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Capital One Direct Banking

Review of Capital One's Online Savings Account


Update 11/14/09: The Online Savings Account yield has fallen to 1.50% APY for balances over $10K. The Money Market Account yield has fallen to 1.20% APY. Refer to the bottom of the post for the rate history.

Now that Countrywide Bank has just lowered the rate on its Savingslink account, Capital One's Online Savings Account has become even more competitive. Its top yield is currently 3.75% APY which is near the top for online savings accounts. There are a few savings accounts, like at Alliant Credit Union (see post) and at AARP Financial Savings Center (see post), which have higher rates, but Capital One's savings account has a few features that may make it a better choice for some.

Capital One's Online Savings Account is somewhat new. They used to only offer a money market account. The MMA has maintained solid rates, but rarely near the top. Capital One seems to have created this Online Savings Account to be more of a rate leader. It has features that should help it maintain higher rates like a rate tier structure, no checks, no ATM cards and an online-only application process.

Capital One's Online Savings Account has many similiarities to Countrywide's Savingslink in that the top yield is earned on balances of $10K or more. Also, there are no monthly fees if your balance drops below a certain amount. You'll just earn a lower yield. And like Countrywide, Capital One has a flexible ACH transfer service.

The main downside seems to be Capital One's slow ACH transfer speeds. Readers have reported that it takes at least 3 business days to complete. The money is pulled from the source account the day after you initiate the transfer, and it won't post until 3 business days later. Interest is lost during this time. If you have experience with Capital One's ACH transfer speeds, please leave a comment. Update 10/08/09: The incoming ACH transfer speed has been improved. It now takes only one business day for incoming ACH transfers to complete.

Another downside may be the customer service. Several readers have reported various problems (see comments from this post).

I've listed some of the important features of this account below. Many of the features like the ACH transfers also apply to their High Yield Money Market Account and Rewards Money Account. A comparison of these three is shown on its website. The features mentioned below are from the FAQ page, the account disclosure, and my online chat with customer service reps.
  • 3.75% APY on balances over $10K, 2.75% APY for balances under $10K (as of 5/16/08)
  • Minimum initial deposit is $1
  • No monthly service fees regardless of balance.
  • Withdrawals by online transfer are limited to six per calendar month (as required by Fed regulations)
  • In/out ACH transfers are free
  • Readers have reported slow ACH transfers. Reports are that it takes at least 3 business days to complete. Update 10/08/09: Incoming ACH transfers now complete in 1 business day
  • During account's first 30 days, deposited funds are unavailable for 10 business days. Five business days after that.
  • Allows linking to checking accounts, savings accounts and brokerage accounts.
  • Trial deposit method for account verification used to link accounts
  • Maximum deposit limit of $250K/day on in/out ACH transfers
  • No hard credit pull in the application. According to the CSR, it's just a soft pull. So it shouldn't ding your credit score.
  • Accounts are now only opened in Capital One, N.A. Accounts can no longer be opened in Capital One Bank which is separately FDIC insured from Capital One, N.A.
  • You can add up to 6 beneficiaries per account. This is done when you receive the acceptance form. According to the CSR, the POD specification will be listed in the account title.
  • Custodial accounts for minors are allowed.
  • IRA products are no longer offered.
If you open the Online Savings Account for the high rates, you may also want to open the Money Market Account for added convenience. You get free checks and an ATM card with the Money Market Account, and like the savings account, there are no monthly fees or minimum balance requirements. You can keep most of your money in the savings accounts, and when you need to write a large check, log into Capital One and transfer the money into the money market account.

These liquid accounts can also be useful if you plan to open their Certificates of Deposit (which currently have yields up to 5.50% APY.) I was told that when the CD matures, you can call and have the funds transfered to the Capital One liquid account. Please refer to this post for more details on their CDs.

In the FAQ under the fifth general question, it describes the two FDIC entities:
Capital One Bank and Capital One, N.A. are both wholly owned subsidiaries of Capital One Financial Corporation. Both entities are FDIC-insured at least $100,000 per depositor per institution.

However, according to the CSR, you can now only open accounts under Capital One, N.A. I thought there may be a chance that you could open accounts under both banks which would provide an easy way to double your FDIC coverage.

Here's Capital One, N.A.'s FDIC page (Certificate # 4297) where you can review their financials. It's a large bank with $97.5 billion in assets and $67.1 billion in deposits based on 12/31/07 data. Bankrate gives Capital One 4 out of 5 star rating (sound) based on 12/31/07 data. BauerFinancial gives the bank 3.5 out of 5 stars (good) based on 12/31/07 data.

The Wall Street Journal reports on a Capital One SEC filing this week. There are concerns that Capital One will be hit hard as more consumers get behind on credit-card payments, as well as home and auto loans.

Rate History:
11/14/09: Savings: 1.50% APY over $10K; 0.50% under $10K; MMA: 1.20% APY
08/06/09: Savings: 1.60% APY over $10K
06/03/09: Savings: 1.75% APY over $10K; MMA: 1.30% APY
??/??/09: Savings: 1.85% APY over $10K; MMA: 1.40% APY
03/22/09: Savings: 2.01% APY over $10K; 1.01% under $10K; MMA: 1.60% APY
12/26/08: 2.10% APY over $10K
??/??/08: 3.00% APY over $10K
05/29/08: 3.50% APY over $10K
05/16/08: 3.75% APY over $10K

Related Pages: savings account

Related Posts

Anonymous   |     |   Comment #1
Crapital One Bank.

Enuff said. Do not use this bank or Washington Mutual. Both have higher than average rates now with their accounts but are very subpar.

Would not touch WaMU or Capital One with a ten foot pole.
D (anonymous)   |     |   Comment #2
I agree!!
Anonymous   |     |   Comment #3
Both have certain features worth exploiting.
WAMU Has Saviings for Success account paying 6.5% and Cap1 has no limit on how many external accounts you can link which can be useful if you run out of links allowed by other banks.
Chester (anonymous)   |     |   Comment #4
WaMu is awful, making people wait a whopping 5 business days before they will let an ACH transfer go out. This is unacceptable, in my opinion.

I would only consider Crapital One if Alliant CU or AARP Savings lowered their rates below Crapital One. I have had poor experiences with Crapital One customer service in the past. I so far have had very positive experiences with Alliant and AARP Savings customer service.

Thanks, Bank Guy, for being so thorough...and you are now even asking that important question if the bank will allow putting "POD" in the account title. (Oh so important now that it is feared more banks will fail.)
Anonymous   |     |   Comment #5
Those features are not worthwhile enough to compensate for the downside.

I use Countrywide combined with HSBC now. Sovereign is also a local bank worthy of use.

If I had significantly more than that I would then start putting cash in big banks like Chase, Citibank, and Commerce and other locals to compensate for the FDIC limit.

But the last two banks I would use would be WaMu and Capital One right now. Even though rates are higher than normal, customer service and the banks themselves I have had bad dealings with.

Putting money in a large money market fund with a well known firm thats established could be a better way out than FDIC insured banks. I know Columbia funds on institutional with BoA was non insured and went poof so intensive research must be done.
Anonymous   |     |   Comment #6
Agree on WaMU and ACH hold restrictions as well as deposits into bank accounts and fund hold times.

I have been using HSBC Online Savings and Online Billpay. While its not instant funding, the deposits have not had significant hold times even on large deposits. Then I push back into Countrywide.

Sovereign has next day funding but a lower rate of return for all inhouse funds so I find HSBC to be more worthwhile. Citibank has a lower rate than HSBC. So while no bank is perfect, HSBC also has the advantage of also being on the corner by me. So with all this combined, I choose HSBC linked to Countrywide and this combo hasnt changed for the longest time.

I looked at the Flushing Savings Bank online checking which is also local but there is no local deposit allowed and there is a large fund hold time.

Countrywide has a 5 day hold time but interest acrues the same day they get the funds.

Would be nice to just use 1 bank 24/7 that would offer the works, but alas that doesnt happen.
Anonymous   |     |   Comment #7
i was a northfork customer for my checking account. capital one took it over. the transition was ok but it did have a few hickups. anyway, i have just started using capital one's online savings account. it has been very smooth for now and transfers from my capital one checking account have been instantaneous going in and out. i find their online system simple and easy to use. so, if you already have a capital one brick and mortar checking account, there aren't the same hold times as it appears with external ACH accounts. i also used their online live chat system to ask a CSR a question and it seemed to work well too, not that i had serious POD type concerns.
Anonymous   |     |   Comment #8
HSBC Online Savings/Online Billpay and countrywide with 1 day transfer is much better.
Geoff (anonymous)   |     |   Comment #9
The delay is pretty frustrating, considering emigrant direct was usually just a day.
ShraZZy (anonymous)   |     |   Comment #10
I don't have a problem with WAMU, besides I pull all the ACH from any banks to my main bank (e*trade) by using e*trade best ACH.
If you use WAMU ACH from checking to savings it is instant.
Anonymous   |     |   Comment #11
I don't have problems with WaMu either for ACH. They are pretty quick comparing to Snailone = captalone.

The case that WaMu holds your money for 5 business days is that you write them a check and then you would like to do a ACH out the bank

For Snailone, although you give them cash, the ACH will take at lease 3 business days (but they advertises within 3 business days).
Chester (anonymous)   |     |   Comment #12
You are so wrong, Anonymous above.

WaMu's ACH 5-day delay has nothing to do with one depositing a check first.

If you have a WaMu checking account and want to ACH from WaMu to an external account, WaMu will make you wait 5 business days before the ACH out will proceed. Again, this is always the case and it is from the balance you have in your account. Depositing or not depositing a check at the time you put forth the ACH is not a factor.
Anonymous   |     |   Comment #13
Sorry to Chester, I understand the problem now.

I have a wamu checking account, but I never initial a ACH from wamu. I alway initial a ACH from the other end of the bank. That is why I don't have any problem so far. (GMAC is the best, countrywide is good, Wachovia is slow too, Snailone is the worst, wamu is on the snail list now)

Other than that, I am satisfied with wamu's services but the rate is not appealing any more.
Anonymous   |     |   Comment #14
YMMV depending on where you live. I don't have HSBC near my home but there are a dozen branches of WAMU which is convenient when I have to deposit a paper check.
As I said I use it also for special savings account.
I also have Cap1 office nearby but I hardly ever use either of them for initiating ACH.
Anonymous   |     |   Comment #15
You know, people, all of the posts that just say "Don't use Capital One" or "Crapital One sucks" or the like are not helpful and don't convince anyone.

If you are going to go to the trouble of posting, could you please at least explain what the problem is or what your bad experience was. It would be much appreciated.
Anonymous   |     |   Comment #16
USE HSBC Online accounts linked to Countrywide and have no problems.

HSBC is on my corner. Countrywide is on the other corner. Both are local banks. Deposit to HSBC, transfer to Countrywide.

Till I move places, I see no reason to leave HSBC. Local, lots of branches in good locations and ATM access for funds.

Capital One is a lower rate than Countrywide still.
Anonymous   |     |   Comment #17
I use no bank's ATM since I can get cash at my grocery store wuth Disscover card.
Anonymous   |     |   Comment #19
Difficult to reach a particular CSR. No one seems to return your calls! Many mistakes made to my accounts!! Very unhappy customer of Capital One!!
Anonymous   |     |   Comment #20
Perhaps someone could give us a calculator for the Capitol One ERV penalty.


Penalties for early withdrawal

You may not withdraw principal from your account before the account's maturity date. If we allow early withdrawal, you will be assessed a penalty for early withdrawal as described below:
1. On a CD with a term of less than six months, the penalty will equal one month's interest on the principal amount withdrawn
2. On a CD with a term of six months to one year, the penalty will equal three months' interest on the principal amount withdrawn
3. On a CD with a term of more than one year:
a) If a withdrawal is made within six months of maturity, the penalty will equal six months' interest on the principal amount withdrawn
b) If a withdrawal is made six months or more before maturity, the penalty will equal the greater of six months' interest or the Economic Replacement Value (see below for definition) on the principal amount withdrawn.

Economic Replacement Value (ERV)
The Economic Replacement Value is an estimate of the interest cost to us if we were to replace a CD that is withdrawn early with another CD having a term that is comparable to the remaining term of the original CD. If interest rates have risen, then the cost of the new CD will be higher.

FOR EXAMPLE (this example does not reflect your actual CD terms):
1. Perhaps you have a 5-year CD and you withdraw $40,000 of principal 27 months early.
2. But rates have risen so that a new CD has an APY 0.50% higher than your original CD.
3. Therefore, the ERV would be $450.00.

This represents an estimate of Capital One’s interest cost if it were to replace the money you withdrew with a comparable CD. The term offered by Capital One that is closest to (but not greater than) the remaining term of your CD would be 24 months or two years in this example. In other words:
1. Perhaps your original 5-year CD had an APY of 2.00%.
2. But rates have risen and the 24-month replacement CD offered by Capital One for new accounts of the same CD type had an APY of 2.50% at the time of your early withdrawal.
3. Therefore, Capital One’s interest cost in replacing the $40,000 principal you withdrew early would be an additional 0.50% APY. This comes to an additional $200 per year on the $40,000 you withdrew early. Over 2.25 years (time left to maturity), this adds up to $450.00.

You can now use this example to calculate ERV in the following way:

Subtract the APY on your CD from the APY offered for new accounts of the same CD type by Capital One on the date of your early withdrawal. Make sure to choose an APY for a CD term that is closest to (but not greater than) the number of years remaining until your CD matures.

If there is more than one APY offered for the relevant CD term and product, use the lowest APY offered for new accounts of the same CD type.

Original CD APY = 2.00%
Current APY for a 24-month CD (for this example only) = 2.50%
2.50% - 2.00% = 0.50%

Multiply the result from Step 1 by the amount of principal you withdrew to calculate the annual interest differential.

$40,000 x 0.50% = $200

Multiply the result from Step 2 by the amount of time left until your CD matures (in years) to calculate the ERV.

27 months to maturity = 2.25 years (27 ÷ 12 = 2.25)
$200 x 2.25 = $450.00

REMEMBER: This example is for illustrative purposes only. The terms in the example are not specific to your CD. The actual calculation of ERV will depend on the current APY offered on new accounts for the same type of CD. The ERV will also depend on the APY, term and principal amount of your CD.
Anonymous   |     |   Comment #21
Of all the banks here, HSBC is still the best of the lot combined with Countrywide on the overall basis.

We have dozens and dozens of banks here. Rates range the whole gamut on the low to the high with lots of different fee and hold structures and the best I have found is the HSBC and Countrywide combo for online accounts.

Alot of people still use Citibank here however.

Just stick with HSBC, and be happy is what I say. Competition aint changing.
Anonymous   |     |   Comment #22
Use www.findabetterbank.com

And shop for local accounts. Then use www.bestcashcow.com and shop for the highest rate savings account.

The best banks in my market are Sovereign and HSBC. Then link either of those banks to the highest rate bank and be happy.

Capital One's product has a $500 min balance requirement for checking while others are free. Therefore HSBC and Sovereign are better. I use the Online Payment Account linked to Online Savings linked to Countrywide.
Nofan of Cap1
Nofan of Cap1 (anonymous)   |     |   Comment #23
I concur with avoiding this institution, their slow ACH's, their courteous disregard for customer problems and complaints. Several years ago they
took ten days or so to communicate over $100,000 from a matured CD. I was angry enough to notify my state's banking commissioner, the Fed and other banking "supervisory" agencies with formal complaints. All of that of course, availed nothing. The wise investor will find an alternative.
Nofan of Cap1
Nofan of Cap1 (anonymous)   |     |   Comment #24
I concur with avoiding this institution, their slow ACH's, their courteous disregard for customer problems and complaints. Several years ago they
took ten days or so to communicate over $100,000 from a matured CD. I was angry enough to notify my state's banking commissioner, the Fed and other banking "supervisory" agencies with formal complaints. All of that of course, availed nothing. The wise investor will find an alternative.
Anonymous   |     |   Comment #25
Crapital One is the worst for superprime.
Anonymous   |     |   Comment #26


Use local bank then ach to countrywide or indymac or the like. Countrywide is local for me so I chose them over indymac.
Anonymous   |     |   Comment #27
Payable-on-death (POD) accounts – also known as testamentary or Totten Trust accounts – are the most common form of revocable trust deposits. These informal revocable trusts are created when the account owner signs an agreement – usually part of the bank's signature card – stating that the deposits will be payable to one or more named beneficiaries upon the owner's death.

Living trusts – or family trusts – are formal revocable trusts created for estate planning purposes. The owner of a living trust controls the deposits in the trust during his or her lifetime.

Note: Determining coverage for living trust accounts can be complicated and requires more detailed information about the FDIC's insurance rules than can be provided in this publication. If you have a living trust account, contact the FDIC at 1-877-275-3342 for more information.

Deposit insurance coverage for revocable trust accounts is based on each owner's trust relationship with each qualifying beneficiary. While the trust owner is the insured party, coverage is provided for the interests of each beneficiary in the account. The FDIC insures the interests of each beneficiary up to $100,000 for each owner if all of the following requirements are met:

The beneficiary is the owner's spouse, child, grandchild, parent, or sibling. Adopted and stepchildren, grandchildren, parents, and siblings also qualify. In-laws, grandparents, great-grandchildren, cousins, nieces and nephews, friends, organizations (including charities), and trusts do not qualify.
The account title must indicate the existence of the trust relationship by including a term such as payable on death, in trust for, trust, living trust, family trust, or an acronym such as POD or ITF.
For POD accounts, each beneficiary must be identified by name in the bank's account records.
Anonymous   |     |   Comment #28
Watch out for Capital One service fees in addition to loss of interest on early withdrawal on Certificates of Deposit. This surprise fee has caused us to be stuck with a 3.50% CD for the last two years. Would not do business with them again.
Truman (anonymous)   |     |   Comment #29
I opened a CapitalOne Online Savings account on 5/28/2008. That night they advertised 3.75% APY for balances over $10K. The very next day, it went down to 3.5% APY. I opened an account and arranged to have CapitalOne withdraw money from my credit union savings account to fund the CapitalOne online account. Unwisely I set this amount to $25,000. I should have told set a much smaller amount to try out the service.

CapitalOne then deposited two tiny deposits into my credit union account and asked me to verify the amounts of those deposits on their website. This is in order to verify my ownership of the credit union account. I liked this security feature, which is also what PayPal does.

After I did the trial deposits verfication, I checked my credit union account to see if CapitalOne had withdrawn the $25K. Sure enough, they had done so the day before. So I logged into my new CapitalOne account to see that the money had arrived. I thought that because a business day had passed that it would show up in my CapitalOne account. But the money wasn't there. I have never had an online savings account before, so naturally I had some anxiety about this. I wondered if my $25,000 had been stolen somehow. I had not received any email from CapitalOne saying the the money had been transferred but would take some time to show up in the account. And the website said the account balance was zero. So I called the customer service number. But they were closed. Finally the next day I called back customer service. The agent told me that the money was transferred but it takes three business days to show up in my account. She asked me if I hadn't read that in the account disclosure. No I hadn't. In fact I can find this written no where on their website: http://capitalone.com/directbanking/online-savings-account/disclosures.php?linkid=WWW_Z_Z_Z_SP28_R1_05_T_SP28D

CapitalOne should have emailed me when they withdrew the money and informed me if it would take time before the money would show up in the account. If it is their policy to hold funds for a period of days, the customer should be informed. They did not do their duty to make me feel comfortable with them holding my money. Even though I've had a credit card with them for years, I'm not sure I can trust them with my money.

After reading the disclosures more carefully, I found that they reserve the right to freeze my funds or close my account at any time. But if want to withdraw any money or close my own account, I must give them 7 days notice. This is not very reassuring.

I just heard some great feedback from some friends about IGN. I think I'll try an account over there:
Anonymous   |     |   Comment #31
If you do not renew a cd with cap one they take 15 days to "process" your check. You lose two weeks interest while they are dragging their feet. Other online banks get the check to you in 2 days. what a ripoff.
Anonymous   |     |   Comment #32
Opened costco acount, took five days for the money to be posted, not available for ten days. Interest lost in the mean time of course.
On the bright side interest rate is good, gmacbank lowered their rate.
Anonymous   |     |   Comment #33
Yes,there ACH incoming transfers are slow. I lost 3 days interest, just as you said. My account opened Sept. 22, 2008. They are still paying a better rate than many others, but I suspect they are using their slow ACH transfer as a way to make more money. If I had known I would have used a check to make the deposit. For a parasitic type account (what I call an account that depends upon an external bank to make withdrawals), the slow ACH is a big drawback.
Anonymous   |     |   Comment #34
Most likely the slow ACH process is an attempt to make money from the old "float" period. I have transferred money into this online savings account many times in the past. I never looked at the processed deposit dates at Capital One because the sending bank usually was paying very little interest in the first place (like 0.05%) so missing out on a few days of interest was not much of a concern to me. I was more worried about the puny amount of interest being made by leaving the money in the other bank.
houseofpain (anonymous)   |     |   Comment #35
Looks to be down to 3.00% now per their website.
Anonymous   |     |   Comment #36
With the Fed reducing interest rates, this is to be expected. I got quite a bit of money in the Online Savings Account. The Money Market account rate is now 2.1% I wonder if this rate reduction is tied to Capital One's buyout of Chevy Chase Bank which is one of the biggest banks in the Washington DC metro area? Chevy Chase has a large depositor base, so Capital One will not need to offer attractive rates anymore. If Capital One absorbs Chevy Chase and then nosedives their rates to what Chevy Chase normally offers, I am going to move a large chunk of my money (as well as Direct Deposit) out of their combined institution.
Anonymous   |     |   Comment #37
I've had only bad experiences with Capital One Bank and I strongly advise that people stay away from this bank. Not only there is too much headache to give your money to Capital One as listed in above posts, but also it's too difficult and time-consuming to get your money back when you do not wish to do business with Capital One any more. The bank's management team is full of incompetent managers who don't seem to think that customers are always right. They just simply don't care about customers' concerns and they ignore customers' requests to speak with them. With such "excellent" customer services, no wonder why recently Capital One Bank has had to give away $50 bonus to lure new customers in.
ddmerino (anonymous)   |     |   Comment #38
CapitalOne is not very good with ACH transfers.  I opened an account with them thinking of closing my account with another bank, however, I changed my mind as I found out CapitalOne ACH is very slow.  I really do not know if it is the ACH that is slow or if this is a way for CapitalOne to gain a "float".  Four business days have passed since CapitalOne has taken the funds from my Checking account at one bank and from my other online bank, however, the funds are still not available.  I sent them an email and even at this CapitalOne really sucks as they have not responded to it -- it has been 4 days (3 business days, 2 weekend) since.  I called customer service and I was told that it takes at least 7 business days for the ACH funds to reflect in the account.

My advice is, it does not pay to have a 0.05% advantage that CapitalOne offers over online banks such as AmericanExpress Bank -- it has never taken AmericanExpress Bank more than 1 business day to effect the ACH transfer and get reflected in my account.  Even Ally bank does not take that long.  So folks, If I were you, stick with banks like AmericanExpress or Ally.  I will certainly do so and will be closing my CapitalOne account! 
Anonymous   |     |   Comment #39
Stay away from capital one! I opened an online account last wednesday and resferred the money from another bank to capital one the same day. It's Monday now and the money is still not there. Called them couple times, everyday they are saying the money will be posted the next day. RIPOFF! TOTALLY!
ddmerino (anonymous)   |     |   Comment #40
Another sad story with CapitalOne OnLine Savings,  since I first put on a review regarding ACH transfer.  Anyway just as an update, the ACH transfer took 10 business days.   In view of the bad ACH experience I changed my original plan of moving all my savings from other accounts to CapitalOne.  Anyway, I decided to give CapitalOne another chance to prove themselves and just let the money I have moved so far sit for sometime at least to get some interest.  Well, interest day came, and what do you know, another anomalous trick was up their sleeve.  CapitalOne withheld withholding taxes without authorization.  If you read the IRS rules on withholding taxes for interest none of it applied to my account (http://www.irs.gov/taxtopics/tc307.html).  They have this explanation that I did not send a signature card from a welcome package they sent which I never received.  It seems that they make up all these silly rules.  I found out that it was not just me but it seems to be a practice done by CapitalOne.  Just google complaints about CapitalOne and you will see lots of complaints regarding withholding taxes.  CapitalOne uses this trick so that the principal amount in your account that will be used to compute the compound interest is down.  So in effect, the .05% advantage and the bonus that they advertise is really not an advantage at all.  So, as an advise, the 1.35% interest and bonus that CapitalOne advertises is not really a good deal.  Keep away from CapitalOne as they have so many tricks.  Just google the reviews about them and you will get tons of complaints.  I have since moved most of the money I have out of CapitalOne and hope that people wise up and not get sucked by the 1.35% and bonus rate that CapitalOne advertises all over the web.
bntxn13 (anonymous)   |     |   Comment #41
There is no way you can make transfer on line from your Regular Savings to your Checking Account in Capital One On Line Banking.

I dont know why.
CAPITALONESUCKS (anonymous)   |     |   Comment #42
Do not set up a POD account with Capital One.  They refuse to honor the POD other than by their own rules with violate the terms of the POD.  THey are a pain to deal with and refuse to put anything in writing.