The link to the discussion for this product in the Daughter of the Mother master interest thread goes no where and I can't find another thread that specifically discusses the Capital One Costco Money Market Account (though there is some discussion of it in this thread, it is focused on their general product available to everyone that appears to have lower interest and different features. I'm going to add more information to the Quick Summary so that others can update and/or correct it.
Capital One ABA Routing # : 056073502 Pros: Allows check writing ATM access to funds $50 sign-up bonus for Costco Executive Members who deposit $5,000 ($60 until August 24, 2008 -- Search 'MMA1' at www.costco.com) $100 minimum balance to earn interest (no minimum balance requirement to avoid fees) ACH facility to push/pull funds No hard pull
Cons: $1,000 minimum initial deposit ($100 minimum balance to earn interest) Must mail check or wire transfer initial deposit (as of 9/18/06) allowed to ACH funds from checking/mmchecking/mmsavings to open No incoming or outgoing international wire transfers allowed.
Fees ATM Transaction Fee - $1 for US, $2 for International (plus whatever fees the ATM owner charges) ATM transaction fee appears to have been removedlink to Term and conditions Checkbooks - No charge Returned Check (NSF) - $25 Overdraft Fee - $25 Copy of Check (per copy request) - $5 Account Reconcilment (per hour) - $25 Expedited mail service (not including ATM cards) - $15 ATM Expedited mail service - $25 Statement copies - $10 Deposited Check return fee - $25 Stop payment requests - $25 Domestic Outgoing Wire transfer - $20 Domestic Incoming Wire Transfer - No Charge International Wire Transfers Incoming/Outgoing - Not Allowed Excessive Transact fee (per transaction) - $10 Does not apply to ATM transactions Verification of Deposit - $10
Transaction Limits No more than a maximum of six withdrawals in any calendar month are premitted, and only three of the six withdrawals may be by check, debit card or similar negotiable order. Please note, these restrictions do not apply to withdrawals made at an ATM.
ATM Card Transaction Limits ATM cards can be used for withdrawals only; withdrawals can be made up to $500.00 per day or 10 transactions per day, whichever comes first.
Anyway, like many FW'ers I've been chasing interest rates and am trying to settle on one account that pays a good rate and has a good set of features. I've moved from ING, to HSBC, to Emigrant Direct, and am now thinking this may be the best option, despite some of it's shortcomings.
In general they appear to be a good choice because of their relatively high interest rate, check writing, ATM access, and a minimum balance to earn interest of just $100 (though you need a $5,000 initial deposit). The biggest downside compared to many of the other internet savings accounts is that they have no facility for pushing in or out ACH transfers from what I've read.
I called to cancel my account today, and the woman on the phone claimed that "major changes" were coming which included "multiple new ways to make deposits." She didn't give any more details, so I ended up cancelling, but she said the changes should be in place around Sept. 15th.
darkhaven said:I called to cancel my account today, and the woman on the phone claimed that "major changes" were coming which included "multiple new ways to make deposits." She didn't give any more details, so I ended up cancelling, but she said the changes should be in place around Sept. 15th.Why did you cancel your account?
Beckles said: The biggest downside compared to many of the other internet savings accounts is that they have no facility for pushing in or out ACH transfers from what I've read. You can transfer in and out as long as you initiate from another bank. I have had MMs and CDs with CapOne for about 10 years and did not know about the Costco account till I came to FW last year. Since I am a member I called and they changed my account. I have always found them to have excellent CSR's. Also like the fact I have checks. Can be nice for a large payment to get a high rate of interest till the last second.
scott1961 said:Beckles said: The biggest downside compared to many of the other internet savings accounts is that they have no facility for pushing in or out ACH transfers from what I've read. You can transfer in and out as long as you initiate from another bank. Yeah, that's what I mean when I say they don't have a facility to do it, I expect you can of course do it using other means.
Hopefully the above poster got good information and they will rectify this, according to the thread on the general Capital One MMA they have the ability to do some ACH transactions now.
I am a little confused. In the FAQ: How do I fund my money market account? After you complete your application, you have two convenient options for funding your money market account: 1. Send a check, 2. Make a wire transfer
And on the fees may reduce earning, it says $20 for "Wire transfer".
Does it mean I have to pay $20 each time I choose wire transfer to make a deposit? Anybody have experience with it?
ericwuyq said:I am a little confused. In the FAQ: How do I fund my money market account? After you complete your application, you have two convenient options for funding your money market account: 1. Send a check, 2. Make a wire transfer
And on the fees may reduce earning, it says $20 for "Wire transfer".
Does it mean I have to pay $20 each time I choose wire transfer to make a deposit? Anybody have experience with it? Is it $20 for Wire-in or Wire-out? Many (not all) banks do not charge anything for Wires coming in. Your other bank from where you initiate the wire likley would charge you though.
Beckles said:Why did you cancel your account? Where I live you can see the capital one bank from the citibank down the street. I can get 5% interest with same day deposits at the Citibank, but have to wait a week for my check to get to Capital One in the mail or pay $20 for the incoming wire fee. It makes no sense for Capital One not to offer their direct banking products as having service in branch considering that Citibank and HSBC do. If Capital One causes their product to be competitive then I'll switch back. Until then, I'd just assume have one fewer bank account in Quicken. =)
uutxs said: Is it $20 for Wire-in or Wire-out? Many (not all) banks do not charge anything for Wires coming in. Your other bank from where you initiate the wire likley would charge you though.
So far every bank I've banked at (HSBC, Capital One Direct, WAMU, Wells Fargo, CitiBank, Commerce National (local bank), Compass) has charged incoming wire fees. Most are around $10.
The one that really gets me is WAMU, though. $10 for incoming wires, but free outgoing? Its almost as if they don't want my money. =)
Thanks very much for sharing. Almost decide to open one before I reading this. There is no local capital one bank here. Since I donot wanna always mail checks, I may reconsider it because of $20 for a deposit. darkhaven said:uutxs said: Is it $20 for Wire-in or Wire-out? Many (not all) banks do not charge anything for Wires coming in. Your other bank from where you initiate the wire likley would charge you though.
So far every bank I've banked at (HSBC, Capital One Direct, WAMU, Wells Fargo, CitiBank, Commerce National (local bank), Compass) has charged incoming wire fees. Most are around $10.
The one that really gets me is WAMU, though. $10 for incoming wires, but free outgoing? Its almost as if they don't want my money. =)
darkhaven said:Where I live you can see the capital one bank from the citibank down the street. I can get 5% interest with same day deposits at the Citibank, but have to wait a week for my check to get to Capital One in the mail or pay $20 for the incoming wire fee. It makes no sense for Capital One not to offer their direct banking products as having service in branch considering that Citibank and HSBC do. If Capital One causes their product to be competitive then I'll switch back. Until then, I'd just assume have one fewer bank account in Quicken. =)I'm not trying to defend Capital One for this by any means, but just by way of explanation I believe the reason for this is that Capital One bank down the street from you may not be the same Capital One bank that the Money Market Account is held at, they have several different banks owned by the same company operating under the Capital One name (Capital One, NA, Capital One FSB, and then the old Hibernia Bank, which I'm not sure what charter they're operating under, or maybe a totally different one than those first two).
As for being "competitive", I guess that just depends on the features you want, because while it does appear the transfers in leave something to be desired, as far as I'm aware there's no other account with such low minimum balance requirements that offers check writing and ATM access to the account.
Beckles said:they have several different banks owned by the same company operating under the Capital One name (Capital One, NA, Capital One FSB, and then the old Hibernia Bank, which I'm not sure what charter they're operating under, or maybe a totally different one than those first two).
The two banks that operate under Capital One Direct and accept internet accounts are Capital One Bank and Capital One, F.S.B. It used to be that Capital One Bank only offered jumbo CDs and Capital One FSB offered all the other accounts, but that changed a year or two ago. Now they seem to switch off every few weeks as the default bank for opening internet accounts, although you can request a specific bank at the time you open the account.
The old Hibernia is now Capital One, N.A. They cannot service your internet accounts.
Incidentally, all three banks are separate for FDIC insurance purposes.
Signed up for my account, mailed in a check for the $5k, and they posted my $25 sign-up bonus on the same day as my initial deposit (I didn't realize they had the more lucrative $50 offer available at the time unfortunately).
darkhaven said:but she said the changes should be in place around Sept. 15th.Got snail mail about this. Come Sept 15th, there will be a phone access system to check balance etc.
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