Issue CapitalOne 360 Money Market Offer

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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.

 

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2 comments on “Issue CapitalOne 360 Money Market OfferAdd yours →

  1. Yes!, we went through same thing. Capital One illegally captures your personal info before forcing you to give up your routing number to build account with them. That’s a lawsuit all by itself. We called customer service and they said they have to put routing number into their system unconditionally. Just don’t give them your business. Many have written about how they will continue to withdraw money from your bank account after you have canceled and making it hard to get through to customer service.

    1. The American Express Personal Savings High Yield Product pays 0.90 Percent and does not force you to make monthly deposits like CapitolOne Does who only pays 0.60 percent. There is a holding period, but all banks and credit unions have something similar. We just took $10,000 out of our credit union account in Las Cruces, NM which was only earning an anemic 0.06 percent and put it in the Amex savings. We had some friends in Roswell do the same thing. I dont know how small town credit unions survive!!

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