer date is the 19th, available on the 27th. So if I was to transfer the same amount from my Chase account to my checking account, it only takes two business days. If I were to transfer from any other account into any other account, it’s instant.
The third con is that you can’t deposit cash, which is not entirely true anymore. Because last month, you need to deposit cash into a capital one. So if you go to this locator and type search for an ATM, Capital One bank accepts deposits. I’ve never had an issue, I’ve just transferred it from external accounts.
Now they have this way for a mobile app to take a picture of your checks, which makes it really simple. I’ve used this several times and haven’t had issues with it. Those are all the cons, but let’s get into some of the pros.
The best interface for online banking, no fees on any checking accounts or savings accounts, easy to set up savings accounts, you just click this and set it up. And the fourth Pro is that they have a high yield for interest and high yield compared to other brick-and-mortar banks.
If I went to the Chase Bank and checked out my savings accounts interest, it’s actually 0.001 percent. We compare that with the point seven five percent. Let’s run this experiment. Let’s say I have $10,000 and Chase Bank, I contribute zero to it and I want to see how much money I would have the day I die, which is probably going to be in 70 years.
The interest rate point zero one percent, I would have seventy extra dollars. Instead, I had the money in Capital One and I have six thousand eight hundred and seventy one more dollars, it makes a difference over time.
Those are my pros and cons of Capital One 360. There’s one other thing I want to share with you. If I refer a friend, my friend will get a bonus and I consider all of you my friends, so you can have a bonus if you want to do Capital One 360. That’s my review of Capital One 360, you can set up tons of savings accounts and that’s the most awesome thing about it, link your bank accounts and everything.