Rev. 2/23/2022
The basics: First things first - whenever you see "Capital One 360®", it means Capital One 360, a division of Capital One, N.A. Now, here's a quick overview of how your account with Capital One 360 works. You can open an account in your name alone, in your name and the name of one other person, or in the name of an existing living trust. You "link" your Capital One 360 account to a personal (non-business) checking account at another U.S. chartered bank ("Linked Account") - that's the way you make deposits to and withdrawals from your account with us. When you want to make a deposit, you can use our automated phone system, our sales and service call center, or ... the easiest thing to do is use our website - www.capitalone.com/bank/. Tell us to transfer money between your eligible Capital One, N.A. accounts, and between your Linked Accounts and your Capital One 360 accounts. It's that simple! Now that you have the basics, here are the detailed terms that govern your Capital One 360 account ("Terms"). Please understand that when you submit an application, open an account or use our services, you agree to be bound by these Terms. When you see the words "you" and "your", they mean each person who owns an account or each trustee who is legally entitled to manage an account. "Our", "us", "we" mean Capital One 360, a division of Capital One, N.A..
Who can open an account: You must be a United States citizen or lawful permanent resident with a U.S. physical address and valid Social Security Number to open an account. Individual Taxpayer Identification Numbers (ITINs) are not acceptable and your Linked Account must be with a bank chartered in the U.S.
How to open an account: You must tell us to either electronically transfer money from your Linked Account or give us a personal check drawn on your Linked Account. Your 360 Savings account won't be considered "opened" until it's funded and you complete our verification procedures. In addition, if you are opening an account in the name of an existing living trust, you will be required to complete our trust certification form.
Consumer reports: You agree that we may obtain a consumer/credit report in connection with your account. We may also request subsequent consumer/credit reports for all legitimate purposes in connection with updating, renewing, reviewing, modifying, and/or taking collection action on your account.
It's simple to make deposits: For all accounts except IRA Accounts, you can make deposits by calling us; by using our website to transfer funds from another eligible Capital One, N.A. account or a Linked Account; by mailing us a check; or, if we permit them, by initiating an Electronic Funds Transfer or wire transfer to your account. For IRA Accounts, you may only make deposits (also called contributions) by using our website (however, in some cases we may allow you to make deposits by providing us with a properly completed contribution form). You can get this form by visiting capitalone.com/bank and printing one out or by writing to us. Don't send cash! Checks you deposit must be payable to you (or to the living trust in the case of a trust account) and list your account number. It's up to you to make sure that your deposit reaches us and that we know where you want the deposit to go. If you don't do both of these things, you'll be responsible for any loss that results. Transactions that you conduct on Saturday, Sunday or a Federal holiday are effective the following business day.
We may limit or refuse any part of a deposit. If an item you deposit is returned to us unpaid or is otherwise charged back to us, we will charge it back to your account. Generally, you can't withdraw a deposit for 5 business days. However, when you first open your account, you won't be able to withdraw any money for the first 10 business days. As with all non-cash deposits, interest will begin to accrue no later than the next business day after the banking day on which the funds were deposited. (Here's an example - if you make a deposit on a Sunday, we will process it on Monday, and interest will begin to accrue no later than Tuesday.) Also, we reserve the right to return any deposit to you that causes the combined balance of all of your accounts with us (including any jointly owned, or in the case of an account owned by a living trust, jointly managed accounts) to exceed $5,000,000.
It's also simple to make withdrawals: For all accounts except IRA Accounts, you can request a withdrawal from your account by calling us or by using our website. For IRA Accounts, you may only make withdrawals (also called distributions) by using our website (however, in some cases we may allow you to make withdrawals by providing us with a properly completed distribution form). You can get this form by writing us to request one. If we process a withdrawal or IRA distribution request for you, generally, the funds will reach your Linked Account within 2-3 business days (for IRA distributions, we may send you a check). You can't make a partial withdrawal from a Certificate of Deposit or IRA Certificate of Deposit.
We may allow you to make a wire transfer from your account. If we do, we may charge you for using this service and the charge will be deducted from your account at the same time we deduct the amount of the wire. We may also limit the amount that you can send, the number of wires you can send each day, and where we will allow you to send the wire (for example, we may only allow you to send a wire to your Linked Account). You may not stop or cancel a wire transfer request after it has been submitted to us.
Reporting information to consumer reporting agencies and check verifications systems: We may report information about your account to consumer reporting agencies and/or check verification systems. Defaults on your account may be reflected in your credit report. This could affect your ability to open accounts in the future. In the event we report your account to a check verification system, you acknowledge that even if you pay us all amounts owed, we are not required to remove an accurate report of account mishandling from any such check verification system.
Types of account ownership:
Connecting accounts: If you have more than one eligible Capital One account, we will automatically "connect" your eligible accounts so they appear when you're logged into your account through the website or mobile app. Any accounts for which you are an owner or manager (Living Trust) will appear in your online banking profile.
We will display only summary information about your "connected" accounts. To get any other information or conduct any activity on these account types, you must access the specific account servicing area for that account. All connected bank accounts will be visible when you log into your account through the website or mobile app. Keep in mind that certain features, information, types of transactions or other services may not be available for all of your connected accounts. As long as you maintain your unique log in credentials, you will have access to view all of your individual accounts and shared accounts and people with whom you share accounts will only be able to view accounts that are shared with you, not your individual accounts.
Details about 360 Savings:
Details about the Certificate of Deposit: Our Certificate of Deposit is a "non-certificate" time deposit. It's opened for a specific amount of time at a fixed rate of interest. When you open a Certificate of Deposit, you agree to keep your funds on deposit for a stated amount of time. We'll allow you to redeem your Certificate of Deposit early, but in most cases, you'll be penalized if you do. We'll give you details about the early withdrawal penalty in the disclosures we send you about your new Certificate of Deposit. Depending on how early you redeem your Certificate of Deposit, the penalty could be greater than the interest you've earned on your deposit. If any Certificate of Deposit owner dies or is declared legally incompetent, the Certificate of Deposit can be redeemed early, without penalty. You can't add to a Certificate of Deposit after it's opened and you can't make withdrawals from the principal. However, assuming that you have completed our verification procedures, you may choose to have your interest electronically disbursed to an account that is acceptable to us. Other account terms will be disclosed when you open a Certificate of Deposit.
Things you tell us to do: We may refuse to follow any of your instructions if we think they are illegal or potentially harmful to us. Or, we may take or require other security measures to protect us from any losses we may suffer if we follow your instructions. You agree to pay us back for any damages or losses (including, but not limited to, the reasonable costs of an attorney) that we suffer if we take an action based on your (or what appears to be your) oral, written or electronic instructions.
If your address changes: You must notify us of any change of address by calling us, or using our secure website. Any notice we mail to you (or email to you if you've told us to communicate with you electronically) will be binding and sent to the last address (postal or electronic) in our records. We may change your address if we receive an address change notice from the U.S. Postal Service ("USPS") or if a company in the business of providing correct addresses informs us that the address in our records no longer matches your address. Even if you elected to receive electronic communications from us, there may still be some legal information that we need to send you via the USPS.
Telephone monitoring: You agree that your telephone calls with us may be monitored and recorded to improve service and security.
Closing an account: You can close your account at any time, for any reason. We can close your account at any time, for any reason and without advance notice.
State laws (called "escheat" laws) require us to close all your deposit accounts and transfer your money to the state if your accounts are dormant (meaning there's no activity on the accounts and you haven't contacted us) for a certain period of time. We want you to keep your money, not the state! You can avoid the transfer of your money to the state simply by logging into your account or calling us at least once a year. You agree that we may rely on third parties, such as the US Postal Service, to update the contact information that we have on record for you.
Assignment: No part of an account may be pledged, assigned, given as a gift, or otherwise transferred to a third party without our prior written consent.
How we handle items you send us: We won't be liable for checks or other items ("Checks") that are lost in the mail or for any default or negligence by a bank we may use to collect your Checks. When you send us Checks to be deposited into your account, we act as your collection agent and assume no responsibility beyond the exercise of reasonable care.
Lien and Set-Off: Unless your account is an IRA Account, by opening an account, you grant us a security interest (in other words, a "Lien") in your deposit accounts with us. That means that at any time and without notice to you, we can use all or any part of the money from your individual or joint accounts to pay any amounts you owe us from time to time. (This is what's known as a "Set-Off"). Any Set-Off shall be a lawful and valid payment by you of amounts you owe us.
Change to/waiver of terms: We can add to, delete or make any other changes ("Changes") we want to these Terms at any time. You will be bound by the Changes as soon as we implement them. If the Change isn't in your favor, before it's implemented, we'll let you know about it as required by law. However, if applicable law requires us to make a Change, you may not receive any prior notice. We can cancel, change or add products, accounts or services whenever we want. Notice of any such changes, additions or terminations will be provided as required by law. We can waive any of our rights under these Terms whenever we want, but this doesn't mean that we'll waive the same rights in the future.
No fiduciary obligation: Capital One doesn't assume any fiduciary obligation on your behalf. This means that we don't act as your trustee or financial advisor, and we don't assume any responsibility for your account beyond reasonable care.
Governing laws and regulations: Your accounts are subject to Federal law and Delaware state law, any applicable operating circulars or clearing house rules, and the rules and regulations of our supervisory authorities ("Applicable Laws"). If there's a conflict between these Terms and the Applicable Laws, these Terms will be changed to the extent necessary to comply with the Applicable Laws. If any provision of these Terms is declared invalid, unenforceable, or illegal, that provision won't change the validity of any other provisions of these Terms.
Levies, attachments, and other court processes: If we receive a levy, attachment, or other Court process against you or another owner of the account, we may refuse to permit withdrawals or transfers from your account until the legal action is dismissed or satisfied. Any levy, attachment, or other Court process will be subject to our rights of Lien and Set-Off (remember, we talked about these things earlier). You are responsible for any losses, costs, or expenses we incur as a result of any dispute or legal proceeding involving your account.
Claims against your account: If we receive a claim against funds in your account, or if we know of or believe that there's a dispute over the ownership or control of funds in your account, we may, if we choose to, place a hold on your account. We can also refuse to pay out any of your funds until we're satisfied that the dispute is settled. We may also close the account and send the balance to the account holder(s) we have on record, decide to rely on our current account records, require a Court Order to act, or take any other action that we feel will protect us. We won't be liable to you for taking any such action.
Death, incapacity or termination: If you die or are declared legally incompetent, or, in the case of a living trust account, the living trust is terminated, we can continue to accept and process deposits to your account until we know about the death/incompetency/termination and have a reasonable chance to act.
Notices to you or us: Any notice that you give to us will be effective when we actually receive it. Any notice that we give to you will be effective when we mail or email it to you, using the address we have on file. Notice to any one account owner is notice to all account owners.
Jury trial waiver: SUBJECT TO APPLICABLE LAW, YOU AND WE AGREE TO GIVE UP OUR RIGHTS TO A TRIAL BEFORE A JURY. Disputes will be resolved either through Arbitration or in Court, in either case, without a jury.
Events beyond our control: We'll make all reasonable efforts to give you access to your accounts and accurate information. However, you agree that we're not responsible for any interruption in service or loss caused by things that are beyond our control, such as natural disasters, wars, riots, strikes, computer failures, or losses of power, communications or transportation facilities. We won't be responsible for any direct losses or damages resulting from use of the account, unless we were negligent or acted in bad faith. We're never responsible for any indirect, special or consequential losses or damages.
The purpose of this disclosure statement is to inform you of your rights under the Electronic Fund Transfer Act. The electronic funds transfers (EFT) we are capable of handling are indicated below. Additional services may be provided in the future as they are developed. Please read this disclosure statement carefully and keep it for future reference. In this disclosure statement, the words "you" or "your" refer to the depositor and any authorized user(s) of the account. The words "we," "us," "our," and "Capital One 360" refer to Capital One 360, a division of Capital One, N.A.
The electronic fund transfer services that are available to you when you open an IRA Savings Account are as follows:
The electronic fund transfer services that are available to you when you open an IRA Certificate of Deposit Account are as follows:
You could lose all the money in your account(s) if you take no action to notify us of the unauthorized transfer or the loss of security or confidentiality of your Password/PIN. If you notify us of the loss, your liability for unauthorized transfers will be as follows:
We can extend these time periods if extenuating circumstances (such as a long trip or hospital stay) kept you from notifying us.
You agree that you will not reveal your Password/PIN to any person not authorized by you to use it and will not leave your computer terminal unattended after you have logged in using your Password/PIN or other confidential information.
You must provide us with the following information:
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days to the above address. We will tell you the results of our investigation within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, we may take up to forty-five (45) days, or ninety (90) days for foreign-initiated transactions, or new accounts to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we require your written confirmation and we do not receive your complaint or question in writing within ten (10) business days, we may not credit your account. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.
If we decide that there is no error, we will send you a written explanation within three (3) business days after we finish our investigation. We may provide you with the results of our investigation electronically if you have agreed to receive electronic communications from us. You may ask for copies of the documents we use in our investigation. If we credit your account with funds while investigating an error, you must repay those funds to us if we conclude that no error has occurred.
If you ordered us to stop one of these transfers three (3) business days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages, unless you failed to give us proper instructions that would enable us to stop the transfer. We will not be responsible if our computer system does not act on your order because you did not give us precise and correct information. Our liability for losses or damages may be limited to actual damages that you have sustained if the failure to stop payment was due to a bona fide error, despite our procedures to avoid such errors.
In any case, we shall only be liable for actual proven damages if the failure to make the transaction resulted from a bona fide error despite our procedures to avoid such errors.
Initial deposit requirement - There is no minimum deposit required to open the account.
Minimum balance to obtain Annual Percentage Yield (APY) - There is no minimum balance required to obtain the disclosed APY.
Rate information - The Interest Rate on your account is NaN% with an Annual Percentage Yield of NaN. Your Interest Rate and APY may change. At our discretion we may change the Interest Rate for your account at any time.
Compounding and crediting - Interest on your account will be compounded and credited on a monthly basis.
Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits - For all types of non-cash deposits, interest will begin to accrue no later than the next business day following the banking day on which the funds were deposited.
Fees - If we agree to process a wire transfer for you, the cost per transaction will be up to $40.00. A statement duplication charge of $5 per statement may be charged for statements generated within the last 2 years.
Transaction limitations - You may only transfer funds out of your savings account to other accounts you have with us or to your linked account up to six times per monthly statement cycle using any combination of preauthorized, telephone and automatic transfer services. You are not limited in the number of transfers that you may make out of your account to repay loans at our Bank. If you exceed this limit on more than an occasional basis, we will close your account or transfer your funds to a transactional account. Wire transfers, if we agree to process them for you, are limited to $25,000 per day. We may also limit the number of wire transfers you can send each day.
Effect of closing an account - If you close your account before interest is credited, you will receive the accrued interest.
Initial deposit requirement - There is no minimum deposit required to open or maintain a Certificate of Deposit account.
Interest rates and Annual Percentage Yields - Effective as of 5/25/2023
Compounding and crediting - Interest will be compounded and credited on a monthly basis.
Withdrawals - We will not permit partial withdrawals of principal during the term of the account.
Withdrawal of interest prior to maturity - The APY assumes all interest will remain on deposit until maturity. Any withdrawal will reduce earnings.
Payment of interest - If you authorize us to make regular transfers of earned interest from your CD account, your first transfer will be the amount you should expect each period, varying by no more than 10%, unless you make a significant addition to or subtraction from the principal amount.
Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits - For all types of non-cash deposits, interest will begin to accrue no later than the next business day following the banking day on which the funds were deposited.
Additional deposits - Additional deposits (other than credited interest) are not permitted during the term of the account.
Renewal policy - The account will automatically renew at maturity for a time period equal to the original term. The interest rate for each renewal term will be the rate currently offered on the maturity date.
Early withdrawal penalty - If you redeem a Certificate of Deposit prior to maturity, you will incur an early withdrawal penalty. The early withdrawal penalty for a Certificate of Deposit with a term of twelve (12) or fewer months is three (3) months interest regardless of when, prior to maturity, you redeem the account. The early withdrawal penalty for a Certificate of Deposit with a term greater than twelve (12) months is six (6) months interest regardless of when, prior to maturity, you redeem the account. Depending on how early you redeem a Certificate of Deposit, the penalty for early redemption may be greater than the interest you have earned on your account.
Grace period - Notwithstanding the above, you may redeem your time deposit or change the amount or term within ten (10) calendar days after the maturity date without penalty.
Rev. 06/2021
BR415351
RV230073
M-134061
230073