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What can teens do with MONEY?
Young adults under 18 will be able to:
Young adults who are at least 18 will be able to do all of the above and transfer money.
What can adults do?
The adult can do everything a teen can do but won’t receive a debit card. The adult can sign in with their own Username (Saver ID)/Customer Number and Password/Sign In PIN to transfer money, set up an Automatic Savings Plan and manage account details. Adults will also have the option to set up text alerts and email notifications for card transactions and account activity.
What is MONEY?
MONEY is designed specifically to help teens save (and spend) their money in a responsible way. This account gives young Savers the independence to make purchases and manage their money, with a little guidance from their parents. MONEY comes with a Debit MasterCard® for the young adult and access to over 38,000 FREE Allpoint® ATMs.
What can I do with my MONEY account?
MONEY allows parents to manage an account with their teen and show them the ropes on how to handle their expenses.
What are the eligibility requirements for MONEY?
Can I have more than one MONEY?
If you’re the adult on the accounts, you can have up to 25 MONEY accounts with different young adults. If you’re the teen, you can only have one MONEY.
Is there any minimum balance to earn interest?
Nope, you earn interest no matter what. MONEY pays a variable annual percentage yield of 0.25% as of 10/5/2011.
What fees will I incur if I have MONEY?
Like you'd expect from Capital One 360, there are no fees for having MONEY. But we want to be up front, and let you know that there are two charges you could potentially incur for certain extra services.
Does MONEY come with checks?
No, MONEY doesn’t come with a checkbook option. However, you’ll be able to use your Card for purchases or to get cash.
Does MONEY come with Bill Pay?
No, this account doesn’t come with Bill Pay. But, if you’re at least 18 and need it, check out 360 Checking Opens a new window.
How do I set up Direct Deposit to my MONEY?
You can set up Direct Deposit one of three ways:
Remember, you can choose to have all or only a portion of your paycheck direct deposited.
How do I get a voided check?
If you have a 360 Checking or MONEY account you can print a voided check directly on our website. To get a voided check:
Can I use my personal finance software to track my MONEY transactions?
Sure. Downloading your financial transactions to your personal finance software, like Quicken®, Money® or CSV downloads works the same way it does for our other accounts. To download your transactions, click on your MONEY and click on the ‘Download’ button.
Capital One 360 requires Customers to use Web Connect to download their Capital One 360 account information.
Please note: Depending on the software or program you’re using, you may need an Access Code in order to pull your Capital One 360 information into the tool. The Access Code is used in place of your Password/Sign In PIN, so you keep your personal information safe and secure. Learn more about downloading transactions Opens a new window.
How do I make deposits into my MONEY?
If the young adult is at least 18, they can deposit money any of the ways below. If the young adult is under 18, the adult holder on the account may need to make the deposit. Check out the descriptions below for more info:
Capital One 360
Can I set up an Automatic Savings Plan for my MONEY?
Yes. If the young adult is at least 18, they can set one up for themselves. Otherwise, you’ll need to set up their Automatic Savings Plan:
If you’d like to change or delete your Automatic Savings Plan, simply click the ‘Edit’ or ‘Delete’ button next to it. Remember to make changes more than one business day before the transfer is scheduled to occur.
How do I withdraw money from my MONEY account?
If you’re the young adult on the account, you have a few options to get cash:
Is there a limit on the number of transactions (deposits or withdrawals) I can do in a month?
No. You can do as many transactions as you like (unlike 360 Savings, which as part of federal regulations has a limit of 6 withdrawals per month).
What is an electronic transfer?
All funds transferred to and from Capital One 360 are done electronically via the Automated Clearing House (ACH) system.
Every day we send all our transfer requests to the ACH. That system then pulls together all the daily requests they receive from thousands of banks and routes them to the appropriate receiving bank. And voila, we have a transfer.
These transfers are free and typically take 2 business days to complete. View a demo Opens a new window to learn more about electronic transfers.
How do I close my MONEY?
Please give us a call at 1-888-464-0727 if you'd like to close your MONEY. Associates are available from 8 AM to 8 PM, 7 days a week.
How do I view specific types of transactions in my account?
If you’re looking to view specific type of transactions in your account, here’s how:
What is backup withholding?
Backup withholding is when someone makes certain payments to you and you must withhold and pay 28% of those payments to the IRS. Payments that may be subject to backup withholding include, but are not limited to, interest, dividends and broker and barter exchange transactions.
If you provide your correct Social Security Number, make proper certifications and report all your taxable interest and dividends on your tax return, payments you receive should not be subject to backup withholding.
How do I update my backup withholding status?
Updating your backup withholding status is easy. Just follow these steps:
Your backup withholding status will be updated the day we receive the W-9 Form and funds will/won't be withheld beginning that month.
How do I request a Verification of Deposit (VOD)?
Requesting a Verification of Deposit (or VOD) is easy. Here’s how:
You can select which accounts you want included. Keep in mind, your account must be open for at least 30 days to be included.
Can I use a Capital One Bank branch to service my Capital One 360 account(s)?
Yes, Capital One Branch bankers can help with limited servicing needs such as reviewing your account, answering questions related to transactions, disputing a transaction, changing contact information (such as address or phone numbers), and printing tax statements. Coming later this summer, branches will also be able to help you with some debit card related servicing as well.
If we can't help you out in the branch, we'll be happy to get you connected to our Capital One 360 specialists to assist you.
Why aren't maps available for all of my transactions?
Maps are only available for certain transactions for which the exact location can be determined. They will never be available for Bill Pay, ACH, and ATM transactions. Maps will be available for many of your debit card transactions, however the exact location may not be able to be determined for all debit card transactions.
What is FATCA reporting?
FATCA (Foreign Account Tax Compliance Act) reporting applies to accounts held with foreign financial institutions. Since Capital One 360 is a U.S. institution, our US Customers are not subject to FATCA reporting. However, the IRS still requires you to certify that you are not subject to this reporting.
Can I transfer money between my Capital One 360 and Capital One accounts?
You can transfer money between Capital One 360 and Capital One by linking accounts, just as you do with other accounts. Transactions usually take 2 business days to be completed. Learn more Opens a new window about moving your money.