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Author: Gordogato Big red star, 1000 posts Old School Fool Ticker Guide Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 24252  
Subject: Capital One Taking Advantage of Transition Date: 9/16/2010 2:34 PM
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Are there any other former Chevy Chase Bank customers from the Washington DC region here?

Chevy Chase Bank was the biggest Washington DC area local bank. Last year, they were bought out by Capital One, and this weekend, the big transition of all customer accounts happened (complete with a ceremonial changing of all the bank branch signs).

Now that the transition from Chevy Chase to Capital One is complete, I logged into their on-line banking website to look at my new bank account today. Capital One transferred my old "Interest Checking" account from Chevy Chase into something called "Incredible Interest Checking" at Capital One. But there's no such product as "Incredible Interest Checking" listed on the Capital One website. So I called Customer Service to find out what it was.

After getting the customer service rep to look up all the information about the terms of my "Incredible Interest Checking", I asked what the difference was between what they assigned me and the plain, non-incredible "Interest Checking" they advertise. She said it's the exact same account, same features, same interest rate, only no minimum balance. That's right: the unadvertised "Incredible Interest Checking" account they assigned me had a $2500 minimum balance, while the normal "Interest Checking" account they are offering is exactly the same product, only with no minimum. (I used to have a $1000 minimum on my old Chevy Chase checking account, by comparison.)

Needless to say, I switched account types on the spot, but it's ridiculous that Capital One is taking advantage of the non-proactive customers in the transition like this. Not that I'm quitting the bank or anything... I did get a good deal in the end. I guess the lesson is, if your bank gets bought, call customer service and ask if there's a better deal than the new account they assigned you by default.
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