Capital One Debit Card Adds Flexibility

Capital One has been testing a debit card that can pull money from more than one account. You can select which bank account the card should pull money from, and you can change your selection as your needs evolve. The card uses the ACH network to get the money from your other bank. While I like the creativity, I don't think I'll use anything like this just yet. A commenter at Consumerism Commentary expressed the same concerns I have quite well:

no matter how much protection they try to give you, when something is connected directly to your bank account, Bad Things can happen

There are some built-in safeguards, but you're still taking risk. In any case, it's nice to know that banks are looking at ways to be more competitive. I'm sure this card will be very handy for some people.

Further reading:

• Debit Card Basics
• Should You Choose Debit or Credit?
• Banking Glossary: Automated Clearing House (ACH)