capital one online banking my account

Your Capital One credit card account number · Your Social Security Number (SSN) or Taxpayer Identification Number (TIN) · A valid email address · 3-digit security. Sign in or enroll to access Capital One online banking for credit card or bank products. Use your User ID and Password to sign in on desktop or mobile. Capital One 360 offers a top-of-the-line bank experience with strong customer support. Its checking and savings accounts also earn solid rates and don't.

Capital one online banking my account -

How to close a Capital One account

Capital One offers a great lineup of rewards credit cards for every type of user. Whether you need a travel card, business card or even a secured card, there’s most likely a suitable Capital One credit card option for you.

And while there is a variety of Capital One cards to choose from and apply to, what happens if your needs change? Over time, the original credit card account you opened may no longer suit you. For instance, you may start a new career that requires a lot of travel. Then, you may decide it’s time to close your current rewards card and opt for a travel credit card instead.

Closing an account may seem risky or troublesome because it could affect your credit, but it generally depends on your specific credit factors and the account. Being as informed as possible will help you make the right decision.

How to close a Capital One credit card account

Before you start taking the necessary steps to close your Capital One account, it’s recommended that you first pay off any outstanding balance. This is to avoid the possibility of Capital One raising your interest rate or even demanding immediate payment of the balance. You can close the credit card regardless, but you will still be responsible for any subsequent monthly payments. Whenever you’re ready, you have two main options for how to start the process.

Can you cancel a Capital One account online?

Yes, you can cancel a Capital One account online. Capital One members are able to close their accounts online from the website, but not via the Capital One mobile app. After logging into your account on a browser, find the card you want to close and hit “View Account.” On the account page, click “I want to…” and select the “Close Account” option. Then, continue on with the given instructions to close your account.

If you would prefer to cancel by phone, you can do so by calling 1-800-227-4825. Be prepared with any information you may need to provide to the Capital One representative who answers your call. They may require the last four digits of your social security number, your account number and the full number of the credit card you’re looking to close. This is also where a representative may offer you certain incentives or perks to keep your account open.

You can also do this process by mail; write a letter to Capital One that says you would like to close your account and include your full credit card number, the account number and your signature. You can send the letter to the following address:

Attn: General Correspondence

Capital One

PO Box 30285

Salt Lake City, UT 84130-0287

What to do after closing your Capital One credit card account

After you’ve closed your account, you should be prepared for a few things. Firstly, you will still be responsible for any outstanding balance on the card, including any charges made beforehand that haven’t yet been posted to the account. So, you are still required to pay all minimum monthly payments until the balance reaches zero. Additionally, you’ll need to cancel any automatic payments or previously authorized recurring charges coming from that card. Continue checking on the account and your statements to be sure you aren’t missing any required payments.

Alternatives to closing a Capital One credit card account

You have your reasons for wanting to close a Capital One account, but perhaps that isn’t the only solution. Depending on what your needs are, there may be another helpful option besides canceling the credit card.

Request a product change

Many credit card issuers give customers the option to actually change their card without closing their account. Capital One has a wide assortment of cards, so a different one may meet your needs better than your current one. A product change allows you to upgrade or downgrade to a similar card. For instance, if you have a cash back credit card from Capital One that charges an annual fee, you’ll likely be able to downgrade to a no-annual-fee version of the card. Contact Capital One to discuss what specific cards may be good options for you to select.

Lock your card

Capital One gives members the option to “lock” their cards so they can’t be used until they are “unlocked.” So, if you have a no annual fee credit card, you can pay off any remaining balance, lock the card and put it away in a drawer for the time being. If the card is positively impacting your credit by lengthening your credit history and lowering your credit utilization ratio, then this may be a good option. If you choose to lock your card, you’ll also be notified of any unauthorized account activity.

Closing a Capital One credit card: FAQ

The process of closing your account is fairly straightforward, but it’s best to have all the facts before you begin.

Does closing a Capital One credit card affect your credit score?

Closing a credit card account may impact your credit score depending on certain factors. If the unused balance on the account is greatly improving your credit utilization ratio, closing the account could negatively impact your score. Be sure to look at your full credit report to determine the chances of your score being affected.

Closing an account may also cause your credit score to drop temporarily regardless of its actual impact, so don’t panic if you weren’t expecting any changes and then see a sudden decrease.

Can you reopen a closed Capital One credit card?

In most cases, once an account has been closed, it is a permanent move. It’s very rare for Capital One to be able to reopen an account once it has closed.

What happens to the rewards when you close a Capital One credit card?

It’s not likely that you will be able to use any rewards accumulated on the account once it’s closed, so it’s recommended that you use up any remaining rewards or points beforehand.

The bottom line

If you’re thinking about closing a Capital One account, really consider what is motivating you to do so. Another option, such as a product change, locking the card or taking advantage of incentives to keep the account might be a better option.

If you decide to cancel your Capital One account, make sure you complete all the necessary steps and are fully informed. Also, keep in mind that you won’t get a partial refund of the card’s annual fee just because it wasn’t used for that full year.

Once you’ve closed the account, take a look at today’s best credit cards for an option that might better fit your needs.


At any bank, if you have a low credit score, you’re only likely to get a credit limit increase if you’re getting close to your existing credit limit. So if you got that email, you probably had a few thousand dollars of Capital One credit card debt at an interest rate of at least 20 percent. That implies you were probably paying Capital One around $40 in interest per month or more. You might want or need to borrow more money on top of what you’ve already borrowed, but I always thought it was a little bit sick for us to be telling people to “enjoy” their higher credit line. It felt more than a little like shouting, “Enjoy getting into more debt, suckers!” before disappearing in a cloud of smoke and speeding off in a Tesla.

In my coworkers’ defense, nearly everyone agreed with me that repeating “more...more...more” in that email was redundant, if not manipulative, and we eventually changed the text. But the pitch still represented an irreconcilable gap: While the recipients of the email might, at best, regard it as one additional debt instrument to deploy for the next financial emergency lying in wait, Capital One employees must have imagined that borrowers were positively excited to take on more debt as soon as possible. 

Sadly, this latter view was not completely unreasonable. As Scott Schuh and Scott Fulford have shown in a paper for the Federal Reserve of Boston, people who get credit limit increases tend to keep their “utilization” constant. In other words: If a person is carrying a $1,500 balance when they have a $3,000 credit limit, you’d expect them to start carrying a $4,000 balance if the limit is raised to $8,000. If most people use the full credit-limit increases they are offered, the thinking goes, that must mean that most people want to borrow more money. If you lend them more money, you are “meeting customers’ needs.” 

Because the borrower’s pain was not at the forefront for analysts, lingo like “pBad” (the percentage of people who can’t repay their loans), “second-order risk” (when customers who would have been able to repay a small loan default because they borrowed more than they could handle), “flow rates” (the percentage of people who will miss the next payment), “HBRs” (high-balance revolvers, or people who have a lot of debt) is not analogous to a military planner referring to “collateral damage” to talk about dead civilians. It is far more abstract. 


Capital One Financial Corporation is an American bank holding organization who specialize in credit cards, banking, auto loans and investment accounts. Their headquarter is in McLean, Virginia and operates principally in the United States. It is even on the list of the biggest banks in the United States and has gained notoriety for being a bank that is centered around technology.

The bank has 755 branches including 30 bistro style areas and 2,000 ATMs. It is positioned 97th on the Fortune 500, 17th on Fortune’s list of the 100 Best Companies to Work For, and carries out business in the United States, Canada, and in the United Kingdom. The organization helped pioneer the mass promoting of credit cards during the 1990s. In 2016, it was the fifth biggest issuer of credit cards by purchase volume, after American Express, JPMorgan Chase, Bank of America, and Citigroup.

With a 5% market share, Capital One is likewise the second biggest auto finance organization in the United States, following Ally Financial. Therefore, it is safe to say that people often want to open accounts in this bank. The one question that individuals often ask, typically those who already have an account, is how to add another credit card to my capital one app? This article focuses on just that and will answer all your questions. Keep on reading to find out.

Table of Contents

How To Add Another Credit Card To My Capital One App?

To add another credit card to your Capital One application, sign in to the application, click on your profile picture and click on “Settings.” After that, click on “Credit/Debit Card Settings” and afterward on “Link a Card.” At that point, you will have the option to link your new card to the application so you can oversee it and view the subtleties of your account.

How Do I Link My Capital One Accounts?

The steps that need to be followed in order to link an external account are:

  • Go on the website and sign in to your bank account on. Do keep in mind that this feature cannot be accessed through the mobile app.
  • Click on your profile picture at the top right of the screen.
  • Click on “Settings.”
  • Scroll down to “External Accounts.”
  • Once you reach External Accounts, click on “Add External Account.” You will be asked to affirm your identity and enter the details for your external account.
  • In a matter of 3 business days, Capital One will make two small test deposits (each less than $1.00) into your external account. Typically, the total sum of the test deposits is withdrawn by Capital One on the same day.
  • Sign in to once you know the amounts and click on your profile picture at the top right of the screen. Then click on “Settings,” and from there, navigate to “External Accounts.”
  • Click on the option, “Verify account to finish setting up transfers,” and enter the amounts on the next screen.

One question that pops up is whether or not both of these accounts are joint accounts? If this is the case, then make sure that you both add the external joint account independently and that each of you completes the steps mentioned above. After your account is affirmed, you will have the option to transfer cash between accounts.

How To Verify External Bank Account After Linking It?

After adding your external account information, you can follow the given steps to verify it for transfers:

  • Within two business days subsequent to linking your account on the web, Capital One will put aside two little test installments (each under $1.00) into your external account, trailed by one withdrawal for the aggregate sum of the two test deposits.
  • Survey the activity on your external financial records, and distinguish the little test deposits.
  • When you know the sums, sign in to, and select the Capital One account you are connecting your external account to.

For Capital One 360 accounts, select your client profile at the upper right corner of the screen, and then select Settings, and go down to the ‘External Account’ segment. In the ‘External Account’ segment, select ‘Verify Account’ to affirm your link.

For every other account, click on the ‘Account Services and Settings’ link under your balance data, and afterward go to ‘Manage External Accounts’ to affirm your link.

It would be ideal if you keep in mind that if this is a joint external account, with a similar shared account holder, you should both sign in to with your individual sign in details and complete the steps mentioned above.

When you affirm the link, you will have the option to move cash between accounts. When you verify your external account, any cash you booked to be stored to a Capital One account that was recently opened, will be transferred.

How Do I Add Another Capital One Account?

In the event that you are the primary cardholder for an account, you can without much of a stretch allow someone else to make purchases and oversee other account highlights. This additional individual is called an authorized user. They get their own card, however, they are not answerable for payments.

Add an authorized user to your account

To add or view authorized users for you, follow the bearings on the Manage Users page. You will have to have some personal data about the user on you, like their date of birth and social security number.

Remove an authorized user from your account

In most cases, removing an authorized user from your record is similarly as simple as adding somebody. On the ‘Manage Users’ page, select the user you would prefer to erase and affirm it with a single tick.

You would not have the option to remove an individual who opened a joint account with you (also known as a joint cardholder). Be that as it may, on the off chance that you might want to keep further charges from posting to your account, and confine utilization of the card, you can even call Capital One at 1-800-955-7070.

Capital One Credit Card

Just think of credit cards that are anything but difficult to utilize, miles that are absolutely easy to reclaim and remunerates that are easy to cherish. Capital One has this and that is only the tip of the iceberg. You will discover travel cards, money back cards and items for the consumer who is simply starting out, all sponsored by one of the country’s biggest banks.

The best Capital One Visa is the Capital One Venture Rewards Credit Card. This card offers a heavy sign-up reward of 10,000 miles for burning through $20,000 on purchases in the initial year or you can procure 50,000 miles for burning through $3,000 in the initial 3 months. The reward is worth either $1,000 or $500 separately when reclaimed for travel. You will likewise acquire 2X miles on all passing buys. Capital One offers adaptable reclamation alternatives as you can recover your miles with any hotel or airline.

Best Capital One Credit Cards

Capital One® Platinum Credit Card

Why is it the best Capital One credit card for building credit

Need a major advantage over your credit? Look no further. The Platinum is an extraordinary first card or an item for the shopper attempting to construct their credit with mindful card use.


This card acknowledges purchasers with average, reasonable or restricted credit. There is no yearly charge, in contrast to the QuicksilverOne, and like the QuicksilverOne, you might have the option to up your credit limit after the initial a half year of on-time installments.


Unlike QuicksilverOne there are no ongoing rewards with this card.

Capital One® Quicksilver® Cash Rewards Credit Card

Why is it the best Capital One credit card for cash back?

The Capital One Quicksilver Cash Rewards Credit Card is extraordinary for buyers who need the opportunity of money back without stressing over rotating classifications.


In contrast to QuicksilverOne, which acknowledges customers with lower credit, the Quicksilver has no yearly expense. This card can’t be beat when you are searching for a no-annual-fee card that has in all cases supported progressing rewards.


In the event that you are eager to pay a yearly charge, you can get an improved welcome bonus and better layered progressing rewards, just as with the Blue Cash Preferred Card from American Express.

Capital One® Secured Mastercard®

Why is it the best Capital One secured credit card

A few of us are attempting to excel monetarily, particularly students, and this card can get you on your way, with no yearly expense and the opportunity to build credit with capable use.


The Capital One Secured Mastercard acknowledges shoppers with terrible or restricted credit and is ideal for somebody hoping to fix credit. That is on the grounds that the least demanding and quickest approach to construct credit is with a credit card. Why? Since the predominant scoring models favor mindful credit card use.


With a secured card like this one, you will be needed to put down a refundable deposit that you will be taking for your credit limit. There are no continuous rewards or sign-up rewards.

Capital One® Venture® Rewards Credit Card

Why is it the best Capital One credit card for travel rewards?

On the off chance that you are searching for tight rewards and do not have any desire to be secured by a particular travel brand, the Venture Rewards is great. As a standout amongst other Mastercards f or travel compensates, it is definitely worth your time and energy in the event that you do a decent amount of travelling, even with a $95 yearly charge.


The Venture Rewards’ 2X miles on all purchases are strong, just like the sign-up reward of 100,000 miles on the off chance that you burn through $20,000 on purchases in the initial year or 50,000 miles after just $3,000 spent in the initial 3 months.


While the Venture Rewards card presently has airline partners, the 2:1.5 exchange ratio is not as much as that of some other contender travel cards.

Capital One® VentureOne® Rewards Credit Card

Why is it the best Capital One credit card for no annual fee?

The VentureOne is an excellent first travel card, with no yearly expenses as well as no foreign transaction charges.


VentureOne’s great prizes make it worth a look. This is a solid decision for a first travel card with adaptability in redemptions and associations with over ten airlines.


The rewards of 1.25X miles on all purchases and the signup bonus could be better.

Capital One® SavorOne® Cash Rewards Credit Card

Why is it the best Capital One credit card for dining rewards?

It is essentially inconceivable to track down a cash back card that offers 3% back on eating out and entertainment with an unlimited spend. On the off chance that those are simply the sorts of purchases you frequently wind up making, the SavorOne is an extraordinary choice.


The SavorOne is an improved item when contrasted with the old Savor. There is an incredible reward of $200 after a $500 spend in the initial 3 months and 2% back at supermarkets, notwithstanding the extraordinary dining rewards.


Despite there being no yearly charges, this card’s sign-up bonus is in the center of the pack in contrast with other cash back cards.

Capital One® QuicksilverOne® Cash Rewards Credit Card

Why is it the best Capital One credit card for limited credit history?

QuicksilverOne is an extraordinary choice for the shopper with reasonable credit who needs insight for acquiring rewards. It additionally gives you admittance to a higher credit limit after you make your initial 6 installments on schedule.


This card has similar continuous compensations as the Quicksilver Cash Rewards, making it a convincing option for your wallet.


The QuicksilverOne does not have the sign-up reward of the Quicksilver, and it conveys a yearly charge of $39, which is not deferred in the primary year.

Journey® Student Rewards from Capital One®

Why is it the best Capital One credit card for students?

The Journey Student Rewards card boosts sound credit propensities with built in features like a 25% lift to the earnings from your reward for covering your tab on time every month; rather than 1% money back on general purchases, you’ll get 1.25%. Additionally, cardholders are naturally considered for a credit line increment following a half year of on-time payments.


For those simply plunging their toe into the world of credit, this is an incredible card for learning solid money related propensities and acquiring rewards at the same time. Additionally, students who are pursuing education abroad will cherish the way that there are no foreign transaction charges.


One potential con for young shoppers is the high APR, at 26.99% variable. In the event that you figure you will be unable to cover the balance every month, you will keep more cash in your pocket by going for a card with a low interest rate.

Capital One® Savor® Cash Rewards Credit Card

Why is it the best Capital One credit card for sign-up bonus?

With unrivaled continuous prizes and a solid sign-up reward, the Savor Cash Rewards has a great deal to bring to the table. You can earn a $300 money back after a $3,000 spend in the initial 3 months, making it a top money back card for sign-up rewards.


This current card’s prizes of 4% on eating out and entertainment beat the last proposal of 3% on eating, along with the same extraordinary 2% back at supermarkets.


There’s now a yearly fee of $95 that is not deferred in the primary year.

Capital One® Spark® Cash for Business

Why is it the best Capital One business credit card for cash back?

On the off chance that you are searching for a money back business card, the Spark Cash for Business has some incredible features, for example, the sign-up reward. Furthermore, if you need the accommodation of a card that rewards you representative cards at no charge, this card is the one for you.


This card’s 2% back offers makes it difficult to disregard it. Additionally, rewards do not lapse for the life of the record, and you can reclaim for any sum.


In spite of the fact that it is deferred in the principal year, there is a $95 yearly expense. The sign-up reward’s required spend is additionally high, at $4,500 in the initial 3 months for a $500 reward.

Capital One® Spark® Miles for Business

Why is it the best Capital One business credit card for travel?

The Spark Miles for Business is like the Spark Cash, except that you get miles rather than money back, making it a decent option for travel reclamations.


Like the Spark Cash for Business, the Spark Miles card’s $95 yearly charge is deferred in the initial year, and the progressing rewards are the equivalent, making it a decent card to have for travel purposes.


The Spark Miles gives you 50,000 miles after a $4,500 spend in the initial 3 months of card participation, making the required spend a high boundary.

Is Capital One A Visa Or Mastercard?

Capital One gives both Visa credit cards and Mastercard credit cards. In contrast to Capital One, which is a bank, Visa and Mastercard are card organizations. That implies that Visa and Mastercard do not give credit cards yet rather help to deal with their transactions and give some supplemental advantages.


Capital One has reliably ranked as perhaps the best work environment, showing up in various Glassdoor’s Best Places To Work reports. In 2020, Fortune magazine ranked Capital One at number 24 on their Fortune List of the Top 100 Companies to Work For in 2020 dependent on a worker review of fulfillment. Moreover, adding another credit card to your Capital One app is extremely simple. All you have to do is log in on your Capital One account on their official website, go to the setting option by clicking on your profile picture and then follow the steps that come up.

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What Is A Subprime Mortgage?

Charles Bains

Charles Bains

Charles Bains started his insurance career as a marketing intern before pounding the pavement as a commercial lines agent in Orlando, FL. As an industry journalist, his articles have appeared in a variety of trade publications. His insurance television career, short-lived but glorious, once saw him serve as the expert adviser on an insurance-themed infomercial (yes, you read that correctly). Having recently worked for various organizations, coupled with his broader insurance knowledge, Charles is able to understand our client’s needs and guide them accordingly. He is a gem for Insurance Noon as his wide area of expertise and experience have been beneficial in conducting further researches to come up with solutions and writing them in a manner which is easy for everyone including beginners to comprehend.



Capital One Bank offers a full suite of banking products. It’s mostly an online bank, but in select states, it also has physical branches.

In this article, we’ll take a look at the products Capital One offers, how you can access the money in your account, how much interest you can earn and more.

Table of Contents

  1. What Is Capital One Bank?
  2. What Banking Products Does Capital One Offer?
  3. How Do I Withdraw Money From My Capital One Bank Account?
  4. How Do I Add Money to My Capital One Bank Account?
  5. How Do I Get in Touch With Customer Service?

What Is Capital One Bank?

When you think of Capital One, you probably think of its credit card products and its long-running “What’s in Your Wallet?” ad campaign. But Capital One offers much more than just credit cards.

Capital One Bank was founded in 1988 as a startup and is now one of the Top 10 largest banks in the United States, according to company press materials.

In 2012, Capital One Bank completed the acquisition of ING Direct, a move that greatly bolstered its digital banking capabilities.

What Banking Products Does Capital One Offer?

In addition to its credit card portfolio, Capital One offers a variety of checking and savings products to consumers including its “360” branded savings accounts.

It also provides certificates of deposit (CDs), auto loans and business banking services.

360 Performance Savings

The 360 Performance Savings account pays a high rate of interest on all balances.

There are no monthly fees and no minimum opening deposit for this account. However, there’s also no ATM card access with this account. To withdraw money from an ATM, you would first need to transfer money to a checking account.

Your money is FDIC protected up to $250,000 in a 360 Performance Savings account.

360 Checking

The 360 Checking account also has no fees and no minimums, making it a solid online checking account option. In addition, your money is FDIC-protected and your first box of checks is free.

Unlike the 360 Performance Savings account, the 360 Checking account does offer ATM card access.

This account might be the best of all worlds because it’s fee-free like a lot of online accounts, and it lets you make cash deposits at any Capital One ATM or Capital One Café (more on the Cafés later). That variety of options is uncommon in the online banking world.

Also, while you probably don’t think of earning money on your checking account like you do with a savings account, the 360 Checking account actually pays you interest. We should note, though, that you can earn a higher rate with checking accounts from several of Capital One’s online competitors.

360 CDs

Capital One has a full range of 360 CDs with terms ranging from six months to 60 months. The amount of interest you can earn gets higher as you select a longer term.

The nice thing about these CDs is that no minimum balance is required to get started, and your returns are always guaranteed. Of course, as always with traditional CDs, there is a penalty if you withdraw your money before your CD term is up.

Meanwhile, Team Clark analyzed the rates that Capital One is paying versus weekly rate cap information from the FDIC. We noted a general trend of 360 CDs coming pretty close to doubling what you could earn versus the national average on CDs.

How Do I Withdraw Money From My Capital One Bank Account?

360 Checking customers can simply use their debit cards to withdraw money from ATMs. If you’re also a 360 Performance Savings customer, you can also transfer money from your savings account to your checking account and then withdraw it at an ATM, too.

But if you’re only a 360 Performance Savings customer, you have to transfer money out to a linked account or physically visit a Capital One branch to make a withdrawal.

Branches are located primarily in Washington, D.C. and the following states:

  • Louisiana
  • Maryland
  • New Jersey
  • New York
  • Texas
  • Virginia

How Do I Add Money to My Capital One Bank Account?

Adding money to your Capital One bank account is easy. You have several options:

  • Mobile check deposit
  • Direct deposit
  • Deposit at select ATMs
  • Deposit via an externally linked bank account
  • Branch deposit in select states

That last method of deposit sets Capital One apart from many of its online banking peers. Having the ability to make cash deposits at a physical location — either at a traditional branch or a Café — can help ease you into doing business with an online bank if you have reservations about that sort of thing.

And in case you’re wondering about Capital One Cafés, they’re spots where you can grab a cup of coffee, surf the web, charge your phone, attend money workshops, use the ATM and more.

At last check there were 41 Cafés in the country, located in California, Colorado, Florida, Georgia, Illinois, Massachusetts, Minnesota, Oregon, Pennsylvania, Texas, Virginia, Washington and Washington, D.C.

How Do I Get in Touch With Customer Service?

There are several ways to get in touch with customer service at Capital One:

  • Live chat when logged into your account
  • Visit a branch
  • Mail
  • Email
  • Phone

You can find relevant contact information for the latter three options here.

Final Thought

Capital One offers more than just the credit cards it advertises on TV. Its 360 banking products offer a pretty solid option if you’re looking for a new online bank. Here’s a recap of the pros and cons:

Capital One Bank: Pros and Cons

No monthly feesIt’s possible to earn more on checking elsewhere
Competitive interest rates on savingsPhysical branches are limited to only a handful of states
Deposit cash at select ATMs

If Capital One doesn’t work for you, another online bank might. Be sure to read our article on the Best Online Banks to see what’s available.

You may also be interested in our articles on the 7 Best Free Checking Accounts and 8 of the Best Savings Accounts.

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What's in your wallet? Not enough cash, said angry Capital One customers after the bank suffered a widespread systems outage on Friday that prevented them from withdrawing money, blocked direct deposits and interfered with other transactions.

Capital One said on Twitter that it was experiencing a "technical issue impacting customer money movement, including direct deposits, and the ability for some customers to access accounts." 

According to the website DownDetector, Capital One customers started reporting problems early Friday morning, with 3,200 complaints received as of 10 a.m. In the noon hour, complaints had fallen to just under 800. 

By 2:30 p.m. Eastern time, the bank said the issue had been solved. In a statement, the company said: "Customers are not responsible for any fees associated with this issue. We encourage customers to reach out to us if they continue to experience any difficulties. We sincerely apologize for the inconvenience."

"I'm missing a chunk of my check"

On social media, several people expressed frustration about direct deposits that never showed up in their accounts, while others said they logged in to be informed — wrongly — that they had no money.

Friday was payday for Rafaela Estrada, a model based in Maryland, but she said she couldn't access her account or get any answers despite calling the bank four times.

"Now I'm missing a chunk of my check and have to figure things out," she told CBS News. That could include finding another bank.

"This last time was it for me. If I cannot depend or trust that my bank will have my funds, why then should I continue to do service with them?" she said.

One Twitter user also complained about not being able to buy a ticket for a business trip and getting penalized by a company that couldn't process a payment linked to the person's Capital One account. Another person worried about what impact the outage would have on clearing written checks that could presumably bounce.

When this reporter attempted to log in to her Capital One account at 11:35 a.m. Eastern time, all that loaded was an error page.


The outage was badly timed, coming on both a Friday and the first of the month — a date on which millions of people typically pay their bills.

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I Worked at Capital One. Hacks Like This Are Most Dangerous for Low-Income People.

The Capital One breach announced recently compromised the data of 100 million Americans, which is nearly 40 percent of all U.S. adults. After the Equifax, Target, Home Depot, and Marriott hacks, it can be easy to shrug off the news of another leak, but one group of consumers is at particular risk in the Capital One breach: 80,000 Americans who applied for secured credit cards with the company.

The hacker, Paige Thompson, gained access to personal information such as income, address, and credit scores for seemingly all recent applicants to Capital One credit cards. For secured card applicants, who tend to be low-income, bank account information was compromised as well.

A secured card normally resembles other subprime credit cards — they still report to the credit bureaus, they still charge interest and late fees, and you can still default on the card if you don’t make your payments. But borrowers need to put down a security deposit in order to obtain one, which requires access to the borrower’s bank account information.

Get Talk Poverty In Your Inbox

The fact that bank account credentials were compromised raises the stakes for those consumers: even compared to credit card fraud, resolving checking account fraud is no walk in the park, and the costs here will be borne by people who can’t afford to take a hit.

For consumers who don’t think they can get approved for a normal credit card, secured cards can be appealing. And who are those consumers? They don’t have a lot of money: Federal Reserve Bank of Philadelphia researcher Larry Santucci has found that the median income of secured card customers is $35,000, compared to $50,000 for Americans with unsecured credit cards.

Of course, given that these incomes are self-reported, and that credit card companies aren’t required to validate the income of all credit card applicants, this income data is almost certainly overstated: Plenty of people know they can get declined for a credit card for being too poor.

I worked at Capital One for five years, from 2013 to 2018. For a short stint during that time, I was in charge of the secured card product. I know most secured card customers are in no position to absorb a financial shock — and, unfortunately, having your checking account data leaked puts you in a much more dangerous position than a simple breach of your credit card number, or even your Social Security number.

If you apply for a Capital One secured card and get approved, you’ll initially be assigned a $200 credit limit, contingent on you sending in a security deposit of either $49, $99, or $200. The minimum security deposit you have to make depends on your risk as an applicant.

Think about that for a second: People are putting down a $200 deposit, to get a $200 credit limit, and the product makes money because people then borrow against their own deposit at a 26.99 percent interest rate — one of the highest in the industry — and get hit with late fees up to $39 when they fail to make payments on time. Santucci has found that only one in four secured card customers pays their credit card bill in full every month.

Some secured card customers are “new-to-credit,” but major banks such as Bank of America, Wells Fargo, and Discover have all been known to give out credit cards, at least with small credit limits, to people without credit history. If you’re new-to-credit but you have a checking account, and you also realize that your odds of being approved for an unsecured credit card are pretty high if you walk into a branch of your bank (of course, not everyone realizes this), you’re not likely to find a secured card attractive.

Your checking account could be emptied.

More commonly, secured card customers have low credit scores – the typical customer’s FICO is in the 500s — an obvious indication that they’ve struggled in the past to pay bills and to make ends meet. This condition can be temporary —your credit score might still be low even though your finances have recovered, since missed payments lower your credit score for seven years — but many Americans who struggle financially never achieve the stability they’d need to keep a high credit score. In a country where plenty of people live paycheck-to-paycheck, but only a third have subprime credit scores, secured card holders and applicants tend to be under real financial distress.

Because secured card applicants have to put down a security deposit, they’re not approved until they give Capital One checking or savings account information and their deposit is sent, unlike users of unsecured cards. This is what puts Capital One’s secured card holders at greatest risk after the breach.

To see why, it’s helpful to take a second to think about the exact ways in which a data breach comes back to bite consumers — especially given that you’re usually not on the hook for purchases fraudulently made in your name, whether someone has stolen your credit or debit card, or opened up an account using your identity.

Lose your credit card number, as in the Target or Home Depot breach, and you can usually resolve things with quick phone call to your bank if a fraudster makes purchases on your card. Lose your Social Security number and address, like in the Equifax breach, and someone can open up new accounts in your name, or take over your existing accounts by calling the bank, pretending to be you, and changing the contact information. Proving someone else did this can be anywhere from moderately to extremely time-consuming depending on your circumstances: it took reporter Phil McKenna a few days to clear things up, a typical amount of time for garden-variety identity theft, where you’re usually out time but not money.

But let’s consider what it will look like if someone uses the checking account information from a Capital One secured card customer to commit ACH (Automated Clearing House) fraud – using the customer’s checking account routing numbers and account numbers to set up unauthorized withdrawals, write counterfeit checks, or even pay off the fraudster’s own credit card.

If you’re a Capital One secured card customer, your checking account could be emptied. If you don’t notice what happened, you might try to make purchases and get hit with overdraft fees expecting money to be available that’s gone. Odds are very high you’re living paycheck to paycheck. Your Capital One secured card may have a limit as low as $200, and, across the industry, the typical secured card customer has only one credit card. If that happens, how are you supposed to buy groceries, bus fare, or diapers?

What’s known as Regulation E requires the bank credit your account within 10 days of when you notify them about fraud, unless further investigation is needed: a Capital One spokesperson told me they try to resolve most cases well under that limit, and said they refund any overdraft fees they determined occurred because of the fraud, whether it was the fraudulent transaction or a subsequent legitimate transaction took the account to a below $0 balance.

Everything depends on how quickly the customer notices something was wrong, how comfortable she is advocating for herself, and how equipped she is to go up to 10 days with nothing in the bank. Nearly 40 percent of Americans couldn’t cover a $400 emergency expense without borrowing money, even without having their checking account drained unexpectedly by fraud, and the typical secured card customer has no other credit cards.

Now, it’s completely possible that no actual fraud will occur as a result of the Capital One breach: in a statement, Capital One said that, based on the analysis they’ve done so far, they consider it “unlikely that the information was used for fraud or disseminated by this individual.” If they’re wrong, the consequences for secured card customers will be severe.

In this moment of crisis, it’s worth taking a step back to ask a broader question: are secured cards more helpful or more harmful to the low-credit score consumers they’re designed to serve? These products are often touted as a way to help people improve their credit scores, but there is weak evidence that they work for the typical customer. Santucci’s research shows that the median customer with a secured card sees only a 11-point increase in their FICO after two years, a number that’s dragged down by the 20 percent of customers who close or default on their cards within 24 months. 11 points is not a particularly impressive increase, especially given that if you wait and do nothing other than paying any existing bills on time, your low credit score typically goes up on its own as negative information on your credit report ages off.

Banks can tout that secured cards are free for customers who pay their bills in full every month, but the three-quarters of customers who carry a revolving balance are paying a high price for the privilege of borrowing against their own money, and would arguably be better off using their security deposit as an emergency fund. I’m sympathetic to what can feel like a double-bind to the banks: given that you need to charge higher prices to low-income customers to break even, is it better to be accused of ignoring them, or is better to be accused of exploiting them? If companies like Capital One can’t find better ways of serving low-income Americans, it won’t just be a breach of data: it will a breach of trust.

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