Tuesday, November 25, 2008

Switching from ING Direct to Capital One Online Savings: Part 3

Last week, on the 18th, I began the process of opening a new Capital One Online Savings account. Today, it looks like all of the opening steps have been completed, without any hitches. Also, one of my main criteria, the ability to download using the Direct Connect feature of Quicken, was easy to setup and works well.

To summarize the timeline:
November 18th: Opened the account online, clicking through the link from Costco.com to get the member rate of 3.66% (at the time, though it dropped to 3.55% the next day).
November 19th: The two verification deposits were made to the ING Direct account that I wanted to link to the Capital One account. I verified them on the Capital One site that day. I later received an email that said that the account was linked and the initial deposit would take up to 3 business days.
November 20th: The initial deposit was taken out of the ING Direct account.
November 24th: The initial deposit showed up in the Capital One account (2 business days after coming out of ING Direct).

A couple of notes:
For the first 30 days, if I want to withdraw from Capital One, it will take 10 business days (2 weeks!). After 30 days, you have to wait five business days to withdraw newly deposited funds.
The last remaining issue is to see when the $20 bonus for Costco members is deposited to the account. I believe it's supposed to be done in 4-6 weeks.

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