I got an email from Capital One 360 this morning that said they'll be reducing the hold time on deposits. In the past when I've deposited checks on my phone, I've had to wait a few days to have access to it, and sometimes close to a week if it was a large deposit. They're going to start making most check deposits available the next business day which is pretty awesome. At the bottom of the announcement, though, there was a portion that confused me. "Oh, and one more thing. Because everyone loves a little more flexibility, we’re removing this clause from our Terms and Conditions in August: ’Under Federal law, we must reserve the right to require you to give us at least 7 days written notice before you take money out of your account.’" Did a law change and that's why they're changing policy? The way it's worded makes it sound like "Oh, we like you so much we're just going to ignore this law".
I feel like that clause is in reference to large withdrawals, say if you wanted to close your account and remove all the money or you wanted to make a very large withdrawal at once. I have no idea, though. It doesn't sound like Capital One is ignoring the law or even trying to skirt the law. It seems like the company, at face value, is making it easier for you to take out large sums of money. I could be completely wrong, though. Who knows?
Yeah, but they are saying that they are removing a clause that is explicitly required by law. That means either the law changed and it's no longer required, and therefore they are removing that clause because of a legal change, or the law hasn't changed and they are finding a way around it. I'm guessing it's the former, but I'd rather they just say so instead of presenting it as though they are doing a favor to their customers.
