By signing up for a Capital One banking membership program, you can automatically receive an electronic deposit every month in your account. That will be a check, which you should cash when you receive a monthly credit statement from the bank. Each section below describes the Service that you can receive as part of your Capital One banking membership package.
This Agreement governs the use of your Capital One Internet Banking, Online Bill Payment and Online Funds Transfer services (collectively, the “Online Services”), and any other services that are included with Capital One. Unless otherwise specified, each section above applies irrespective of whether you are utilizing the Services via your Capital One Internet Banking or through your Non-Bank, Business or Credit card accounts.
First, let's talk about the credit account. When you open a Capital One internet banking account, you'll be given a choice between two types of account, a checking account or a savings account.
As far as your Online Services is concerned, you have two main choices: a standard banking account and online savings account. With a standard account, you'll need to provide basic information regarding your employment, your annual income and the amount of money you're currently receiving in salary. You'll also have to complete an application form that requires you to disclose certain personal financial details. You may need to provide additional information if you're not employed by the same bank that manages your online savings account, such as details about your current employer or the name and address of your current employer.
If you opt for an online savings account, you're given the option of opening a regular or a Roth account. You may choose to opt for either type of account, provided that you meet the minimum qualifications, and that you're at least eighteen years old.
In order to maintain your account, you'll need to pay attention to the details contained in the Terms of Use Agreement that governs your Capital One banking membership. The TU covers everything from your privacy concerns to the way you access and make payments on your account (including how you fund it and how your funds are stored).
As far as the way you obtain funds, the service provider will issue you a debit card that allows you to withdraw funds from your account via a card reader. This is what your account will look like at this stage. Once you've successfully transferred the required funds to your account, you'll have to pay a fee for transferring the funds to your bank account.
Once you're satisfied with the balance of your account, you can open a second account and then transfer the funds to it using your bank card or debit card. Whenever you make your next payment, the funds will automatically be debited from the second account. That way, you won't have to make separate payments for the two accounts separately.
The monthly payment that accompanies the second account is the amount that you'll receive as a Capital One payment. When you close your first account, all the funds that were transferred will automatically be withdrawn from your second account.
