Received a snail mail solicitation from CapitalOne for a 1% APY on balances of $10,000 or more and 0.60 Annual Percentage Yield for lower balances. This looked good at first since our small town credit union in Chaves County New Mexico only pays us a pathetically low rate of 0.06 APY!
CapitalOne’s marketing slogan is One of the nation’s highest savings rates. Also there are no fees and your hard earned money is FDIC-Insured up to $100,000. So, chomping at the bit, we went to their website to create a joint account which require birthdays and social security numbers for me and my wife. Everything was going well until we came to the part of the online application process which required my bank routing number and my account number. This was a REQUIREMENT in order to set up an account with CapitalOne.
They want to be able autodraft money out of your account rather than letting you send the money to them when you feel like it. Their overbearing and aggressive insistence on having my bank account number cost them my business. This is same kind of forceful tactics used by life insurance companies who claim they do it to avoid any lapse of coverage in the event you forget to pay them. CapitalOne has no such excuse and will continue to lose market share if they continue to DEMAND your bank routing number to open an account with them.