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IMO.. easiest Bill Pay is to Credit Cards...

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AugustFour said:   "If you qualify for the Direct Deposit Bonus" probably means no bank to bank deposit is considered DD?
  They almost always use that terminology.  Often they don't have a good way to check.  Basically we are going to need some guinea pigs to test this out.  As far as whether this deal will quickly go away, they do mention $1200 in 5 years on the landing page...suggesting they do have plans to keep this in place for a while as BenH mentioned.  However they can certainly add fees.  This is a great deal if you can do everything automated...especially the bill pay.  Did anybody see a bill pay minimum amount?


 

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when I got a checking account with them a few years ago, no credit pull.
I also got a line of credit with no hard pull, my reports are frozen.

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anyone tried transferring money from Ally to count as DD?

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AugustFour said:   what is "during the service fee period"?
  Statement period.

pwm112;18063613 said:how many can I have?

  On Sunday when I applied they couldn't verify so I rang. The lady said that since I already had a chequing account I couldn't open another one and she would convert that and the Money Market to these new ones. They've either changed or she was wrong.
barbcole said:   Any confirmation of no hard pull yet?
  There isn't one.

 

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csdx said:   Also if you're opening accounts, looks like they have CC funding for up to $500
  As a purchase and not a cash advance?

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$3 fee for other bank's atms - ouch. that is one of the worst i've seen.

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Do they have online check deposit?

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Under review it says, after application. Nice deal OP. Green for you.

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protomenace said:   This is pretty good. It's too bad Santander has such a dearth of ATMs/branches in my area.
  I can see a branch across the street from my window at work, Just like Willy Wonka's factory, no one goes in or out, except a couple of years ago when they seemed to have a robbery each week.

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https://www.santanderbank.com/us/personal/borrowing/credit-cards...

Their credit card is offering a good deal too..10% CashBack on purchases through Jan 2014, up to $100.

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An amusing side-note:

Check out their Certificates of Deposit  page.
Sroll down to the last cateogry (IRA CDs) and observe: "Great rates with all the tax" (see attached screen shot)
... "benefits or an IRA."

What a deal! Great rates w/ all the tax!

*EDIT* Issue seems to be intermittent.  It may get triggered by changing your STATE (selectable at the very top of the page), perhaps refreshing the web page thereafter.

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carnifex72 said:   https://www.santanderbank.com/us/personal/borrowing/credit-cards/sphere

Their credit card is offering a good deal too..10% CashBack on purchases through Jan 2014, up to $100.

  
Actually this is pretty misleading.  You would be better off with any generic 1% rewards card with a $100 bonus for $1000 spend in three months (these offers are abundant).  With those, you get 1% on your $1000 spend, plus the $100 bonus = $110.  With this offer you get 10% on the first $1000 spend = $100.

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carnifex72 said:   https://www.santanderbank.com/us/personal/borrowing/credit-cards/sphere

Their credit card is offering a good deal too..10% CashBack on purchases through Jan 2014, up to $100.

  That comes as a credit, but any other "Cash Back" redemptions with the card come in the form of a Santander Visa gift card. You have to read 7500 to redeem at a 1:1 rate, so this card isn't that attractive. Couple that with them not knowing how to do increases, and it's horrible; I wish I had gotten rid of it before it switched from FIA. I've rang multiple times and each time they say the only way to get a higher limit is to apply and hope they approve for a higher amount and no they will not close the old card and move the limit over.

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DreamR2I said:   Do they have online check deposit?
  They do not have online check deposits.

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Why are people so worried about their features (atm/online check deposites/etc)?

You don't have to actually use them for your bank. Just schedule a DD and a billpay and then setup a repeating transfer for the bulk of your balance to your main bank.

It might mean a few more days until you get your money to your main bank, but unless you are really living paycheck to paycheck does it matter?

I am really considering setting up with these guys...does anyone have any strong support of why not?

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BenH said:   Why are people so worried about their features (atm/online check deposites/etc)?

You don't have to actually use them for your bank. Just schedule a DD and a billpay and then setup a repeating transfer for the bulk of your balance to your main bank.

It might mean a few more days until you get your money to your main bank, but unless you are really living paycheck to paycheck does it matter?

I am really considering setting up with these guys...does anyone have any strong support of why not?

  
TBH the only reason I was thinking of the features is because I was considering actually switching my main checking account over to them, since my current account (WF) doesn't give any financial incentives for me to stay.  If I did that I wouldn't have to bother with the shuffling of dollars between accounts, and also trying to maintain the fee-less status of my current checking account which also depends on DD, which means I need to split DD on my paychecks.

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protomenace said:   
TBH the only reason I was thinking of the features is because I was considering actually switching my main checking account over to them, since my current account (WF) doesn't give any financial incentives for me to stay.  If I did that I wouldn't have to bother with the shuffling of dollars between accounts, and also trying to maintain the fee-less status of my current checking account which also depends on DD, which means I need to split DD on my paychecks.


I would just move to a bank that gives you what you need. I've been with Chase for many years, and although I have enough in my account to not get charged any fees even for the premier checking, I have it just on basic checking (low or no balance, no DD requirements that I am aware of). Not saying go with Chase...but I'm sure you can find a bank that meets your needs that is basically fee free.

I wouldn't switch to these guys as your primary bank for many reasons (most already mentioned) - but most especially if they don't have a great footprint in your area. Establish a new account somewhere else AND this one for the bonuses I would say...

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 CSR said that Santander Bank sends it as Purchase and most CCs accept it as Purchase. I funded it with CC.

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rameshd said:    CSR said that Santander Bank sends it as Purchase and most CCs accept it as Purchase. I funded it with CC.
  what credit card did you use to fund?

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BenH said:   Why are people so worried about their features (atm/online check deposites/etc)?

You don't have to actually use them for your bank. Just schedule a DD and a billpay and then setup a repeating transfer for the bulk of your balance to your main bank.

It might mean a few more days until you get your money to your main bank, but unless you are really living paycheck to paycheck does it matter?

I am really considering setting up with these guys...does anyone have any strong support of why not?

  I'm in the same position as you.  Here are the cons I see. 
1.  You'll need to pay tax on this money.  So cut the $20 down by a third, or quarter, whatever. 
2.  They could change fees later to require a minimum amount of lets say 3000. 
3.  You could find a more lucrative deal down the road that required direct deposit.
4.  If you can't set up automatic payments and transfers, you have to log on each month to do that.
5.  It takes a while before you make considerable money.  If you are like me and and have a lot of different schemes going on, this will eat up more brainpower for a relatively small amount of gain each month.  Setting up new bank accounts often takes work and sending paperwork back and forth.  If this is autopilot for 5 years and you truly profit 1K, great, but lots of things could go wrong.  If they change the terms in 6 months, it will be annoying.
6.  A better promotion might come along with an immediate $200 bonus or something from them.

None of these are highly convincing arguments, but that's what I'm thinking about.

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dbl118 said:   
BenH said:   Why are people so worried about their features (atm/online check deposites/etc)?

You don't have to actually use them for your bank. Just schedule a DD and a billpay and then setup a repeating transfer for the bulk of your balance to your main bank.

It might mean a few more days until you get your money to your main bank, but unless you are really living paycheck to paycheck does it matter?

I am really considering setting up with these guys...does anyone have any strong support of why not?

  I'm in the same position as you.  Here are the cons I see. 
1.  You'll need to pay tax on this money.  So cut the $20 down by a third, or quarter, whatever. 
2.  They could change fees later to require a minimum amount of lets say 3000. 
3.  You could find a more lucrative deal down the road that required direct deposit.
4.  If you can't set up automatic payments and transfers, you have to log on each month to do that.
5.  It takes a while before you make considerable money.  If you are like me and and have a lot of different schemes going on, this will eat up more brainpower for a relatively small amount of gain each month.  Setting up new bank accounts often takes work and sending paperwork back and forth.  If this is autopilot for 5 years and you truly profit 1K, great, but lots of things could go wrong.  If they change the terms in 6 months, it will be annoying.
6.  A better promotion might come along with an immediate $200 bonus or something from them.

None of these are highly convincing arguments, but that's what I'm thinking about.

  
1. Yeah - mentioned that above... so about $170 a year after taxes - still about average for a bank promo ($100-200)
2. Can always cancel
3. Again, can always cancel.  I can split my DD up between banks.  Most other promos don't have requirements this high, so even if you split off another $100 bucks.  Or even changed your DD to the other to fulfill the requirement for a few months.
4. A few posts into the thread I asked if anyone was using them and the answer was that they could do scheduled payments/transfers easily
5. It takes as much effort to setup as any promo of this type might, and with the answer to #4, there shouldn't be any brainpower involved other than making sure you are getting your $20
6. This is the only real one to worry about I think...if they offer a new promo for a flat $200 let's say it would have been better than a year's worth of this...but this seems to be their coming out promo, and I expect it will stay active for a while.

So - good list of things, but I agree none are highly convincing, especially if you have DD flexibility from your work.

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When I originally signed up it was for Sovereign's checking account which at that time offered $240 in signing bonus. That was 1.5 years ago. I have since used them as a secondary bank, specifically because they offer low interest rates on their HELOC (2.49%).

Since switching my account to an Easy20 Checking and Savings I have setup 2 auto bill pays and direct deposit in the amount of 1502 to my checking account every month.

For those of you on the fence, I will keep everyone posted on the process.

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I'm thinking of signing up and trying to do ACH transfers from ally bank instead.  It's worth $20 to do that experiment in my mind, and set up a triangle of automatic deposits in and out, and not have to deal with my employer.

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The easiest bill pay is to your other bank with your account number. They will mail your main bank a check and deposit it for you.

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CampCommando said:   
DreamR2I said:   Do they have online check deposit?
  They do not have online check deposits.

  Thanks

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Has anyone verified FDIC insurance? The website says its through Santander Bank, NA, but that doesn't pull up on the FDIC's bankfind webpage.

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dbl118 said:   
BenH said:   Why are people so worried about their features (atm/online check deposites/etc)?

You don't have to actually use them for your bank. Just schedule a DD and a billpay and then setup a repeating transfer for the bulk of your balance to your main bank.

It might mean a few more days until you get your money to your main bank, but unless you are really living paycheck to paycheck does it matter?

I am really considering setting up with these guys...does anyone have any strong support of why not?

  I'm in the same position as you.  Here are the cons I see. 
1.  You'll need to pay tax on this money.  So cut the $20 down by a third, or quarter, whatever. 
2.  They could change fees later to require a minimum amount of lets say 3000. 
3.  You could find a more lucrative deal down the road that required direct deposit.
4.  If you can't set up automatic payments and transfers, you have to log on each month to do that.
5.  It takes a while before you make considerable money.  If you are like me and and have a lot of different schemes going on, this will eat up more brainpower for a relatively small amount of gain each month.  Setting up new bank accounts often takes work and sending paperwork back and forth.  If this is autopilot for 5 years and you truly profit 1K, great, but lots of things could go wrong.  If they change the terms in 6 months, it will be annoying.
6.  A better promotion might come along with an immediate $200 bonus or something from them.

None of these are highly convincing arguments, but that's what I'm thinking about.
Go for it! It seems like relatively easy money all things considered.
  

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dippy943 said:   Has anyone verified FDIC insurance? The website says its through Santander Bank, NA, but that doesn't pull up on the FDIC's bankfind webpage.
  
Never mind - insurance through Sovereign Bank, National Association:

Link 
 

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dippy943 said:   
dippy943 said:   Has anyone verified FDIC insurance? The website says its through Santander Bank, NA, but that doesn't pull up on the FDIC's bankfind webpage.
  
Never mind - insurance through Sovereign Bank, National Association:

Link  

 I was just researching this as well.  And yes, best answer I can get (talked to FCC and OCC) is that it is Sovereign bank.

Basically Banco Santander, S.A. is a holding company which owns both Banco Santander, P.R. and Sovereign Bank, NA.

However, Sovereign Bank legally doesn't exist anymore - they changed their name to Santander Bank NA back on the 16/17th of this month.

But, the FDIC site doesn't show a name change in their history - they still see them as "Sovereign Bank, NA" which you have linked above.

All the branches that are now Santander are listed there, and the FDIC people say that their database may just be a bit behind.

I think it is a little strange, but it is probably just a technicality.

I will say that I was not impressed that Santander couldn't tell me their FDIC number when I called them.
I was impressed with how nice the people on the FDIC line were.
 

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dbl118 said:   I'm thinking of signing up and trying to do ACH transfers from ally bank instead.  It's worth $20 to do that experiment in my mind, and set up a triangle of automatic deposits in and out, and not have to deal with my employer.

Let us know the results. I'm self-employed, so real DD is not an option, and I'd rather not experiment because I'd rather not have the ding on ChexSystems for opening and closing an account if it doesn't work.

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Anyone else experiencing a glacial account opening experience?  My app's status reads:

"Approved.  You will be notified once the account is opened."


And, the CC doesn't have and preauthorization charge yet.  Two days now...

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The more I'm reading about this bank, the more it looks like bad news. Granted, I'm looking for bad news...so maybe they aren't as bad as other banks.

People decry Chase all the time, and I have been pretty happy banking with them for quite a while.

It seems that most people's complaints are with Loans from Santander, and some lawsuits against some other Insurance divisions and not the bank per-se.

Also, everything I can see is that they don't do a hard pull, only a soft chex inquiry.

Maybe I'll give it another week to see how the early adopters are making out...but I figure what have I got to lose? Worst case is they don't pay out - it is pretty unlikely they are going to run off with my money!

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BenH said:   The more I'm reading about this bank, the more it looks like bad news.
I've dealt with them in the past (and actually still have a mortgage with 'em). Their telephone CS is pretty abysmal and unhelpful. Their help in branches is generally pretty good (the physical "choke factor" of you standing in front of them usually gets things solved in one visit).  With you being in Chicago, branch and ATM access probably is irrelevant to you though... Their policies are pretty liberal; for example, ATM deposits usually post and are available in their entirety at the close of business (11PM at the ATM, IIRC).

However, I have dumped my business checking account, as well as a personal checking account in recent years. They change the rules and make it pretty undesirable to bank with them. I wouldn't expect this deal to exist in its current form a year from now. And, I'd expect them to nix any grandfathered accounts shortly thereafter. If you do sign up, make sure you check the notices on your statements carefully, as that's where they notify you (no separate mailing, etc.) They give you plenty of time to fire them, and it's reasonably easy and painless to do so over the phone (despite the aforementioned crappy CS).

My loan product with them has been relatively trouble-free. They got in a habit of incessantly calling me after the first of each month, badgering me to pay my mortgage, even though I have the standard 15-day grace period (why pay it any earlier if it's amortized monthly?!) Thanks to the surgical precision of CheckFree/Fiserv, I pay them at the last possible second. I dealt with their phone calls, thanks to Google Voice's "treat as spam" feature
  

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HotSalami said:   Anyone else experiencing a glacial account opening experience?  My app's status reads:

"Approved.  You will be notified once the account is opened."


And, the CC doesn't have and preauthorization charge yet.  Two days now...

  I applied tonight and the actual application took a while. I got the idea that this was going to be a slow process.  But bank deals are generally fairly slow and painful compared to credit cards (one of the reasons I was hesitant to apply).  
  I'm not really worried about the bank's reputation.  If anything that makes me more confident that they'll allow ACH transfers. 
  Ben, you can wait, but it will probably be a while before you have any useful info.

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HotSalami said:   
 
 Their telephone CS is pretty abysmal and unhelpful. .

  
 

  I rang in for something and it went like this:

Her: How may I help you Mrs. Mjoply(my name is clearly male).
Me: I submitted a credit limit increase on the website one month ago and didn't receive a response. Would you be ab-
Her: What!? I can't hear you. Goodbye!

Couldn't believe how quickly she hung up and how rude she was. I rang back and the lady could hear me fine, so I'm not sure what the other person's damage was.

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oops.

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Sovereign was a fairly good small town bank. They had a huge expansion into New England when Fleet merged with BankBoston in 1999, forcing a massive branch sale that Sovereign acquired. Things were good for a number of years until the mortgage meltdown, which gave Santander an opportunity to first make a large investment and eventually buy the whole institution. Today Santander/US is a mix of a regional bank and a huge international behemoth.

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Santander is looking at big time acquisitions to expand in south east. They said it is the third largest bank in the world.

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BenH said:   The more I'm reading about this bank, the more it looks like bad news. Granted, I'm looking for bad news...so maybe they aren't as bad as other banks.

People decry Chase all the time, and I have been pretty happy banking with them for quite a while.

It seems that most people's complaints are with Loans from Santander, and some lawsuits against some other Insurance divisions and not the bank per-se.

Also, everything I can see is that they don't do a hard pull, only a soft chex inquiry.

Maybe I'll give it another week to see how the early adopters are making out...but I figure what have I got to lose? Worst case is they don't pay out - it is pretty unlikely they are going to run off with my money!

  
If you're going to adopt Spanish banking then you also need to adopt their work ethic... Sit back and have a 2 hour lunch siesta during your work day... maybe have a drink or two! Then you won't be concerned about such matters!

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