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Thursday, April 22, 2021

Capital One- How Does This Financial Institute Operate

Capital One (NYSE: COF) is well-known for its credit card business. However, there is much more than just that you will find about the bank if you delve deeper into it. 

Capital One Bank

Capital one bankIt is a regional bank and it may not be occupying a place among the top 5 best banks in the United States, yet there is not a single individual that is not aware of the name of the bank. This bank depends on its credit card business and other banking products. Hence, it is not uncommon for you to see their products in one of the television commercials on and off.

It was set up in the year 1994 in Richmond, Virginia, and was known as Capital one credit card company. However, over a period of four years, it diversified and channelized its products to include retail banking and loans

In due course through acquisitions of several financial companies secured a place in the top 15 banking institutions in the United States banking sector. The Capital one founders include Richard Fairbank and Nigel Morris. 

Is Capital One a good bank?

It certainly is a good bank and you can opt for any one of the services from its three main reporting segments. Let us find out more about them-

Capital one credit cardConsumer banking

This division of the bank caters to the small to mid-sized business identities daily. The banking services under this segment include loans, money market accounts, mortgages, savings accounts, and checking accounts. Additionally, Capital One 360 offers money market services. 

Credit cards

The bank is known as one of the largest credit card companies and it caters to consumers in United States, United Kingdom, and Canada. Moreover, you can choose your options of credit cards from Visa and Mastercard. Also, you can enjoy several reward cards

Commercial banking

This division of the bank caters to commercial clients. Services offered under this segment of banking include real estate, investment, and banking, and lending. 

What about the financials? 

Capital one cardFor the fiscal year 2019, Capital One, you will find that $28.6 billion was the total net revenue that is reported. This figure was a little hike from the number that it reported a year ago that recorded as $28.1 billion. 

Non-interest expenditure recorded was lower than $15.5 billion in the year 2019, which also established the fact that the credit card business is a flourishing and profitable one. It will not be wrong to say that these plastic cards contribute approximately 63% of Capital One’s business. 

Evolution of Capital One

Capital One card is what it started operating as. Thus, the bank’s credit card wing employed some innovative ways to entice cardholders. For instance, designing their cards or including logos if their favorite football team were what the bank offered. These creative ways drew consumers even more to using these plastic cards. 

Capital one bank customer serviceFor Capital One, consumer banking will continue to remain as an “adjunct” to the credit card business of the company. Hence, like any other financial company that attains its limits, Capital One is gradually inching closer to it. One of the main factors that can be attributed for the same includes the fact that many non-banking and non-traditional financial companies like PayPal making inroads into the consumer market. 

These lenders usually operate virtually and offer online financial products. Hence, they do not operate from brick and mortar outlets. This is an advantage that these new generation lenders enjoy over the ones operating from within the four walls of a full-fledged physical office. 

As far as the Capital one bank hours are concerned, the bank remains closed on Sundays, and on Saturday it operates between 9 am-10 am to 1 pm-2 pm. Moreover, Monday through Friday, it operates between 8.30 am-9 am to 5 pm-6 pm. 

If you want to search for the “Capital one banks near me”, lookup by typing into the maps of major search engines and find out how far you have to travel to get to the closest one from your place of residence. Also, you will be able to get information about the  Capital one bank hoursNearest capital one bank. 

As far as customer support is concerned, Capital One bank’s customer service is good. Additionally, the bank offers helpline services to clients. The toll-free can help you connect to your desired service and you can avail of round the clock 24×7 help from the customer support team. 

Capital one vs Bank of America

Check out the differences between the two banks. Although many parameters will distinguish each, the main points of differences have been mentioned here. 

Capital One Bank of America
Location Online only 4600 retail banking centers and has more than 40 branches in other nations
ATMs No-fee Capital One and Allpoint ATMs that are more than 40,000 in number There are more than 16,000 ATMs across the country. 
IRA CD 0.20%-0.40% APY. Terms of 6 months-5years. 12 month CD APY of 0.20% Standard Term CD-0.03%APY. Terms of 6 months-10 years. Minimum deposit of $1000. Minimum deposit of $2000
Checking  0.10%APY
Pros and Cons Pros include-

  • Options of Overdraft protection
  • Account minimums-Nil
  • 27 cafes for support in-person

Cons include-

  • Compared to the other online banks, the savings APY is lower
Pros include-

  • Availability nationally
  • Customer service hours are extended
  • Full-service banking center

Cons include-

  • There is no free checking option
  • Banking miscellaneous fees applicable
  • Low-interest rates
To wrap it up It is a good online bank with in-person support as well  It is a National bank offering a wide range of services and accessibility

 



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Daniyel Carlson
Daniyel Carlson is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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