# Capital One Bank, any opinions? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [May 17, 2021, 4:39am UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263 "2021-05-17T04:39:33Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![dummygladhands71](https://avatars.discourse-cdn.com/v4/letter/d/c0e974/32.png) [@dummygladhands71](https://boards.straightdope.com/u/dummygladhands71)\ **Post date:** [May 17, 2021, 4:39am UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/1 "2021-05-17T04:39:33Z")
I no longer have a mortgage, and don’t carry a big balance in my checking, so I’ve been notified that when my savings and checking combined balance goes below $20K, I will be charged $12/mo. for “servicing.” I have a Cap One credit card that has been very good so far, and am looking at possibly moving my funds out of the brick and mortar bank I’ve used for 30+ years. But I’m hesitant. And old. They have tons of ATM’s around here, good ratings, and no monthly fees. Anyone have any experience with them?? ---
**Author:** ![Mallard](https://avatars.discourse-cdn.com/v4/letter/m/b9bd4f/32.png) [@Mallard](https://boards.straightdope.com/u/Mallard)\ **Post date:** [May 17, 2021, 5:09am UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/2 "2021-05-17T05:09:52Z")
That sure seems stiff. Banks in Canada commonly start the usury fees at balances of less than about $3000. My only experience with Capital One is for the Costco Credit card. ---
**Author:** ![Keith1](https://avatars.discourse-cdn.com/v4/letter/k/6de8d8/32.png) [@Keith1](https://boards.straightdope.com/u/Keith1)\ **Post date:** [May 17, 2021, 10:23am UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/3 "2021-05-17T10:23:07Z")
Most banks have their various account types along with associated charges & benefits posted online. You need to do a little research. Don’t be loyal to any financial institution. All they care about is lining their pockets. It seems to me that Capital One no longer wants your business. They may flex a little if you speak with them but it’s unlikely that will bring you to a reasonable resolution - 20K is pretty damn steep! You need a bank that caters more to ‘average’ ‘everyday’ folk, less to millionaires. ---
**Author:** ![Broomstick](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/broomstick/32/246_2.png) [@Broomstick](https://boards.straightdope.com/u/Broomstick)\ **Post date:** [May 17, 2021, 10:24am UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/4 "2021-05-17T10:24:58Z")
20k? Wow. I don’t have a minimum balance on either my checking or my savings account. You do have alternatives. ---
**Author:** ![Spiderman](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/spiderman/32/230_2.png) [@Spiderman](https://boards.straightdope.com/u/Spiderman)\ **Post date:** [May 17, 2021, 11:24am UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/5 "2021-05-17T11:24:21Z")
Credit unions &/or smaller, community banks frequently have better rates/lesser charges. My CU is a 1½-2 hr drive for me but I’ve never been to there. Most convenience store chains (Wawa, 7-11, etc) have free ATMs as a means of driving traffic into the store, checks are deposited via mobile app & the last time I got a car loan paperwork was overnighted, though many can now do docusign so loans can be immediate after approval instead of a couple of days to get the paperwork back & forth. ---
**Author:** ![FairyChatMom](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/fairychatmom/32/21906_2.png) [@FairyChatMom](https://boards.straightdope.com/u/FairyChatMom)\ **Post date:** [May 17, 2021, 11:29am UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/6 "2021-05-17T11:29:32Z")
As far as I’m concerned, credit unions are definitely the way to go. Our oldest account was opened in 1983 and even tho the CU is in Florida and we live in Maryland, it’s our primary account. For convenience, we joined a credit union in our county. Neither one has minimum balance requirements, and we get cash back on the credit card linked to the older account. Our limited experiences with banks have been mostly unpleasant. ---
**Author:** ![thorny\_locust](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/thorny_locust/32/431_2.png) [@thorny\_locust](https://boards.straightdope.com/u/thorny_locust)\ **Post date:** [May 17, 2021, 1:47pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/7 "2021-05-17T13:47:00Z")
> [@Spiderman](#): > > Credit unions &/or smaller, community banks frequently have better rates/lesser charges. This. I hold free accounts, minimum balance more like $5, at both a credit union and a small-town, smallish number of branches bank. Both of them have local brick-and-mortar branches, but will also do online banking. For the credit union you have to live or work in a (fairly wide) area; but I think almost all places, at least in the USA, a credit union available to them. ---
**Author:** ![TRC4941](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/trc4941/32/6792_2.png) [@TRC4941](https://boards.straightdope.com/u/TRC4941)\ **Post date:** [May 17, 2021, 2:32pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/8 "2021-05-17T14:32:38Z")
I will also chime in with credit unions. Mine doesn’t have any fees other than if you have to stop payment on a check. ---
**Author:** ![dalej42](https://avatars.discourse-cdn.com/v4/letter/d/67e7ee/32.png) [@dalej42](https://boards.straightdope.com/u/dalej42)\ **Post date:** [May 17, 2021, 2:49pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/9 "2021-05-17T14:49:07Z")
I think there’s some confusion in the responses. I believe the OP is using a brick and mortar bank and is thinking of moving to Cap One, an online bank. I’ve heard very good things about Cap One, I’m with Schwab Bank which is also online and excellent ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [May 17, 2021, 3:14pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/10 "2021-05-17T15:14:33Z")
Capital One does have some branches; it’s not entirely an online bank. ---
**Author:** ![Keith1](https://avatars.discourse-cdn.com/v4/letter/k/6de8d8/32.png) [@Keith1](https://boards.straightdope.com/u/Keith1)\ **Post date:** [May 17, 2021, 3:38pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/11 "2021-05-17T15:38:31Z")
> [@dalej42](#): > > I think there’s some confusion in the responses. I think you’re absolutely correct! ---
**Author:** ![bordelond](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bordelond/32/150_2.png) [@bordelond](https://boards.straightdope.com/u/bordelond)\ **Post date:** [May 17, 2021, 4:17pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/12 "2021-05-17T16:17:54Z")
> [@Dewey\_Finn](#): > > Capital One does have some branches; it’s not entirely an online bank In my part of the U.S., Capital One bought out a storied local bank chain back in 2006 or thereabouts. FWIW, there are lots of brick-and-mortar Capital One locations around here and I believe throughout much of the Southeastern U.S. I can tell you from experience that Capital One has no-fee checking accounts. Unsure about savings. Their free overdraft protection is also, to my experience, generous – your checking account can carry a negative balance for one business day without incurring a fee. However, I am not sure if that is dictated by law or something for which Capital One can be specifically credited. ---
**Author:** ![Driver8](https://avatars.discourse-cdn.com/v4/letter/d/b5a626/32.png) [@Driver8](https://boards.straightdope.com/u/Driver8)\ **Post date:** [May 17, 2021, 4:32pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/13 "2021-05-17T16:32:08Z")
That $20k minimum is completely nuts. Almost unbelievably so for a regular checking account. There will typically be a requirement to direct deposit (e.g. your salary) or a minimum balance, but it’s typically significantly lower than that. My local credit union account requires $500 per month in direct deposit and no other minimum balance requirement, although they do have a completely free (no requirements) option too. $20k is out of whack. $12/m seems high too. I haven’t used Capital One as my primary checking account but until very recently had a savings and money market account there for our liquid savings (emergency fund, etc.). I closed it because the interest rate was no longer competitive and I was finding them to be a bit of a pain in the neck to use. There were things we needed to do (wire transfer, etc.) that were really irritating to initiate over the phone and didn’t work online. Eventually I gave up and did a regular transfer to our external checking account and handled it (in person) from there. I also found transactions took significantly longer to post to both the savings and money market accounts than any other institution I’ve worked with. I might consider them if they had proper bank branches in my area. If you think they do double check what they actually are: here in Seattle they have something called a “Capital One Cafe”, which seems like a fancy concierge or financial advisor service but were not able to assist with any account minutia (like instigating a wire transfer for example). I don’t know. I personally would stick to a local CU or bank that has good ratings. Almost anywhere will have a better minimum balance or service fee story than your current institution. ---
**Author:** ![thorny\_locust](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/thorny_locust/32/431_2.png) [@thorny\_locust](https://boards.straightdope.com/u/thorny_locust)\ **Post date:** [May 17, 2021, 4:37pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/14 "2021-05-17T16:37:09Z")
> [@Keith1](#): > > > [@dalej42](#): > > > > I think there’s some confusion in the responses. > > I think you’re absolutely correct! Not necessarily confusion. I understood the original question; I was just joining in pointing out that there are likely to be additional options, in case the OP thought that all brick-and-mortar banks charge the sort of fees their current bank is sticking them with, and/or had thought of credit unions (if at all) as probably not being available to them. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [May 17, 2021, 4:39pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/15 "2021-05-17T16:39:00Z")
> [@dummygladhands71](#): > > I no longer have a mortgage, and don’t carry a big balance in my checking, so I’ve been notified that when my savings and checking combined balance goes below $20K, I will be charged $12/mo. for “servicing.” Was your mortgage with Capital One? If so, the checking account type might have been free while you had a mortgage with them but now that you no longer do, you might see if you can change the account type so you qualify for free checking another way. ---
**Author:** ![thorny\_locust](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/thorny_locust/32/431_2.png) [@thorny\_locust](https://boards.straightdope.com/u/thorny_locust)\ **Post date:** [May 17, 2021, 4:43pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/16 "2021-05-17T16:43:24Z")
> [@Dewey\_Finn](#): > > the checking account type might have been free while you had a mortgage with them but now that you no longer do, you might see if you can change the account type so you qualify for free checking another way. That’s a good point. I got hit with an unexpected fee a few years ago, but when I talked to the bank about it they said I could switch to a different type of account that wouldn’t carry the fee. So if you’re happy with the original bank otherwise, it’s worth checking into that. ---
**Author:** ![Summerday](https://avatars.discourse-cdn.com/v4/letter/s/22d042/32.png) [@Summerday](https://boards.straightdope.com/u/Summerday)\ **Post date:** [May 17, 2021, 9:30pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/17 "2021-05-17T21:30:31Z")
I tried using a credit union and it wasn’t that great for me. The customer service was awful, I couldn’t get them on the phone, and it was just annoying how behind-the-times they were about most things that are standard with a big bank. I also didn’t get a great rate when I tried to use them to finance buying a new car. Toyota Financial Services gave me a much better rate than the credit union offered and when I took the rate TFS offered me back to the credit union to try to bargain with, they were completely disinterested, so I just went with the TFS rate. I ended up closing my account with the credit union because I really didn’t see any of the benefits that a credit union is purported to provide and the poor customer service on top of that made it completely not worth my while. All of that seems to be a hijack though, the OP is asking about switching to Capital One which isn’t a credit union. I have their credit card which works fine for me, can’t say much about their banking because honestly, I wasn’t even aware that they offered banking services before reading the OP. ---
**Author:** ![DCnDC](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dcndc/32/2842_2.png) [@DCnDC](https://boards.straightdope.com/u/DCnDC)\ **Post date:** [May 17, 2021, 11:08pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/18 "2021-05-17T23:08:01Z")
I will add on to the credit union pile. Also, I have a couple of Capital One CCs that I never use anymore. I got them 10 years ago after my personal bankruptcy to start rebuilding my credit and they were the only recognizable bank that would give me a credit card. Every time I have to call them about anything, I always speak to someone with a heavy Eastern European accent. I’m not sure what exactly these two things mean about Capital One as a larger entity, if anything, but frankly on a personal level, neither of those things evoke positive feelings for me. ---
**Author:** ![not\_what\_you\_d\_expect](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/not_what_you_d_expect/32/3246_2.png) [@not\_what\_you\_d\_expect](https://boards.straightdope.com/u/not_what_you_d_expect)\ **Post date:** [May 17, 2021, 11:14pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/19 "2021-05-17T23:14:18Z")
I love my credit union. I pay nothing for checking and I get free bill pay too. ---
**Author:** ![dummygladhands71](https://avatars.discourse-cdn.com/v4/letter/d/c0e974/32.png) [@dummygladhands71](https://boards.straightdope.com/u/dummygladhands71)\ **Post date:** [May 17, 2021, 11:57pm UTC](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263/20 "2021-05-17T23:57:25Z")
Ohhh, Schwab bank, nice! FDIC and there’s a local office to help set this all up. The bank I am leaving sounds like Smells, and several of my friends got the same letter, so I think I’m gonna Schwab!! Terrific reviews!! Thanks!! [Next page](https://boards.straightdope.com/t/capital-one-bank-any-opinions/942263.md?page=2)