Slick website, but little-to-no feedback on any of the financial websites and blogs. Looks like it's a small, one branch bank in Rhode Island, recently bought by a Student Loan corp, and FDIC financials show their holdings increasing from ~$60M to ~$650M in an 18 month period. Guess they're trying to increase deposits with competitive rates. Not sure what that says about their stability, but they have a four star rating from bauer. I'd keep it under FDIC limits just in case.
Bankdeals says they have ACH capabilities, but you can only set one account for transfers. Supposedly a soft pull. Anyone have any experience here?
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Opened an account with them and am trying to set up ACH push from WAMU and other banks which has been a royal PIA.
Verification deposits took days to show up. For one bank, at least, I think I messed up the account number (not enough zeros), but the others should've been fine and shown up in a day or two. Not so.
Stranger, today I got an e-mail from WAMU confirming some kind of problem with the account and that it would be removed from my list of external accounts to/from which I can do transfers. Not sure what that's about but going to call Union FSB tomorrow to find out what gives.
If they don't accept ACH push, then I think I'm going to pull the money and put them on the list of banks not bother with, which most recently includes Provident Direct.
dudetheobscure said:Why would you bother with some mom-and-pop outfit when WAMU and Wachovia are now offering the same rate nationally?
Pushing FDIC limits at WAMU, for one. Also, prefer to not to mingle all savings at the same bank when certain funds are dedicated for other purposes.
Plus, having accounts at these different online banks gives options for when rates change one way or another. Look at Countrywide SavingsLink, for example. Was the "go to" account for a while, but rate has been in decaying orbit for weeks while others are raising.
jwbodnar said:If they don't accept ACH push, then I think I'm going to pull the money and put them on the list of banks not bother with, which most recently includes Provident Direct.
I've had no trouble at all with provident. Their ACH system is second to none.
oopsz said:jwbodnar said:If they don't accept ACH push, then I think I'm going to pull the money and put them on the list of banks not bother with, which most recently includes Provident Direct.
I've had no trouble at all with provident. Their ACH system is second to none.
Provident Direct will not let you open an account if you've recently opened accounts with other banks. Got a denial from them and was told to look at my ChexSystems report which was clear apart from inquiries for other account openings. That's getting a little anal retentive if you ask me.
Based on my experience with USFB, I'd say they are not ready for prime-time. Their sign-up process looks pretty slick--until it stops working, which it did after I verified the test deposit amounts in my funding account. Then I got a "session timed out" error message and no more options. I had to call CS. They said the account was set up and that I should log in within 24 hours, or after 24 hours, or something: it seemed odd but I wasn't really paying attention. Either way, I've tried several times to log in and always get the same error message: "First time log in information is invalid. Please verify your enrollment information and try again.". So I called CS again. They didn't know what the problem was. At that point I just gave up: any bank account that causes this much trouble so early is only going to get worse. Clearly, they don't know what they're doing and never tested the system properly. It reminds me of Amtrust, which started bad and never improved.
I think this bank is getting a bad rap. Online sign up went fine for me, and I have been able to do ACH push from Schwab several times, credited next day. I did have to wait for snail mail letters with my username and password, but I recall that HSBC did this as well.
I also agree with the previous post, online setup was easy and straight forward Faxed signature card and everything seems good to go. No ACH push is a little bummer but for this rate, I will do some work.
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