Capital One sent out an email to their customers about a change in the P2P transfer limits.
- Currently, outbound transfers (payments sent from your account) are capped at $2,000 a day, up to a total of $10,000 over a 30-day period. There is no cap on the amount of money that can be sent to your account.
- Starting in June, limits on transfers to and from your account will be up to our discretion. These limits are designed to be flexible to help improve the security of your service.
ClearXchange is the P2P money sending system used by most of the top US banks including Chase,  Bank of America, Wells Fargo, Capital One, US Bank and more. They’ve been rebranding under the name ‘Zelle’.
It’ll be interesting to see if this plays out on a larger scale across other banks. Not all banks have the same limits, for example, Chase Quickpay (pdf) allows up to $16,000 per month while Capital One allows only $10,000; so this change might be completely isolated to Capital One. We’ll see.
Related: How to Send Large Payments without Getting Shut Down
