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Online banks?

Discussion in 'After Hours Lounge (Off Topic)' started by Joe Szott, Feb 24, 2005.

  1. Joe Szott

    Joe Szott Screenwriter

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    Anyone use a good one? I might be in the market for a nice online bank as our beloved CU might give us the boot (we no longer live in the area it supports.) We need to find one that has a no fee checking (preferrably with good interest), no fees, and free/easy online bill pay. Our CU provides all these now, so I know this stuff is out there.

    I was thinking of using www.ingdirect.com for savings, but still want to locate the best online bank for checking. I don't care if they have any physical locations or not, money is all electronic these days anyway [​IMG]

    Any suggestions?
     
  2. Kenneth

    Kenneth Supporting Actor

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    You might want to check to see if your credit union is part of this big national alliance of CU's ( www.cuswirl.com ). My main credit union account is in AZ (I now live in Texas). However, through this alliance I can maintain a local CU account for show and access my AZ account through it (deposits, withdrawals, etc).

    Kenneth
     
  3. LewB

    LewB Screenwriter

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    I just signed up with ingdirect. Their interest rate was 2x what my beloved credit union is paying ! They also added $25 to my account once it was opened.
    So far so good. We'll see how quickly money flows FROM them to my linked checking account when I need to withdraw money.
    In case you weren't aware, you need to provide them with a checking account at another institution so that you can funnel money back and forth.
     
  4. Matt Butler

    Matt Butler Screenwriter

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    How does online banking work? Im moving to Nevada in a while and my Credit Union doesnt serve in Nevada methhnks. Im sure they can refer me to another cu but was contiplating my options.
     
  5. Joe Szott

    Joe Szott Screenwriter

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    Hence why I am looking for a good online bank with no cost interest checking :wink:

    Thanks for the good word Lew, I've heard from a few folks that the ingdirect account seems to be on the level.
     
  6. Drew Bethel

    Drew Bethel Screenwriter

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    We use virtualbank to get a nice interest on our savings and Wells Fargo for evry day banking stuff. WF is cutting edge when it comes to online banking, I should know because I also work there.
     
  7. Joe Szott

    Joe Szott Screenwriter

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    Matt,

    It works just like a regular bank, only there are no brick and mortar locations anywhere. You go to their website, log in securely, and can view your transactions, transfer funds, whatever else you would normally do. They send you checks and an ATM/visa card like most any bank, and you can still get money from an ATM/Safeway/? If you get physical checks you need to deposit, you either mail them in or deposit them with a slip at a local ATM and wait for it to clear.

    Usually they have bill pay too, which is a fancy way of saying automated checks. You input who your regular payees are and can either send them money with a few button clicks, or set it up to transfer automatically every month (like for a steady mortgage.) It saves you the effort of writing out checks every month to the same payees like power, water, phone company, etc.

    As long as the online bank is FDIC insured, it is just as liable for your money as a normal bank. Just make sure it has that FDIC certification. Hope that answers your question.
     
  8. Joe Szott

    Joe Szott Screenwriter

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    So how does Well's Fargo's bill pay system work? Is it free? Does their checking accounts offer interest?

    Thanks...
     
  9. Travis Hedger

    Travis Hedger Supporting Actor

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    I have had INGDirect for years, and they payout interest monthly. They recently upped their rates to 2.35%.

    Have had absolutely zero problems with them, and when I refer a friend I get extra $$$ for doing it and they get a nice sign on bonus too.
     
  10. Drew Bethel

    Drew Bethel Screenwriter

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    Joe, if you go to most of the major banks you will fin d that the interest they're paying is pitiful. I believe that Wells Fargo bill pay is now free for all account holders. They use to require a balance of $5k but I'm out of the loop on that because it's free for employees.
     
  11. SethH

    SethH Cinematographer

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    I've used Netbank for about 6 years now. I've read some complaints about customer service, but I have no complaints at all. The rates aren't as good as ING though. However, if you get a savings AND a checking account they will increase your interest rates on both accounts to a little higher than their published rates.
     
  12. Jason L.

    Jason L. Second Unit

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    INGDIRECT just raised the rate on their savings account to % 2.60

    Sweet!
     

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