Why I Switched From Wells Fargo to Capital One 360

Sep 4, 2017

This post will highlight some brief details on why I switched from Wells Fargo to Capital One 360. A review on both ends, so far based from my experience and why I regret not doing it earlier than ever.

In comparing the two banking company, one can assume that Wells Fargo has by far more credibility than Capital One itself. Yes, that may be true, but why might that be?

In a far shallow sense and based from my far shallow knowledge about finance and the intricacies that lie beneath it, I can pretty much say that Wells Fargo has actual brick and mortar branches all across the nation as compared to Capital One's dormant disposition in the real world. For a much more detailed information about Wells Fargo's reputation based on my experience, kindly read my Review On Wells Fargo Checkings/Savings Account.

As one of United States' working class, I had to set up a bank account in order to store my money. I was actually introduced by a colleague from work about this, and then later on found out that they were actually getting a commission for that referral (which I didn't really mind). However, being such a rookie in the real world, I did not know much about banking, money, and finance. With that being said, my bank account was defaulted to a profile that required me to have a minimum amount in the account to waive the $13 monthly fee it will take away (which is a staggering $156 annual *membership* fee - as how I liked to view it). At first, I didn't mind the cost it took me. However, as time goes by and as I learn more from other people and sources, some actually didn't need to pay anything for their checking and savings account.

My search for the perfect banking account started and I have learned more and more about options that I can take in replacement of my Wells Fargo checking account. I saw Capital One 360 with all of its free features and decided to set up an account with them. I made my first ever deposit that took longer than Wells Fargo's processing time. I lost interest and stood by WF for quite some time. One of the reasons I couldn't wait for the long processing time was the fact that I was living a paycheck-to-paycheck life (which sucked).

Years went by and I still settled for the $13 monthly fee of WF with me constantly reading reviews and comparisons of banks' checking account features.

Finally, I had a huge break on December of 2015 when I got hired full time with a decent pay that enabled me to live above the poverty threshold of the country. This new job enabled me to actually set money aside. With that being said, I re-activated my 360 account and to my surprise, their processing time greatly improved. I was happy and until now, I am still completely happy and satisfied with Capital One. No fees + an APR of 0.20% for me as compared to the $156 annual fee that WF charges its poorer clients.

I highly recommend Capital One 360 to anyone who is middle-class and don't want those pesky monthly/annual fees that you could have saved for a rainy day.


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