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I was thinking about signing up for the cap1 360 savings account, because they just started a promo where $10k, 50k, or 100k transfers within 15 days get an increasingly better bonus after 90 days. APY is great compared to the pathetic interest at my credit union. Question is, how would someone transfer $50k let alone $100k within 15 days of account open from a bank/CU to cap1 online bank (external transfer)? From what I understand, ACH transfers are limited to around $1k a day, $10k a week, etc. and I think I read that cap1 requires the external account to be on file for 30 days before wire transfer is allowed. Mobile deposit has $5k daily limit.
I was looking into the Capital One high yield savings account, but the one one week transfer is not ideal. I do have local capital one branches near me though.
Does anyone know what the transfer time will be from the savings to the checking account so I can take money from the branch? I'm not sure if it's separated because it says the savings is an online account, but all the listings for times say to "external accounts". If that's instant, then I will just open up a checking account with them (I think that's the best way to go about it?)
Revieved this email from Capital One today. How ridiculous is this? They don't even give a number? I'm not going to risk making an important withdrawl and having them say "Surprise, screwed you." Any recommendations for banks that have unlimited transaction?
"Automated Clearing House (ACH) External Transfer Limits: Your 360 accounts will now be subject to limits on the amount of electronic transfers between your account and external accounts at other financial institutions. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts, as well as you and all other users of the service. Based on confidential fraud and essential risk criteria, they may be modified at our discretion without advance notice.
What transactions will this impact? ACH external transfers are electronic deposit and withdrawal transfers made between your Capital One accounts and your linked external accounts.
What happens if I need to exceed the limit? At Capital One, ACH transfers are just one way to move money. So if you have a transaction that exceeds your limit, we’ll try to help you find an alternative that meets your needs."
Ridiculous right? Notice how they give you the number for the ATM withdrawal which they haven't changed. I think they've limited it to 6 transactions per month. Don't know about a dollar limit. The limit itself isn't ridiculous, it's the fact that they don't actually tell us what it is and it's not easy to find. Bastards.
This applies to checking as savings already has a 6 ach per month.
If you ask me, it's all bullshit, as they already have the lowest apy rates and now this? I think Capital one is seeing that alot of people are transferring there funds out and now are trying to prevent/punish people for doing that, lame. Increase your dame apy rates, that's your own fault for not increasing them don't blame customers for being smart.