ED Magedson – Founder
Capital One BankInternet USA
Capital One Bank Capital One 360 Checking Account is NOT a checking account Internet
If you open account with Capital One 360, don't be surprised to find out it is NOT a checking account. By that I mean you really can't write checks on it. Not the way you can with normal checking accounts. I found out the hard way. I opened an account and did what I have always done for checking accounts, I ordered my special themed checks from the Current Catalog. I don't use many checks but I live in a retirement area and there are many people here who haven't gotten the hang of electronic funds transfer. Imagine my surprise when a local business called me and told me my check for $6.00 bounced! I then found out from Capital One that I am not allowed to order checks from anyone but them, and their checks are 50 cents a piece, plus I hadn't preauthorized with them that I wanted to use checks with my checking account.
This the actual answer they emailed me: "Our "Paper Checks" Feature allows you to order a paper checkbook so you can write physical checks. You must use our website to order (and reorder) your paper checkbook - you can't order checks through a third party. We may charge you for each paper checkbook you order and may change the amount of the charge at any time. After you receive your paper checkbook, you must use our website to activate the checkbook. If you write any checks before you activate your checkbook, we'll reject the checks (if your check is converted to an electronic payment by the Payee, we'll return the electronic payment as uncollected funds)."
I am guessing that this information was buried in some small type when I opened the account- it actually took the Capital One CSR a long time to find it for me on the website when I called- but it should be a separate call-out making it clear when you open the checking account that you can't write checks. This is such a departure from what the defnition of a checking account is that it deserves a special box you click acknowledging you can't write checks.
This should be called an Online Banking Account or an Electronic Demand Deposit Account not a CHECKing account. I had to pay fees to both the bank and the vendor because of this, plus I am stuck with an order of checks I can't use.
I would even have been understanding if the bank had allowed me one error, paid the check and then charged me $5.00 for not reading the fine print well enough. But to refuse the check flat out was just not right. I now have been banned from writing checks at the local establishment and looked at with suspicion when I go in there.
If there is one simple expectation of a checking account at a bank, it is that you should be able to write a check and get your money out, even if it's an online bank.
This report was posted on Ripoff Report on 07/09/2013 01:26 PM and is a permanent record located here: http://www.ripoffreport.com/r/Capital-One-Bank/internet/Capital-One-Bank-Capital-One-360-Checking-Account-is-NOT-a-checking-account-Internet-1065627. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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