Fine Print

I have not read every word of the financial reforms that have passed Congress. I have also not read every word of every agreement ever mailed to me by a bank, credit card company or student loan department. I'm also not blindly obligating myself (to my knowledge) to any scams from a Nigerian king or bank or any other exploitative effort.

I would however still consider myself a fairly attentive consumer. I have read every term of every lease I've ever signed for an apartment. I do check to make sure there isn't anything glaringly wrong. I do read anything that requires my signature very carefully.

So when I recently went in search of a high-yield saving account I did my homework. I checked out multiple sites, I reviewed bankrate.com to see what their rates were holding at after the promotional terms end. I checked for hidden fees, easy access to money, ability to transfer between banks, etc. This was a multi-month process because I didn't want to commit and then have "deposit remorse" that I could be making more interest somewhere else.

This search ended with the opening of a high yield account with Capital One. Their 1.35% interest rate (I know, get excited) was far more stable and was higher than others on the market. I had long considered ING to be the right option for a liquid account, but their 1.1% and the continued decline of that rate took them out of contention. I looked at Sallie Mae, our own credit union, Ally, etc.

Cutting to the chase.They actively promote that funds transferred between external accounts and Capital One accounts will be available within 3-4 business days of the transfer. Sure fine. Technically I don't even need access right now, it's an emergency fund. It's principle people (wow, this soapbox is getting long tall).

Here's the fine print. On a separate website, in a separate section, three clicks down there's this language:

During the first 30 days following initial account funding, funds deposited into your account will be held for ten business days (available to you on the eleventh business day) after the day we receive and process the deposit.

For accounts opened and funded older than 30 days, funds deposited into your account will be held for five business days (available to you on the sixth business day) after the day we receive and process the deposit.

I only know this because I had to specifically ask why money I could see was deposited was not "available." Here is where as a marketer I cringe. They are using the word "post" in their ads, not "available." Thanks for the lesson in nuance banking world.

I read every word of what you sent me to sign and this was not in it. I'm guessing this was somehow referenced in a cloaked manner for me to deduce, but wow way to bury the fine print in a new and creative way.

So no, I don't have "deposit remorse", but I am irked as a consumer that the new "clear and easy terms" that we're supposed to be enjoying still aren't happening.