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The Offer
No direct link to offer, sent out via e-mail. Subject line is ‘How do you earn $100 just by using direct deposit?’
- Capital One is offering a $100 bonus when you set up two qualifying direct deposits each of $200 or more by March 8, 2022
The Fine Print
- Set up and receive at least 2 qualifying direct deposits each of $200 or more to your eligible Capital One checking account from November 8, 2021 to March 8, 2022. Eligible checking accounts include the Simply Checking, Total Control Checking, or 360 Checking Account, as indicated by the last 4 digits within the email communication. Bonus is only valid for one checking account.
- A qualifying direct deposit is a regular periodic payment, such as salary, pension, government payments (for example, Social Security), or other monthly income that occurs as an Automated Clearing House (ACH) or Real-Time Payment network credit from your employer or an outside institution. ACH credits or fund transfers initiated via the Capital One website or mobile app and wires are not considered a direct deposit.
- Capital One will report this bonus on IRS Form 1099-INT, which will be provided to the primary account holder, the IRS (and your state revenue authority, if required).
- Your bonus will be deposited into your eligible checking account within 30 days after we receive your second qualifying direct deposit, but no later than May 7, 2022.
Our Verdict
We don’t often see bank bonuses targeted towards existing users. You can see what has coded as a direct deposit in the past here.
I see nothing in the terms requiring us to leave more than $1 in there (to make sure they don’t close account).
Anything I’m missing?
$250 transfer x 2 from Fidelity Cash Management Account
$100 bonus posted 1/11/22
Datapoint:
$202 transfer in from Schwab checking 12/6/21
$202 transfer in from Schwab checking 12/7/21
$100 bonus posted 1/12/22
I got the $100 bonus today. Had real dd twice in Dec. P2 had real dd in Nov and Dec but no bonus.
Datapoint:
Received offer in early November. Immediately changed my DD with my employer.
Paycheck #1 on 11/12.
Paycheck #2 on 11/26
Continued with Paycheck #3 + #4 through December
So… It’s been 30 days, it says that the bonus should be deposited within 30 days. Sounds like it’s time for a call I would think??
Yep you switched your direct deposit, met your terms and its well past 30 days. Call them and inquire as you have followed all the requirements.
Only alternative is they will do it within 30 days but no later than May 7th, could be read to be a window after 30 days but before May 7th. As last eligible DD is March 8th and May 7th is beyond 30 days.
“Your bonus will be deposited into your eligible checking account within 30 days after we receive your second qualifying direct deposit, but no later than May 7, 2022.”
I called them yesterday, they told me the I would have to wait until May 7 date. THe wording of the statement is very….. unspecific… or simply confusing. It rightfully says: “Your bonus will be deposited into your eligible checking account within 30 days after we receive your second qualifying direct deposit,”
Simple, no?
The remaining of the sentence is “but no later than May 7, 2022.”
That doesn’t make sense. The first part of the sentence says “We WILL deposit it within 30 days”. The 2nd half of the sentence is a direct contradiction to the first part.
Oh well, I called and complained, they said I had to wait until May, so I don’t have much of a choice….
I got the offer via email dec.8 however I only get dd from a disability payment. I immediately went to change DD banks to qualify but social security says first payment would be March 3 this means I would not be able to get two DD by the deadline date required. Odd they would not allow enough time to qualify in my situation since the offer mentioned Social security payments. Not sure if I should try anyway or no. I may call and see what they say
It seems that many ACH transactions that previously counted as DD for Capital One 360 no longer work, as of late 2021. Instead, they now show up as “Transfer.” That’s been my experience too. Has anyone found any ACH transactions that work currently? Are brokerage accounts (Vanguard, Schwab) more likely to work? Someone mentioned Fidelity CMA no longer works.
Or, has anyone with a real employer DD had it still show online as a “Transfer” recently, suggesting that label doesn’t mean much?
“Your bonus will be deposited into your eligible checking account within 30 days after we receive your second qualifying direct deposit, but no later than May 7, 2022.”
Since May 7th is over 30 days after March 8th when DD must be received by I think we might have to wait a bit.
I tried multiple transfers from Schwab brokerage and only 1 has shown up as DD. Only difference between the transfers is the one that shows up as DD was posted on a Friday.
John S, to clarify, did that Friday Brokerage ACH show up as “direct deposit” or something other than “Transfer” in the Category column in online banking? That’s quite interesting if the day of week matters.
Some employers send funds to banks Tuesday evening to arrive Wednesday morning with a Friday funds available date for an official Friday payday. This is how some banks can offer early direct deposit (funds become available Wednesday or Thursday instead of Friday). Maybe Cap One now detects this and uses it to determine what qualifies as DD?
I had another deposit post today (Thursday) and it showed up as “Direct Deposit”. The other one that showed up as “Direct Deposit” was on the 24th (Friday). I also have deposits on the 28th (Tuesday) and a couple from November (Thursday, Sunday) that show up as “Transfer”. So I have 2 deposits posted on a Thursday where 1 is a “Transfer” and the other is a “Direct Deposit” so I’m not sure anymore. The days I’m using are the posted date on the capital one app.
I took screenshots, but don’t know how to post here
sounds horrible for keeping such hi balance
yea, it’s $50 less at each tier and less tiers vs most recent new savings customer offer. Probably because I have an older version ,360 Money Market, instead of the current 360 Performance Savings
I got this offer and tried to push from my Fidelity CMA Account to trigger DD but no dice. It coded as a “transfer.”
they may have lots too many deposits with that Checking to Simply Checking conversation few months ago