re: The promotion is available to new bank customers only.
I was told (and it was confirmed via phone) that even though i had a previous personal checking account, I am still eligible for this promo as this is my first BUSINESS checking account.
I think you are pushing it. Are you opening with a cashiers check? When I was in banking we put a few day hold on new account funds regardless of their source. That was with a small bank though.
mactv said: I think you are pushing it. Are you opening with a cashiers check? When I was in banking we put a few day hold on new account funds regardless of their source. That was with a small bank though.
Well the terms from the flyer are:
- Within 30 days of account opening, deposit at least $3,000 into your new business checking account. - At least 1 online bill payment must post to your account before end of promotion (4/30/13)
So the $3,000 needs to be there within 30 days...that's no problem. It is the 1 online bill payment before end of promotion that has got me worried.
I can easily open with cash...I can deposit whatever...$100 - $1000, the full $3K in cash if need be...so I don't think the funds clearing should be the problem.
I have no experience with how their online bill pay works, so I don't know how long it will take to set-up.
It may be almost instantaneous....if I can set it up as soon as I return from opening my account and send out a payment Thursday night I don't think it will be an issue....I just have no idea...
When they say deposit, they don't mean a deposit from an employer, right? As in, I can bring in 3000$ cash to deposit, or do a $3000 wire transfer and that satisfys the requirement, correct?
justignoredem said: When they say deposit, they don't mean a deposit from an employer, right? As in, I can bring in 3000$ cash to deposit, or do a $3000 wire transfer and that satisfys the requirement, correct?
Yes, that's what I did. I just wrote a check to myself for $3000 from my credit union account
First - as I stated earlier I am not in a state with CapitalOne... so I hit one up while I was in NY last week. They wouldn't allow me to open one up because my LLC was incorporated in IL and they required additional paperwork (I presented them with my IRS EIN page and a printout - which they confirmed online - from the IL government web site showing my LLC ACTIVE and in good standing). They wanted my articles of incorporation (which I didn't bring with me) and a confirmed local address where I have had bills sent to. I have an address in NY to use (family) but would have to update one of my bills to send there instead.
What is worse is I presented them what I had at the beginning of my sit-down and asked if this was enough...she said it all looked good and then wasted my time for 30-40 minutes while she called in about the promotion she knew nothing about. Only once all that was sorted did she bring everything over to her manager and he started saying all this stuff about the other paperwork.
Additionally - if you take a look at the new link with the August expiration - it only says you have to open a Business checking account. The details of the offer (on the coupon) say the same thing - but the top of the coupon says this:
"Print the coupon below. Take it to your local Capital One Bank branch to open your Business Advantage Savings and checking accounts, and get your bonus!"
So they told me I needed to open up a Savings account as well! Which would have to have at least another $1000 tied up in it for no fees.
Plus, what MisterEd points out above in that they won't post the money until 10-12 weeks at the end of the promotion. That is 6-7 months tying up $4K to get less than a 10% return - I can do better putting it with my financial advisor.
The people at the CapitalOne branch all seemed pretty incompetent to me - so I guess it is for the best I'm not tying up any money with them.
Additionally - if you take a look at the new link with the August expiration - it only says you have to open a Business checking account. The details of the offer (on the coupon) say the same thing - but the top of the coupon says this:
"Print the coupon below. Take it to your local Capital One Bank branch to open your Business Advantage Savings and checking accounts, and get your bonus!"
So they told me I needed to open up a Savings account as well! Which would have to have at least another $1000 tied up in it for no fees.
I would contest this. It shouldn't matter what the web page says; the coupon is what you give them and that is what they should follow. The fine print below it doesn't even say anything about a savings account. The savings account bonus was late last year.
mjoply said: I would contest this. It shouldn't matter what the web page says; the coupon is what you give them and that is what they should follow. The fine print below it doesn't even say anything about a savings account. The savings account bonus was late last year.
If that was the only thing that went wrong I would have. In light of the other issues I had and the pointing out of how long you have to keep your money tied up - this doesn't look like such a good deal to me anymore.
If you are in a state where Capital One resides, I would recommend signing up close to the end of the promotional period. That way you only have your money tied up for 3-4 months max.
BenH said: mjoply said: I would contest this. It shouldn't matter what the web page says; the coupon is what you give them and that is what they should follow. The fine print below it doesn't even say anything about a savings account. The savings account bonus was late last year.
If that was the only thing that went wrong I would have. In light of the other issues I had and the pointing out of how long you have to keep your money tied up - this doesn't look like such a good deal to me anymore.
If you are in a state where Capital One resides, I would recommend signing up close to the end of the promotional period. That way you only have your money tied up for 3-4 months max. Why would you have to tie up your money at all. Where does it say you need to maintain a $3000 balance. Only says you have to deposit that amount. You can write a check for the amount to pay a bill or something right after depositing.
kloide said: BenH said: mjoply said: I would contest this. It shouldn't matter what the web page says; the coupon is what you give them and that is what they should follow. The fine print below it doesn't even say anything about a savings account. The savings account bonus was late last year.
If that was the only thing that went wrong I would have. In light of the other issues I had and the pointing out of how long you have to keep your money tied up - this doesn't look like such a good deal to me anymore.
If you are in a state where Capital One resides, I would recommend signing up close to the end of the promotional period. That way you only have your money tied up for 3-4 months max. Why would you have to tie up your money at all. Where does it say you need to maintain a $3000 balance. Only says you have to deposit that amount. You can write a check for the amount to pay a bill or something right after depositing.
Because the account has monthly fees if you don't maintain the balance.
BenH said: kloide said: BenH said: mjoply said: I would contest this. It shouldn't matter what the web page says; the coupon is what you give them and that is what they should follow. The fine print below it doesn't even say anything about a savings account. The savings account bonus was late last year.
If that was the only thing that went wrong I would have. In light of the other issues I had and the pointing out of how long you have to keep your money tied up - this doesn't look like such a good deal to me anymore.
If you are in a state where Capital One resides, I would recommend signing up close to the end of the promotional period. That way you only have your money tied up for 3-4 months max. Why would you have to tie up your money at all. Where does it say you need to maintain a $3000 balance. Only says you have to deposit that amount. You can write a check for the amount to pay a bill or something right after depositing.
Because the account has monthly fees if you don't maintain the balance. There are 2 eligible accounts that are fee-free. Why would you not sign up for one of those?
ETA: I read through the thread and saw that you needed to open a savings account for some reason. That was not my experience. I was able to go in to the branch, open a fee-free checking account as a sole proprietor without business documentation. Sounds like you are dealing with the wrong CSR.
kloide said: Because the account has monthly fees if you don't maintain the balance. There are 2 eligible accounts that are fee-free. Why would you not sign up for one of those?
You're right....and I knew that. I guess I had just assumed that the terms stated you needed to maintain the balance, which it doesn't. So, you could probably remove the money shortly after putting it in - although they might try to welsh on the deal when they see this. Business accounts normally get a lot more interaction from a bank rep...they want all this documentation, call you all the time, etc...
According to the terms you are right...and I don't have enough experience with CapitalOne to know if they would cause a fracas about keeping the balance near $0.
did I miss something? I see the no monthly fee only if maintain 25K min balance.
Spark Business Limitless Checking Waive the $35 monthly service fee with a $25,000 minimum 30- or 90- day average account balance or with two additional business products.2 No fee for cash deposits.3 Unlimited access to small business specialists.
looks like a good deal if could get that min down...
did I miss something? I see the no monthly fee only if maintain 25K min balance.
Spark Business Limitless Checking Waive the $35 monthly service fee with a $25,000 minimum 30- or 90- day average account balance or with two additional business products.2 No fee for cash deposits.3 Unlimited access to small business specialists.
looks like a good deal if could get that min down... I have no idea what you're looking at based on that link.
This is the account I signed up for "Completely Free Small Business Checking Free checking account designed for businesses with fewer than 500 transactions a month. No monthly fee"
BenH said: You're right....and I knew that. I guess I had just assumed that the terms stated you needed to maintain the balance, which it doesn't. So, you could probably remove the money shortly after putting it in - although they might try to welsh on the deal when they see this.
Why would they "welsh on the deal"? Credit card companies don't like when people sign up for a card make one purchase to collect the bonus points then put the card away in their sock drawer. But that's what some people do; they still have to honor the deal they initiated.
kloide said: Why would they "welsh on the deal"> Credit card companies don't like when people sign up for a card make one purchase to collect the bonus points then put the card away in their sock drawer. But that's what some people do; they still have to honor the deal they initiated.
In general people have had a lot harder times trying to collect sign-up bonuses from banks when they have fulfilled the terms of the written deal as opposed to people collecting their CC sign-up bonuses.
I'm not saying CapitalOne will cause an issue - because I don't know the history with them. But, if you read through other threads on bank sign-ups you will see that sometimes they interpret their terms different than what is written, or expect you to comply with something that was not.
It isn't super common - but it happens. Based on the fact that none of the bank reps I talked with knew anything about this deal and had to call it in to see what it was about means it isn't that common that people are using these offer. Odds are in your favor, but I'm just stating that there is a possibility that they come back when they realize you just opened the account for the bonus and try to play some games. Would they be right? According to the terms, no...but that doesn't mean they can't give you a hassle.
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