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I Have a Banking Question

February 16th, 2014 at 07:36 pm

For anyone who has both a Capitol One 360 (formerly ING) savings and checking account. I know that when you make a deposit to savings the funds are not available for ten days. Is this true when you make a deposit to checking as well? Is this true if you transfer between your C1-360 savings into your C1-360 checking account? Is there a required balance in the checking account?

There are a few times a year when it would be easier to transfer saved money to a checking account there from my savings there and then make an online payment, but not if it is going to take longer than the 3 days it takes to send it to my main checking account at the CU.

Posted in , Paying the Bills | 5 Comments »

5 Responses to “I Have a Banking Question”

  1. creditcardfree Says:
    February 16th, 2014 at 08:40 pm 1392583243
    1392583243

    I have transferred TO Savings from Checking with CapitalOne 360 and it is instant with funds immediately available. I would guess this would be the same going the other way. Seems like a good plan for you!

  2. dmontngrey Says:
    February 16th, 2014 at 09:04 pm 1392584649
    1392584649

    Normal deposits to checking take less time: 3-4 days usually. Unless it's a larger check. I recently deposited a $500 check and they held it at least 7 days. In any case - if I want to put money in savings, I deposit it to checking first and then transfer it over. It clears much quicker this way.

    Transfers between accounts are always instant. Smile No required balance in the accounts either.

  3. creditcardfree Says:
    February 16th, 2014 at 10:42 pm 1392590532
    1392590532

    This makes me think I should set up my auto deposits to our savings with them to checking instead and then move over after it clears. It really hasn't been an issue though.

  4. Tabs Says:
    February 22nd, 2014 at 06:52 am 1393051939
    1393051939

    Capitol One bought out ING? Wow, news to me. They've also bought out my HSBC credit card (though not sure if they bought just the credit arm or the entire company).

  5. baselle Says:
    February 28th, 2014 at 10:13 pm 1393625622
    1393625622

    I thought about the savings to checking and the one fly in the ointment is that most savings accounts only want you to make 6 withdrawls per month, often count them and will still count them even if its between your accounts in the same bank. The 7th move costs or other pseudo-dire things happen. It was explained to me that if you dip into savings more than 6 times, your account looks like its checking.

    Other than that, I haven't noticed many restrictions - except for the move outside money to savings which seems to be longer (not sure whether I experience it as 10 days), all the other moves seem to happen 2-3 days.

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