I have always been a fan of local banking. I grew up in a small town, and there was always something special about knowing the teller who was handling my money. My local bank would always give me a treat for Motley when we came through and they knew us well.
Then I moved. Like 8 times. Thankfully, direct deposit made it easy for me to stick with my local bank, and their online banking services were enough for me to stay on top of finances with little effort. However, as time progressed, my life changed. I met Mike and we combined finances – so he moved to my bank. As couples do, we spent more and had more bills to pay. We also set financial goals.
The local bank worked for us for a long time. Then we went to apply for our first car loan. Even though our credit scores were good and we had steady incomes, we were declined. Thankfully, another bank trusted us enough (a bank we had absolutely no history with) to give us the loan, but I was upset that we were denied at the bank I trusted most. This was my hometown bank, for crying out loud! Yes, it was a bigger branch and the tellers didn’t know my dog by name, but it was MY BANK. They knew me. We had a steady, solid relationship.
Despite my irritation, I let it go. I knew my bank was conservative and loans were hard to come by, so I moved on with my life.
Then the fees came.
They were small at first. Just a random $2 here and there. I had no idea what they were for, but they would automatically come out at random. Again, I let it go. I figured, maybe it was something I did, even though we hadn’t done anything out of the ordinary. They were so minor anyway.
Then the fees got bigger.
A few months ago, the fees doubled and started being deducted on a monthly basis. I probably should have called someone at that point, but I’m a millennial and hate getting on the phone. So I began researching their site to see where these fees where coming from. My only determination is that they moved me from my original “FREE CHECKING” – which no longer exists – into a new type of checking that costs $4 a month.
What the hey?
When I realized this, I didn’t care enough to call. I decided it was time to MOVE ON.
Fortunately, I had ventured into the Capital One life earlier with their credit cards and even had a free Capital One 360 checking account with them that I used for saving. I knew how awesome their site and customer service was. I had seen it first hand. Even though I was raised to trust brick and mortar places versus online, Mike and I decided to make the full transition to see if we liked it.
To no one’s surprise, we LOVE it.
Here are 5 reasons we made the switch to online banking.
1. It’s free.
Pretty much everything is free with Capital One 360 Checking. You have access to thousands of ATMs and there will be no fees. Just look up on their site or your mobile app and you will easily find a qualified ATM within 5 miles of you. There is no minimum amount you must keep in your account or any odd stipulations. It’s fo’ real FREE.
2. Mobile deposits.
My old bank never really got on the mobile deposits thing, so it was a hassle when Mike and I were living in areas where there wasn’t a bank nearby. It was actually one of the reasons we opened a Capital One 360 checking account to begin with. We knew we could always just snap a pic of the check and it would go straight into our account – then we could transfer money over if need be.
Mobile deposits are so vital for us because a lot of Mike’s jobs didn’t have the option to do direct deposit. Not to mention, if someone ever sends us money for our birthdays or what not, we need a way to put it in the bank. Capital One 360 delivers.
3. It draws interest!
How many free checking accounts do you know that pay interest? Granted, it may only be a few pennies here and there (for us anyways), but it’s still a few pennies more than we had before. It’s nice to know that Capital One cares enough about its customers to offer a checking account that pays interest… FOR FREE.
4. I can still send checks.
And it is so awesome. Capital One 360 has their own form of Bill Pay, but you can also send a regular check to a regular person online. When you click on it, it opens up a page that looks like a check and you just input who it’s paid to, the memo, and amount. They will send it to whoever you want it to go to. I think that is so cool! Never again will I have to go through the hassle of ordering checks (yes, I still need checks sometimes).
5. It syncs with our credit cards.
We have two Capital One credit cards (soon to be 1 when we merge them) and a Capital One savings account. We can see all of that information on the mobile app and the website. It is so easy and making a transfer or payment is seamless. Having everything in one place makes managing our money a total breeze.
Having Capital One 360 as our full-time checking has been fun and convenient. Even now, I’m still finding new things on their website to make my life easier. I totally recommend making the switch, or simply trying it out. You can do virtually everything on their website.
If you do choose to try Capital One 360 Checking, click on this link. I’ll get a small bonus for referring you and you’ll get a small bonus for trying them out!
P.S. Capital One didn’t pay me or anything for this article. I just love them that much.