If you currently have a free checking account at Capital One, it may not last much longer. Capital One has been sending letters to customers informing them that their free checking accounts will be converted on 6/5/2012. Customers have the option of selecting one of three checking accounts, or Capital One will choose which account they best suits you.
With the recent merge with ING Direct, this may be a case of foreshadowing for ING customers as well.
Your checking account is changing, and you have some new options. You’ll need to make an important choice before 6/5/2012 and select a new checking account from the list below.
DepositAccounts notes that not everyone is being lumped into Premier Rewards, which holds the highest monthly service fee. It seems Capital One really does have a method to their madness, albeit unknown.
- $14.95/month fee
- or keep an average monthly checking balance of at least $1,500
- or maintain an average monthly combine balance of $3,000 or more across checking, savings, Money Market and CD accounts
- or make a single direct deposit of at least $1,000 each month
- $8.95/month fee
- or keep a minimum daily checking balance of $300
- or make a single direct deposit of at least $250 each month
High Yield Free Checking
- No monthly fee
- but you must maintain a minimum monthly balance of $5,000 combined across checking, savings, Money Market, CD and brokerage accounts
- or have a Capital One home loan in good standing