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$200 Capital One Checking Bonus in CT, LA, NY, NJ & TX - YMMV


Capital One Direct Banking

Update 5/10/2011: Capital One has come out with new $200 promotions. Refer to this thread for the latest information.

Capital One has been mailing offers of a $200 bonus for opening a new checking account with direct deposit at a Capital One Branch. Minimum opening deposit is $50, and you must mention the promo code RC2. Some important details in the small print include: You must enroll in payroll/direct deposit within 90 days of account opening. Qualifying individuals will receive a $200 credit to their checking account approximately 6-8 weeks after the first direct deposit.

Credit for this find goes to FW member pp65us who mentioned it at FW thread.

I've labeled it "Your Miles May Vary" (YMMV) since the small print of the offer states that you must present the mailer to qualify. However, a couple of readers at the FW thread have mentioned that their Capital One branch accepted a printout of the webpage. So there's a chance for those who didn't receive the offer in the mail to get the bonus. With the bonus being $200, it may be worth the effort to give it a try. If your branch accepts it, please leave a comment. The two branches that were reported to accept the webpage printout were in New York City and New Jersey.

Other Capital One Bonuses

Capital One Direct Banking is still offering a $50 bonus that's available nationwide. This requires that you open the online savings account and have $10K or more in it on 5/29/09 (see post).

Costco members can get up to a $60 bonus and receive little higher rates (see post).

As of 5/07/09, the Online Savings Account has a rate of 2.01% APY for balances of at least $10,000 (1.01% for below). Minimum initial deposit is $1, and it has no monthly service fees. I have more details on this account in this review.

The High Yield Money Market Account has a less competitive yield (1.40% APY for all balances as of 5/07/09). Unlike the savings account, it offers limited check writing, and the checks are free.

The main downside with these two accounts is a slow ACH transfer system. Reports are that it takes at least 3 business days to complete an electronic transfer with at least 2 days of losing interest.

Capital One used to have some competitive CD rates, but they're currently not competitive.

Capital One has two FDIC charters:

I've been told by a Capital One banking rep that new deposits are held by Capital One, N.A. The FDIC shows Capital One, N.A. to hold most of the deposits, so this seems to be correct.

  Tags: New York, Louisiana, Capital One Direct Banking, New Jersey, Texas, Connecticut

Related Posts

Comment #1 by Anonymous posted on
NJ, NJ. So nice, you named it twice.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I had so many initials in the title that I confused myself. Thanks for the catch.

Comment #3 by Anonymous posted on
I have experienced very bad customer service from Capital One Bank. They lost $10,000 from my account. It has been more than one and a half month and I still have not received my money back. The supervisors and managers in the Customer Care department never returned my call as promised. I had called in and requested them to call me back 5 times with no success. Each time I had to wait 48 hours before I can make another request. Finally, when I informed them that I was about to bring them to court, they started talking. No wonder why Capital One Bank has to give away hefty bonuses to lure new customers in. I requested to closed my account on March 31, 2009 and it has not been closed until today. Go figure if you want to deal with this bank. I am going to have my post about my ordeal with Capital One on

Comment #4 by Anonymous posted on
Teachers Credit Union NY now has a 2.42% MM account with a minimum 100K balance.

Comment #5 by Anonymous posted on
Where is the printout for this promotion (that they also send out by post)/

Comment #6 by Anonymous posted on
Capital One's online savings account yields have fallen still again -- to 1.75% for the regular account and to 1.80% for the Costco one.

Comment #7 by Anonymous posted on
I used the printout mentioned at FatWallet in Manhattan to open the account. I confirmed with the banker that I would get the promotion.

Comment #8 by Anonymous posted on
is this dead?
the promo is not on their website now.

Comment #9 by Anonymous posted on
I opened my Capital One account on August 29, 2009 and was told I would receive my $200 within 30 days. Well, nearly 8 weeks later I have not received the bonus so I emailed Capital One asking where the money was. They responded by telling me that since the promotion ended on August 31st and my first direct deposit didn't hit until September 4th, I was not eligible for the bonus.

No where in any terms or on the mailer that I can recall said that the first direct deposit must hit by August 31st. All that was said was that you must have a direct deposit hit within 90 days of opening the account.

I currently have another email into Capital One... I will see what they say. Has anyone else experienced any issues like this? Or anyone vouch for Capital One that it did say in the fine print a direct deposit must be made before August 31st?


Comment #10 by Anonymous posted on
I have opened an account 10 days ago and have had very bad experiences with the customer service. It seems they have a few more than ten supervisors to answer the phone (since the regular representatives could not do anything useful when there is a problem with your account), and most (if not all) have pretty bad attitude towards customer. When there is any error such as electronic transfer happen, they blame you even before they know the whole story. Go figure! As the other poster, I never got a return call as promised either. I have had business with more than 20 banks in the past ten years and I was so surprised that Capital One and Capital One Direct are the worst! No wonder they advertise on TV a lot in my area (TX). Grab your money and stay away from it.

Comment #11 by Anonymous posted on
It's a CON GAME... In Houston Texas, "You must have been mailed the offer, your name printed on the offer, and it's sent to credit card holders only."....... They didn't tell me this when I opened the account.

Comment #12 by Anonymous posted on
I do business with Capital One because they had some good long term CD rates in the past and have some account features that are a particular benefit for me...

But more generally, for others, one feature of their banking accounts that really bugs me is they have a standard 5 business day hold on pretty much all deposited funds into all their bank accounts, except for their Internet Checking Account....

When the hold period is 5 business days, that invariably means the hold period is going to cross a weekend period, which doesn't count as business days, so their hold effectively becomes 7 days, including the non business Sat and Sun days....

That's what I'd call a form of banking robbery.