Capital One sent out an email to their customers about a change in the P2P transfer limits.
- Currently, outbound transfers (payments sent from your account) are capped at $2,000 a day, up to a total of $10,000 over a 30-day period. There is no cap on the amount of money that can be sent to your account.
- Starting in June, limits on transfers to and from your account will be up to our discretion. These limits are designed to be flexible to help improve the security of your service.
ClearXchange is the P2P money sending system used by most of the top US banks including Chase, Bank of America, Wells Fargo, Capital One, US Bank and more. They’ve been rebranding under the name ‘Zelle’.
It’ll be interesting to see if this plays out on a larger scale across other banks. Not all banks have the same limits, for example, Chase Quickpay (pdf) allows up to $16,000 per month while Capital One allows only $10,000; so this change might be completely isolated to Capital One. We’ll see.
Related: How to Send Large Payments without Getting Shut Down
View Comments (6)
The $2000 limit is very much still in effect. Extremely annoying.
Cap1 is waaaayyy to conservative. It's definitely going down (for most), not up.
On the flip side, that mentality is one of the reasons why they didn't lose their shirt like many of the other banks did during the last financial crisis. Gotta commend them for that.
This pretty much sucks. A moving target, all the time. Tough for us playing the bank bonus game.
Where does it specifically say the limits are being increased?
Yeah, I would've called this "Capital One now has secret inconsistent clearXchange limits". Maybe bigger for you, maybe smaller for you, maybe it'll be different each time you try to use it, and you won't know until you run right into it.
Well, they are removing the limit. But I guess you are right that their security system could sometimes even DECREASE the limit if they are worried about fraud or whatnot.