Schwab banking vs CapitalOne 360

[josstache]

I am in dire need of a bank that offers accounts with no foreign currency exchange fees and that refunds foreign ATM fees. From my research, this has narrowed things down to just Schwab and CapitalOne 360.  CapitalOne 360 has higher interest rates and some sweet sign up bonuses, but if the banking experience itself sucks (as these Credit Karma reviews suggest), then I will probably prefer Schwab to keep one source of stress out of my life. (Schwab's Credit Karma reviews are significantly better on average)

Has anyone had experience with either to confirm or rebut the reviews for either?

[minority_finance_mo]

I've never use Schwab, but I do have a CapitalOne 360 checking account. I've never had any trouble with the account - no random fees or charges. Additionally, the few times I have had to call them, I'm able to speak to a live person within minutes and they've always been very courteous and friendly.

[GizmoTX]

We moved a lot of our funds to Schwab, & do all our trading there, so its brokerage fees are more than competitive for us. We are very happy with Schwab checking & debit card. No fees, free checks, mobile deposit, refunded ATM fees everywhere. All our IRAs are there now too, including our Vanguard funds. The local branch is more than helpful. DS is using Schwab for checking & Synchrony for savings.

We have CapitalOne Venture CCs (but they're not our primary cards) & DS has a Quicksilver CC, but no banking. CapitalOne very rarely raises credit limits, even though we all have excellent credit, & has been difficult to work with.

[geekette]

We've used Capital One since they were ING. No problems at all.

[bluecheeze]

Minor, but the only thing I don't like about CapOne 360 is that the checking and credit card accounts are not a single login.  It would be nice if you could access both accounts on one page with one username/password but they havn't gotten that far yet I suppose. 

1+ years so far of using overseas and no problems yet.  I really like how you can also set travel notifications via website vs calling in.

[Dimitri]

I was a Capital One 360 customer from back when they were ING Direct (I believe 2002 is when I opened my first account).  I liked them a lot better when they were ING Direct.  Last year I signed up for a $50 bonus for opening a checking account.  I convinced one of my co-workers to do the same.  Both of us fulfilled the requirements (deposit plus use of their debit card) but neither of us got our bonus.  After three rounds of emails I finally got my bonus.  Basically Capital One 360 tried to cheat me out of what they promised.  I closed my checking account as well as a savings account in the low-mid five figure range that was earning less interest than other on-line savings accounts (I had been too lazy to bother switching).  My co-worker also closed her account after she received her bonus.

Conversely, I've had a Schwab account probably for six or so years.  No problems and no issues.  My boss opened a Schwab account because she was going on holiday to Italy.  She found it to be a rewarding experience. 

Based on my personal experience regretfully I do not believe Capital One 360 is an honorable company.  I would recommend Schwab.

[michaelrecycles]

I have both accounts. I got the Schwab specifically for travel. CO360 is low on fees, and I've never had a problem with their service. They don't charge ATM fees, but I don't think they refund fees that the ATM may charge. That's why I got Schwab.

[NinetyFour]

I love Cap One.  (Referral code below, if you are interested.)  Customer service has been great--and no long waits to talk to a real person.

One tip:  if you want to transfer $$ from a brick and mortar bank to your Cap One savings, it is faster to first transfer it to your Cap One checking.  Then the transfer from your Cap One checking to your Cap One savings is instantaneous.  I learned that tip from a Cap One customer service agent.  :)

[bugbaby]

Schwab has worked really well for me. I easily do intl wires online -phone security calls after initial in person transaction.. I use my brokerage acct but you can also set up via checking. They refund up to $6 per month ATM fees from anywhere.

[josstache]

Thank you everyone for the replies.  You've made me confident that either choice would be reasonable.  As an update, I decided to go with Schwab just to avoid the off chance of any reliability and transfer timing issues.

[loftygoal]

I see that you've made the right decision! I haven't had a checking account with Capital One (only a credit card with an abysmally low credit limit despite a great credit score), but I love my Schwab checking account. The customer service is great, and I used my debit card heavily at ATMs in Central America last summer, and Canada the year before, and never had a problem-- ALL of my ATM fees were refunded at the end of each month.

[Wupper]

I had both for awhile. However, about a year ago, I moved all money out of Cap One 360, and into Schwab.

I think both are fine, and would recommend either. But for me, Schwab wins a close photo-finish.

[TypicalVillain]

Another vote for Schwab. I switched from mainstream banks (specifically Citibank) because I couldn't stand the fees. With Schwab I love that you get ATM reimbursement around the world. It's AWESOME

[canalstreet]

I have CapitalOne 360 mainly because of their higher interest rate on savings (0.75% currently) and their ATM card has no foreign transaction fees. However, I do get charged for out of network ATM usage.
I'd really like to get the Schwab card for travel but I just hate the idea of keeping track of a third bank account and getting a potential hard pull during signup.

[twelve17]

I realize this is an old post, but I'm curious if anyone has determined if CapitalOne or Schwab marks up the currency conversion rate?

The Capital One 360 checking account terms page says:

If a foreign transaction is in a foreign currency, it will be posted to your account in U.S. Dollars. The exchange rate between the foreign currency and U.S. Dollars is a rate selected by MasterCard®. Basically, here‘s how MasterCard® calculates the exchange rate: they usually start with either a government-mandated currency rate or a wholesale rate as of the day your foreign transaction is processed (i.e., not the date you made your purchase and not the date your purchase is posted on your statement).

Once they have that rate, they add their own adjustment factor to it.

Is the "adjustment factor" just vague wording for a markup?  I've asked them via email and will report back, but just curious if anyone else has any insight.   Marking up the currency conversion is how many traditional banks make money in wire transfers, all while advertising low or no transaction fees (since the cost is hidden in the currency conversion and can be way higher since it is based on dollar amount!).

[sirdoug007]

Wow Schwab really looks great. 

My main issue with checking accounts is finding one with no minimum balance and no ATM fees.  I've been using bank of america because they have ATMs all over the US so I rarely have to pay a fee, but usually do end up having to a few times a year.

Unlimited ATM fee reimbursement is very rare.  I think I might have to change banks!

[Radagast]

Are you able to deposit cash using the Schwab accounts? My tenants have been paying in cash, and it would be inconvenient to have that just pile up.

[arebelspy]

Another vote for Schwab (I know OP already signed up for Schwab, but for anyone else reading and trying to decide).

Are you able to deposit cash using the Schwab accounts? My tenants have been paying in cash, and it would be inconvenient to have that just pile up.

No. I use a separate bank for my rentals (B of A--in person branches near all my rentals so that tenants can deposit the rent themselves directly) than my personal (Schwab).

For rare cash gifts or any other random cash (selling something on Craigslist, for example), we usually give them to a family member (parent, sibling) and have them cut us a check for it, and snap a photo of it to deposit the check.  It's rare enough that it's not a big deal, maybe once or twice a year.

[sirdoug007]

Have you looked at credit unions at all?  Mine is a member of the Co-op Network, which has fee-free ATMs in most 7-11s around the country.  Pretty easy to find one of those in most places.  Or another credit union, since many of them are on the network.

The one credit union I use has some free ATMs in CVS pharmacies mostly.  Right now I use BofA and there are lots of ATMs in convenient places. 

If I am going to make a change it would be so I don't have to even think about ATM fees anymore, which is what Schwab is offering.

[Ebrat]

I've never use Schwab, but I do have a CapitalOne 360 checking account. I've never had any trouble with the account - no random fees or charges. Additionally, the few times I have had to call them, I'm able to speak to a live person within minutes and they've always been very courteous and friendly.

Exactly my experience. They're great.

[katsiki]

Does anyone have experience with Schwab and international wires?  I see mixed reviews about this aspect.  Frequency would be 2-3 intl wires per year.

[beastykato]

I have switched to Cap360 and I love it.  I never have any problems.  They have a really nice overdraft loan option which saves me when I forget to check my balance after I transfer too much much to my IRA or savings accounts lol.   If you pay it off  within a day or so they don't even charge you the interest on it. 

The savings rates are decent.  Currently at .2% on checking, .75% on savings and 1% for their MM savings if you have 10k or more.  There are some better rates out there, but many of them require you to jump thru ridiculous hoops like 53.4 atm transactions and your firstborns soul to get each month.

I think i used to have Schwab, but I can't recall.  Did they have a 2% rewards credit card before?  I think I had it and then it got cancelled, so I moved away from them.  That was years ago, before these newer credit card offers came out like the Citi Doublecash.

[Eilonwy]

I started accounts with both Schwab and Capital One in the last year. I've had some weird issues with Schwab, including a credit card bill not getting paid. They do have many good features -- interest checking, free checks, atm fee payback -- so I'm sticking with them for now, but being very careful about the bills. (The issue seems to only come when adding a new payee, which I don't do very often anyway.)

I have a credit card and savings with Capital One which I converted to money market after receiving the very nice bonus. No problems at all. Caveat that I haven't so far had to do much other than move money around. I like how they spell everything out very clearly, and how easy it is to apply the credit card cashback to my payment.

[Radagast]

Another vote for Schwab (I know OP already signed up for Schwab, but for anyone else reading and trying to decide).

Are you able to deposit cash using the Schwab accounts? My tenants have been paying in cash, and it would be inconvenient to have that just pile up.

No. I use a separate bank for my rentals (B of A--in person branches near all my rentals so that tenants can deposit the rent themselves directly) than my personal (Schwab).

For rare cash gifts or any other random cash (selling something on Craigslist, for example), we usually give them to a family member (parent, sibling) and have them cut us a check for it, and snap a photo of it to deposit the check.  It's rare enough that it's not a big deal, maybe once or twice a year.

Thanks. I will keep on enabling Wells Fargo for now then!