Frequently asked questions
If you don’t have a balance, you can enroll in an alternative overdraft option through your account settings via your web browser or mobile app. If you do have a balance, you’ll need to repay your balance before switching overdraft options.
- Sign in to your account.
- Select your checking account and click Account Services & Settings.
- Click Overdraft Settings and select a new overdraft option.
- Sign in to the Capital One mobile app.
- Select your checking account from the Welcome screen.
- Tap View All under the I Want To section.
- Select Overdraft Settings and choose a new overdraft option.
You can’t enroll in a different overdraft option while you have an outstanding OLOC balance. However, once a payment that covers the full balance is posted to your OLOC account, you may enroll in any overdraft option at any time.
Repayment to your Overdraft Line of Credit will function the same as it does today. Payments can be made to your OLOC by either:
- Making one or more deposits into your 360 Checking account connected to the OLOC.
- Transferring funds from an externally linked source to your 360 Checking account connected to the OLOC.
Each time you make a deposit or transfer, we’ll use those funds to satisfy any balance on your OLOC.
No, your repayment obligations and other provisions of the agreement remain unchanged, including payment due dates, minimum payments, etc.
OLOC is no longer being offered as a feature to customers, so you won’t be able to re-enroll.
If you have an outstanding balance on your OLOC on or after the restriction date, you’ll no longer be able to spend or withdraw additional funds from your checking account. All other functionality in the checking account will remain the same. Since the OLOC is attached to your checking account, you’ll need to repay that balance before you can withdraw any additional funds. Once your balance has been repaid, your overdraft option will be set to Auto-Decline—our default overdraft option.
You’ll continue to receive statements for your 360 Checking account in the same manner as you do today. Because the OLOC feature is part of your 360 Checking account, the OLOC closure will be documented on your 360 Checking statement.
Your SCRA benefits will remain in place. Visit capitalone.com/military for additional information regarding your benefits.
No. This decision has nothing to do with how an individual has used their 360 Checking, OLOC account or an account’s status.
Yes. We’ll charge you interest according to our OLOC terms and conditions just as before. Interest will be charged on advances from the day the advance is posted to your OLOC until the balance is paid in full.
Auto-Decline generally declines transactions that cause overdrafts on your account. However, you can switch overdraft options at any time, provided you don’t have a negative balance. You have several options to choose from: Auto Decline, Free Transfer and No-Fee Overdraft.
- Free Savings Transfer: An automatic free transfer of funds from your savings or money market account to cover transactions that would overdraft your checking account.
- No-Fee Overdraft: You won’t be charged a fee for transactions that take your balance below $0.
- Auto-Decline (Default setting after your OLOC closes): Generally, Capital One would decline transactions that would charge more than the amount available in your checking account. Learn more online.
You’re still subject to the existing OLOC terms and conditions, including required minimum payment amounts and due dates. If you currently have a balance and a minimum payment due for that balance isn’t made, a temporary restriction could be placed on your OLOC. That restriction may be placed on your account before the OLOC restriction date. Please refer to your most recent statement for the minimum payment due. Visit capitalone.com to view the full 360 Checking product disclosures.