re: Capital One -Availability of Funds

Seriously switch banks to Chime. I've had checking accounts at major and local banks for the last 20 years, but switched to chime about a year ago and couldn't be happier with it.

I get paid before every single one of my other coworkers and the funds are available immediately. I'm talking a full day before most get paid and I used to get paid before Chime. Plus it's extremely customizable and all from your phone, all free of charge. No overdraft fees or any of that bullshite either, plus you can create all the savings accounts you want and divert certain percentages of your pay into them automatically.

Right now I have my main checking account that has $200 free overdraft built in, a savings account that builds with every purchase I make, and a savings account that just sits hidden while 10% of my pay gets diverted into it automatically every pay period.

I'm the one that administrates and handles all my accounts from my phone, and I can freely move money around as needed and deposit checks using my camera.

I know I sound like an advertisement for Chime, but I'm only so gung-ho on them because it's that great - and one of the better decisions I've ever made

They just gave me a credit line increase.

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They just started holding some of my check deposits for 2-4 days. In the past they were available the next day.

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This makes me feel kind of old.

It doesn’t seem like it was that long ago that waiting 2-4 days on a personal check, particularly for a mobile deposit, was pretty much the norm.

Unless I’m missing something it’s probably more accurate to say that they are choosing not to make the deposit available until the check actually clears - or possibly until they can at least verify that the funds are available in your tenant’s account at another bank.

Maybe that seems like a fine distinction, I’m just trying to point out that the fact that banks often make deposits available immediately (or the next day) doesn’t necessarily mean that those checks are clearing that quickly.

That said, Capital One has pretty shitty customer service, especially for banking. So no argument there.

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I'm furious with this new policy. "A risk your deposit will return?" I've been depositing these monthly check for years.

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It’s not a new policy. And it’s selectively enforced.

I had Capital One in college. Right after Katrina I got my balance check for my student loan and deposited it. Went to CoOp and bought books and supplies, paid my rent, paid some fees, etc. spent about $1200. Get up the next morning and go to the atm to get cash and get a NSF notice.

They had placed a 14 day hold on my student loan check until it cleared. Here’s the kicker: remember who the official bank of Louisiana State University was in 05? Capital One. Know who the check was issued from? Capital One. My mother had to go to our local branch back home under generator power and get the manager to release the hold on a check issued by LSU from Capital One to deposit in a Capital One checking account.

As soon as it cleared I closed my account and have been with Chase ever since.

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I don’t think Cap One wants to be in the personal banking business. They’re doing everything they can to chase off their remaining customers.

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And even still they’re better than Chase

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I get paid before every single one of my other coworkers and the funds are available immediately. I'm talking a full day before most get paid and I used to get paid before Chime.

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I have a old co-worker with this situation. He received his paycheck a full 24 hours before any one else.

I bank with Capital One and receive my check 2 days early. Most of why they do what they do, is the massive amount of fraud. People want the banks to cover the losses.

It sounds like you work for someone who has questionable banking practices.

Do you work for a company called Upstart? Their stock went down 56% today.