Internet Bank recommendation

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I have Fidelity and after an experience today, I am not happy with them anymore. Too complicated to get a wire transfer from another bank. It goes to Chase, then it goes to their account, then you have to put a note in the transfer to make sure you receive the transfer. Also a BofA account holder CANNOT do this online because there is no field to put that info. It must be done at BofA location.

Anybody can suggest me an Internet Bank that they are completely happy with? Like no ATM fees, no minimum balance, no service fee, etc. Thanks.

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I've been extremely pleased with ALLY........

sayhey (Jun. 02, 2013 @ 8:23p) |

sayhey: are you a willy mays fan? just curious about your name. if fidelity does not work out then i am going to try a... (more)

OIiverQuackenbush (Jun. 02, 2013 @ 8:42p) |

How? I've been reading up a lot of these posts but dont seem to find a reference of a way to bypass the debit card requi... (more)

renjuzone (Jun. 11, 2013 @ 11:46p) |

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Ally.

State Farm Bank

I've had ETrade since when they were Telebank, and although they have a habit of pissing me off more than occasionally, the truth is, they deliver a lot of services. You can do free remote deposit, free ATM withdrawals, free unlimited ACH transfers and bill pay (which while it has gotten more awkward still does what you need). The only thing they discontinued that was useful was free postage paid envelopes for depositing checks, but its less necessary since most checks can be deposited via remote deposit capture. The other thing they are bad at dealing with is cash. Since you can't get cash anyway other than an ATM you are limited to however much they let you withdraw, and I'm not even sure how to deposit cash. But generally speaking I don't handle that much cash. They also of course have a linked brokerage and the savings accounts (which are free and without limits) pay respectable interest. Plus if you put a lot of money in, they'll give you a super spiffy SecureID token.

I have been real happy with USAA (I believe bank is open to all though some features noticably deposit at home may be limited to some) and Ally. I use both extensively.

OP - International or Domestic? For Domestic, you can simply request the wire to be sent via ABA Routing Number to UMB Bank and bypass all the JP Morgan thing. I receive wires to my Fidelity account regularly, and I haven't had problem when I used 101205681 as the routing number (and the account number which starts with 77)

secstate said:   I have been real happy with USAA (I believe bank is open to all though some features noticably deposit at home may be limited to some) and Ally. I use both extensively.

If OP is trying to move money via SWIFT or others, USAA won't help - since all funds have to be sent/cleared through Bank of New York - same issue with Fidelity.

tennis8363 said:   Ally.

Ally also goes through JP Morgan Chase

capital one 360 (nee ING)

holv said:   OP - International or Domestic? For Domestic, you can simply request the wire to be sent via ABA Routing Number to UMB Bank and bypass all the JP Morgan thing. I receive wires to my Fidelity account regularly, and I haven't had problem when I used 101205681 as the routing number (and the account number which starts with 77)
+1 I have sent/received wires to my Fidelity account, international and domestic, no problems at all. I have accounts at USAA, Schwab, Ally, but Fidelity is my main one because of its ease of use, reliability, and customer service. I use the ABA routing number mentioned above, and my account number that starts with 77. Everything is processed to/from UMB Bank directly.

Thanks guys for the suggestions.

Let me give more details about what happened.

I used routing, 101205681, on BofA online but the transfer did not go through (yes UMB bank). BofA canceled the transfer. Then we went to BofA location and their system would not even accept routing # 101205681. So, I contacted Fidelity and they gave the JP Morgan Chase info but it is so confusing the way they put it, BofA guy could not figure out even after he talked to Fidelity. We then got cashier's check and mailed it out. It was such a waste of time and hassle. So, for me the 101205681 did NOT work. I thought that's all what I needed.

Edit: That is even confusing. On their website, they say use 39900000 prefix in front of your account number, but then on my slip it says 7710XXXXX as my account number.

tennis8363 said:   Ally.

I too have yet to find an Internet bank that I am happy with all aspects, seems like each one has its quirks.

I have an Ally account and while for the most part things work well, they meet your requirements for free ATM's, no fees, better than average savings rates...

However they fail for me in customer support, the biggest being front line staff have very limited permissions and their second level staff do not have phones the best I can tell. If you have an issue that requires escalating to a higher tier, here is how it works:

- Call front line agent, they send an email/message to second level support
- You are told to call back after 3 business days to get a status (on one occasion I received a call and didn't have to call)
- When you call back, or if you are lucky enough for them to call you, then you get one of the front line agents reading back to you the resolution the second line agent came up with
- If you have any questions of the second line agent, you go back into the loop of waiting 3 days for communication to make a round trip, never actually speaking or working with the second level agent
- If you get pissed off enough you can escalate to a supervisor, but that also takes 3 days to hear back and they don't have much technical know how, the only real success I have had with a supervisor is they then act as a single point of contact for messaging back and forth with the second level support agents


Long story short, Ally is good for basic needs, but if something happens their support process will drive you crazy.

CELO said:   Thanks guys for the suggestions.

Let me give more details about what happened.

I used routing, 101205681, on BofA online but the transfer did not go through (yes UMB bank). BofA canceled the transfer. Then we went to BofA location and their system would not even accept routing # 101205681. So, I contacted Fidelity and they gave the JP Morgan Chase info but it is so confusing the way they put it, BofA guy could not figure out even after he talked to Fidelity. We then got cashier's check and mailed it out. It was such a waste of time and hassle. So, for me the 101205681 did NOT work. I thought that's all what I needed.

Edit: That is even confusing. On their website, they say use 39900000 prefix in front of your account number, but then on my slip it says 7710XXXXX as my account number.


Hmm that's strange. But just ignore 399 prefix thing as that applies to people who don't have cash mgmt account (cash mgmt account begins with account # 77)...

Would ACH pull from Fidelity could be a solution?

holv said:   CELO said:   Thanks guys for the suggestions.

Let me give more details about what happened.

I used routing, 101205681, on BofA online but the transfer did not go through (yes UMB bank). BofA canceled the transfer. Then we went to BofA location and their system would not even accept routing # 101205681. So, I contacted Fidelity and they gave the JP Morgan Chase info but it is so confusing the way they put it, BofA guy could not figure out even after he talked to Fidelity. We then got cashier's check and mailed it out. It was such a waste of time and hassle. So, for me the 101205681 did NOT work. I thought that's all what I needed.

Edit: That is even confusing. On their website, they say use 39900000 prefix in front of your account number, but then on my slip it says 7710XXXXX as my account number.


Hmm that's strange. But just ignore 399 prefix thing as that applies to people who don't have cash mgmt account (cash mgmt account begins with account # 77)...

Would ACH pull from Fidelity could be a solution?


So, basiacally you are saying if I used the 7710xxxxx as my account number with 101205681 routing number, the transfer would have gone?

CELO said:   holv said:   CELO said:   Thanks guys for the suggestions.

Let me give more details about what happened.

I used routing, 101205681, on BofA online but the transfer did not go through (yes UMB bank). BofA canceled the transfer. Then we went to BofA location and their system would not even accept routing # 101205681. So, I contacted Fidelity and they gave the JP Morgan Chase info but it is so confusing the way they put it, BofA guy could not figure out even after he talked to Fidelity. We then got cashier's check and mailed it out. It was such a waste of time and hassle. So, for me the 101205681 did NOT work. I thought that's all what I needed.

Edit: That is even confusing. On their website, they say use 39900000 prefix in front of your account number, but then on my slip it says 7710XXXXX as my account number.


Hmm that's strange. But just ignore 399 prefix thing as that applies to people who don't have cash mgmt account (cash mgmt account begins with account # 77)...

Would ACH pull from Fidelity could be a solution?


So, basiacally you are saying if I used the 7710xxxxx as my account number with 101205681 routing number, the transfer would have gone?


Yep - I've been using that instruction since 15 months ago

I would not recommend Bank of Internet. Their mobile deposit is terrible, and despite claims that they were going to fix it, it's now going on 6 months and it still doesn't work properly (does not autofocus, sends images in greyscale so they're very difficult for them to read). you have to jump thru some hoops to get the full 1.25% interest rate, and I discovered recently that they had shortchanged me.

I was really happy with Schwab Bank until we had a parting of the ways (they decided that they did not like me, detailed elsewhere). Sadly, their "high yield checking" isn't high yield

I've been pretty happy with first internet bank of indiana (firstib.com).....they pay decent interest but they do require $500 min balance.....I've just wanted to avoid anything that requires x direct deposits and x debit card transactions as I don't meet those requirements. I do have an ally savings and it's been fine....the billpay on firstib works well and the check scanning on both firstib and ally has worked fine...can be done via the mobile apps....or at least ally can.

i have no idea why wire instructions are so confusing? The wire instructions are very similar for all brokers. Your money will be sent to broker's bank account and then they will credit to your account based on the instruction you provide. This is true for all brokers.

If you dont want to use wire, you can setup ACH/link your bank account. It takes couple of days to set it up as the broker desposits test money of few cents/pennies. If you can prove it is your account, they will let you send and recieve money upto $100,000.

Fidelity is great. Their billpay system does not withdraw the funds until the check clears (unlike the way most banks are set up). My only complaint is that their online check deposit app often seems to fail. I'm not sure if that is more of a problem with my smart phone, their app, or their bank-end system but it is kind of a PITA.

It is likely the BofA rep not following the instructions. Because Fidelity is not a "bank" they have to use a bank to facilitate their wires. When the funds are sent to Chase, Fidelity (and THEIR account number) are the beneficiary. The wire will contain details to instruct Fidelity to credit the funds to your account with them.

Edit: Here are their instructions - https://www.fidelity.com/cash-management/information-needed-wire...

As you can see, the beneficiary (For credit to) is National Financial Services LLC and THEIR corresponding account number. I would bet a dollar the BofA rep was putting in your name and your Fidelity account number there, which is why it rejected.

ambk.com

im looking for a new bank, i have questions about fidelity. how long does it take before an incoming ach transfer is available? also how many external bank accounts can you link to the fidelity account?

OIiverQuackenbush said:   im looking for a new bank, i have questions about fidelity. how long does it take before an incoming ach transfer is available? also how many external bank accounts can you link to the fidelity account?

New accounts take longer I was told. My cashier's check took 3 days to be avaliable to withdraw. My account is not new. I cannot answer your 2nd question. I will eventually change Fidelity. It looks like I will switch to USAA.

OIiverQuackenbush said:   im looking for a new bank, i have questions about fidelity. how long does it take before an incoming ach transfer is available? also how many external bank accounts can you link to the fidelity account?
It's 3 business days IIRC and you can link lots of external ACH accounts (10+). However, if they get annoyed at you moving too much money around, they will close your accounts and ban you for life from using National Financials clearing system. This means many brokerages will be unable to take you as a customer or would have to be closed if already open (NFS is the second biggest clearing firm).

thanks for the replies. xerty, are you talking in terms of number of transactions or large dollar amounts?
would it matter if you parked a retirement account there as well (would they be less likely to boot you)?

OIiverQuackenbush said:   thanks for the replies. xerty, are you talking in terms of number of transactions or large dollar amounts?
would it matter if you parked a retirement account there as well (would they be less likely to boot you)?

Hard to know for sure, but I'm willing to bet once their compliance drones decide they don't like you, they're not going to care about your other assets.

do people still use redneck bank?

germanpope said:   do people still use redneck bank?

yup... i've got my $35k parked there (the maximum for the high interest rate)

i've used www.everbank.com for years and have been very pleased with them

emmd2001 said:   germanpope said:   do people still use redneck bank?

yup... i've got my $35k parked there (the maximum for the high interest rate)


there are higher rates, are you aware?

CELO said:   Too complicated to get a wire transfer from another bank. It goes to Chase, then it goes to their account

Only 7 banks in the U.S. are SWIFT members. All other banks must use one of those 7 to send a swift transfer.

BTW, some of the banks mentioned in this thread are socially irresponsible. Specifically, BofA, Chase, Capital One, USAA, and Schwab -- these banks took a bailout (except usaa) and have lobbying expenditure (including support of cispa).

OIiverQuackenbush said:   emmd2001 said:   germanpope said:   do people still use redneck bank?

yup... i've got my $35k parked there (the maximum for the high interest rate)


there are higher rates, are you aware?


not aware... if you could point me towards them, would be more than greatful!

I've been extremely pleased with ALLY........

sayhey: are you a willy mays fan? just curious about your name. if fidelity does not work out then i am going to try ally. but i have investments with fidelity, so it seems like a natural fit.
emmd2001: there is a weird type of checking account that many smaller banks participate in, i dont know all the details, but here is the link: https://www.kasasa.com/kasasa-providers
one thing to note is to get high interest that you must do the following monthly: 1) use the debit card some number of times; 2) sign up for estatements; 3) log into internet banking; 4) have direct deposit. There is a cap on account balance, its pretty low, like 10k-15k. But you can open accounts at different branches listed there, and your sig. other can too, so the cap isn't a problem if you are creative. of course you can creatively get past the debit card requirement without actually spending money if you pay attention in these forums. my employer is kind enough to let me deposit $100 here and there, then the residual income going to my main bank account. but if you don't have an employer willing to split your paycheck up like htat, perhaps you can experiment with paypal or other ach transfers to see what qualifies as a direct deposit with these banks. good luck!

OIiverQuackenbush said:    of course you can creatively get past the debit card requirement without actually spending money if you pay attention in these forums.

How? I've been reading up a lot of these posts but dont seem to find a reference of a way to bypass the debit card requirement without actually spending money. Does anyone know how to do this? Much appreciated!



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