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Mobile Banking

HSBC Online Banking Review: Everything You Need To Know

If you are looking for an established full-service bank that offering digital banking services, then, this HSBC online banking review is for you.

HSBC Online Banking Review: Everything You Need To Know

While traditional banking is still far from being off the market, digital banking has definitely changed the way people bank.

In fact, according to an article published by Business Insider, it says that convenience and quickness are two of the primary reasons that make digital banking attractive to consumers.

It is not surprising though because digital banking has absolutely made things so much easier. In just a few clicks, you get to send money to a loved one, pay for a purchase, deposit a check, as well as manage your finances. Needless to say, you get to access your account whenever and wherever you want.

Digital banking provides so many things that traditional banking does not. Agree?

Now, with the advent of technology as well as digital banks, traditional banks like HSBC had to cope up. They had to ensure they get to provide their customers the same convenience and ease that digital banks provide. Thus, the birth of online banking.

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According to Investopedia, online banking, also known as Internet or web banking, allows users to conduct financial transactions via the Internet.

Basically, consumers get to do whatever they want with their money without having to go to a bank branch location.

Online banking services vary from one bank to another. Generally, though, online banking allows customers to do almost every service done traditionally like deposits, transfers, bill payments, as well as paying for online purchases.

Online banking may be accessible through a desktop computer or a smartphone or both.

Now, as mentioned, the majority (if not all) of traditional banks now offer online banking services – including HSBC.

Having said that, this in-depth review on HSBC online banking will provide you the essential information you need to know to see how it fares from other online banking services out there.

In particular, we are going to tackle the following items:

  • What is HSBC?
  • Who is HSBC best for?
  • What does HSBC offer?
  • How does HSBC online banking work?
  • Are there fees involved?
  • How to open an account with HSBC?
  • Is HSBC online banking safe?
  • What are the upsides of HSBC?
  • What are the downsides of HSBC?

WHAT IS HSBC?

Formerly known as Hongkong and Shanghai Banking Corporation, HSBC is one of the largest international banking and financial services organizations out there. It has been in the banking industry since 1865.

The bank is present across 66 countries and territories. In the United States alone, HSBC has more than 160 branches in eight states namely: California, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, and Washington, plus Washington, D.C.

Generally, HSBC is a full-service bank like any other brick-and-mortar bank. It offers a variety of products and services that will surely benefit the public.

Get to know HSBC more in this video below by Alux.com:

Although the bank does only have limited physical branch locations in the country, people living outside the above-mentioned states can still avail and open an account with the bank through HSBC Direct.

HSBC online banking is available for HSBC brick-and-mortar clients as well.

Customers can take advantage of the bank’s checking and savings accounts, loans, as well as credit cards, and a lot more.

WHO IS HSBC BEST FOR?

HSBC is a full-service international bank that offers online banking services through HSBC Direct.

Generally, the bank should appeal to those who want to bank with a well-known banking institution, at the same time, interested in lending and investment options through the same bank.

The bank is also an ideal choice for those who want to bank with an established institution and wants to take advantage of its online banking services.

Generally, HSBC is a good option if you want to carry high balances and earn a modest annual percentage yield (APY) on your money.

With HSBC Direct, however, you get to earn competitive rates on the Direct Savings option.

Additionally, HSBC online banking has low opening deposit requirements, which makes it ideal for those who want to start saving up with a limited budget to start off.

HSBC Direct does not charge ATM fees, which makes it a good choice for those who want to get away with that.

WHAT DOES HSBC OFFER?

As mentioned, HSBC is a full-service bank that offers both personal and business financial products and services.

The bank offers checking, savings, certificates of deposit (CDs), credit cards, loans, mortgages, as well as insurance and retirement products.

For the purpose of this review, however, we are going to focus on personal deposits, which include:

  • Checking Accounts
  • Savings Account
  • Certificate of Deposit

Checking Accounts

HSBC online banking offers four different types of checking accounts. You can choose from the following:

HSBC Premier Checking

This checking account is available to open online.

This pays an annual percentage yield (APY) of 0.01%, which is not that much, however, it’s on par with comparative accounts at the biggest banks out there.

For the HSBC Premier checking account, account holders must maintain a balance of at least $75,000 or at least $5,000 direct deposits every month to avoid the very steep $50 monthly fee.

In addition, the fee can also be avoided by having an HSBC residential mortgage loan of $500,000 or more.

At the moment, the HSBC Premier Checking account is offering a bonus. All eligible new customers get a $450 Welcome Deposit for opening a new account through its online platform, at the same time, for completing qualifying activities.

HSBC Premier Checking offers unlimited out-of-network ATM reimbursements in the country.

HSBC Advance Checking

For this checking account, account holders must maintain $5,000 in combined U.S. Dollar personal deposit accounts and investment balances or a monthly recurring direct deposit from a third party to an HSBC Advance checking account or an HSBC U.S. residential mortgage loan to avoid the $25 monthly fee.

The HSBC Advance checking account comes with unique features including free checks, an option to apply for credit as well as up to four rebates per month on non-HSBC ATM charges (except for New York).

HSBC Choice Checking

For this particular checking account type, the $15 monthly fee can be waived if you meet any of the following requirements:

Recurring qualifying direct deposits to your Choice Checking account at least once per calendar month

$1,500 minimum balance in combined balances in U.S. Dollar personal deposit accounts and investment

Account-holders get access to HSBC ATMs worldwide, mostly with no withdrawal fees. It also offers optional overdraft protection.

This account comes with a debit MasterCard card with no annual or monthly service fees.

HSBC Basic Banking

The Basic Banking checking account has no minimum balance requirement.

It is important to know, however, that the account will incur $3 per month regardless of your account balance.

Additionally, while the first eight checks are free, the ones after that will cost $0.35 per check.

Similarly, it does have optional overdraft protection.

An HSBC debit MasterCard card also comes with it with no transaction fees on domestic purchases as well as monthly or annual service fees.

Meanwhile, HSBC Direct offers below checking account:

HSBC Direct Checking

HSBC Direct Checking account pays 0.01% APY. While it may be small, it still is appealing knowing that many checking accounts out there do not earn interest at all.

Unlike, other HSBC checking accounts, this one does not have monthly fees. Also, it only requires at least a $1 opening deposit.

Unfortunately, the account does not offer paper checks. All transactions are made via debit card.

Savings Accounts

HSBC offers four different types of savings account. These are:

HSBC Direct Savings

Direct savings is part of HSBC Direct. It is a high-yield savings account that currently pays an APY of 0.50%.

For this account type, HSBC does not charge a monthly maintenance fee. In addition, the bank only requires at least $1 to open an account.

This account is ideal if you are building your emergency fund or saving up for other financial goals.

HSBC Everyday Savings

True to its name, the Everyday Savings account is a basic savings account that earns minimal interest, currently at 0.01% APY.

Account-holders are free from fees. Additionally, this account allows customers to set up automatic transfers to help maximize savings over time.

HSBC Advance Savings

The Advance Savings account is ideal for customers who are looking for more interest-earning potential.

Advance Savings accounts earn 0.05% annually for balances of at least $15,000, while 0.01% APY for balances below that amount.

To open an Advance Savings account, you must open or have an Advance Checking account. At the same time, must meet the qualifying requirements for that account.

The Advance Savings account has no monthly maintenance fees, and it also allows automatic transfers between savings and checking accounts.

HSBC Premier Savings

If you want to earn tiered interest of up to 0.15% APY, then the Premier Savings account is perfect for you.

This account specifically comes with access to personal internet banking with complimentary bill pay services.

To open a Premier Savings account, you must have a new or existing Premier Checking account as well. In addition, customers must also meet the eligibility requirements associated with their Premier checking account.

Certificate of Deposit

Both HSBC Direct and HSBC Bank offers CD account option. Both are actually nearly identical.

Both CDs come with three-term options — 6 months, 12 months, or 24 months. The APY varies depending on the term selected. For 6 months, the APY is 0.60% while for both 12 and 24 months, it’s 0.70%.

Furthermore, depending on the terms, the interest for both Direct CDs and Online CDs may be credited and paid monthly, quarterly, semi-annually, annually, or at maturity.

To open an HSBC CD account, a minimum $1,000 deposit is required.

Meanwhile, similar to any other CD accounts, early withdrawals come with penalties. The penalties are as follows:

  • Terms of 369 days or less – 30 days’ simple interest
  • Terms between 370 and 733 days – 90 days’ simple interest
  • Terms of 734 days or greater – 180 days’ simple interest

Take note that HSBC Direct products mentioned in this review are accessible online only.

HOW DOES HSBC ONLINE BANKING WORK?

HSBC as well as HSBC Direct customers have different ways to access their bank accounts.

With the bank’s Personal Internet Banking, HSBC customers can view their accounts and balances.

Additionally, it comes with features such as viewing account information, transferring funds, as well as paying bills.

HSBC also offers mobile banking, which is available for both iOS and Android devices.

HSBC mobile app comes with the same features offered by its Personal Internet Banking plus mobile check deposits, as well as the ability to send secure messages to customer service.

Specifically for Android users, they may access the app with a Fingerprint ID. As for Apple users, they can utilize Touch ID as well as Face ID for added security.

ARE THERE FEES INVOLVED?

As mentioned in the earlier section, HSBC charges monthly fees in the majority of its account types. However, these fees can be waived if you meet certain requirements. Meanwhile, HSBC Direct products are free of monthly charges.

Additionally, the bank overs overdraft protection to avoid overdraft fees.

Access to the bank’s online personal banking platform and mobile application are both free of charge.

HOW TO OPEN AN ACCOUNT WITH HSBC?

At this point of our HSBC online banking review, we are going to talk about how to actually start banking with HSBC.

First of all, you must adhere to the following requirements:

  • You must be 18 years of age and have a Social Security Number
  • Current U.S. residential address and a U.S. residential address for the past two years
  • Valid U.S. ID (driver’s license, non-driver identification card, learner permit), passport, or Permanent Residential Card/Green Card
  • Account information for funding your new account

To open a regular HSBC checking, savings, or CD account, you may visit the bank’s website and simply choose the product your want to open.

Meanwhile, for HSBC Direct Checking or Savings account, you may go to HSBC Direct website.

Like any other banks out there, be ready to provide your personal information to complete the whole account application process.

IS HSBC ONLINE BANKING SAFE?

HSBC is one of the well-known international banks for no reason. It has been in the banking industry for years. Thus, when it comes to the security and safety of your personal data and your money, you are assured that everything is well taken care of.

Whether it be the HSBC website, HSBC Direct website, or the bank’s mobile app, security and safety of customer data is a top priority.

In fact, specifically for the HSBC mobile app, as mentioned earlier, Android users may access it with a Fingerprint ID. Apple users may likewise utilize Touch ID as well as Face ID for added security.

As for your money, HSBC is a member of the Federal Deposit Insurance Corporation (FDIC), which means all deposits are insured up to $250,000 per depositor, per account category, in case of a bank failure.

WHAT ARE THE UPSIDES OF HSBC?

In this part of our HSBC online banking review, we give you some of the benefits of banking with HSBC. This includes:

  • Competitive Yield for Online Savings Accounts – HSBC offers fairly competitive rates for its savings accounts. This allows customers to save, at the same time, grow their money.
  • International Presence – HSBC is an established bank. The fact that it has an international presence, customers get to enjoy some exclusive perks.
  • Mobile Check Deposit – Mobile check deposit is supported by HSBC mobile app.
  • Monthly Maintenance Fees Can Be Waived – HSBC may be charging monthly fees, but they’re waivable for as long as customers meet certain requirements.
  • No Monthly Fees for HSBC Direct Accounts – If you choose to open an account to the online division of the bank, HSBC Direct, you get to enjoy a no monthly fee benefit.

WHAT ARE THE DOWNSIDES OF HSBC?

While it has its share of pros, banking with HSBC also has some downside, and it includes the following:

  • No Check-Writing Privileges for HSBC Direct Checking Accounts – HSBC Direct is entirely online, thus, it does not have check-writing privileges as a typical checking account provides.
  • Limited Local Bank Branches – Unfortunately, HSBC has limited bank branches in the U.S. Its 160 branches are only present in eight states, which include California, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, and Washington, plus Washington, D.C
  • Monthly Fees for HSBC Accounts – Except for accounts under HSBC Direct, everything else charges monthly fees. However, these can be waived if you meet the requirements.

FINAL THOUGHTS ABOUT HSBC ONLINE BANKING

HSBC is a well-known and well-established international bank that offers online and mobile banking.

It does offer a wide selection of products and services including personal deposit accounts such as checking, savings, and certificate of deposit accounts.

If you are looking for a dependable and trustworthy bank, HSBC is definitely a good choice. However, when it comes to rates, while some products offer competitive rates, others are kind of low compared to other similar products offered by other banks.

With that said, do you think HSBC is the right one for you?

We hope that through this HSBC online banking review, you get to see how the bank fare compared to other banks with similar product offerings out there.

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Investment Apps and Websites

Axiom Bank Review: Giving Second Chances To Customers With Poor Credit

This Axiom Bank review provides essential facts on what makes this regional bank located in Florida a great choice for people who have been wary of banks by offering products to customers who are not able to get approved of them at a typical banking institution.

Axiom Bank Review: Giving Second Chances To Customers With Poor Credit

Based on the Federal Deposit Insurance Corporation (FDIC) Survey of Household Use of Banking and Financial Services report, which was conducted in 2019, nearly 95% or approximately 124 million American households are currently banked. They either have an account with a bank or a credit union.

Meanwhile, on the same report, it says that there is a remaining 5.4% or approximately 7.1 million households that were unbanked.

There are several reasons why these people do not have an account yet either in a bank or a credit union.

On the 2017 version of the same survey by the FDIC, it was found that more than half of the unbanked families in the country do not have enough money to put in the bank. Another reason is that they do not trust banks, or that they find it inconvenient locating a bank.

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Fast-forward to today, many banks have tried to bridge the gap especially when it comes to addressing the inconvenience of visiting a branch location, as well as the requirements when it comes to opening a bank.

Today, banks make banking more appealing to consumers – all thanks to the advent of technology.

Financial institutions now offer more attractive and reasonable requirements, as well as a very easy and convenient banking experience through digital banking.

Axiom Bank is actually one of those banking institutions that are trying to address the gap.

Although the bank’s physical locations are limited to Florida, it gets to reach out to more customers (especially the hesitant ones) by providing an efficient digital banking platform and of course, banking products that are designed to cater to customers who are not able to get approved of them at a normal banking institution.

In the next few sections of this Axiom Bank review, you are going to find out key information about the bank.

Specifically, we are going to provide answers to the following important questions:

  • What is Axiom Bank?
  • Who is Axiom Bank best for?
  • What does Axiom Bank offer?
  • How does Axiom Bank work?
  • Are there fees involved?
  • Is Axiom Bank safe?
  • What to like about Axiom Bank?
  • What not to like about Axiom Bank?

WHAT IS AXIOM BANK?

As stated on its website, Axiom Bank is “a nationally chartered community bank that serves the financial needs of its customers through a wide range of financial products and services.”

It is based in Central Florida with 12 branch locations wherein 9 of which are located in select Walmart Supercenters.

Established in 1962, the bank currently handles assets of $0.7 billion, making it a medium-sized bank.

As mentioned, Axiom Bank offers a variety of banking products and services including personal deposit accounts like checking, savings, money market, certificate of deposit, and individual retirement accounts.

Additionally, the bank also specializes in commercial banking, treasury management services, and commercial loans for both real estate and business purposes.

In an article dated April 22, 2016, by the Orlando Business Journal, Daniel Davis, the chief executive officer of Axiom Bank was quoted saying, “We want to make our customers’ banking experience easier, less time consuming and less expensive, allowing our customers to focus on their own lives and businesses.”

Thus, although the bank comes with physical branch locations, which are limited to Florida residents, the bank also offers mobile banking through the Axiom website and mobile application.

The bank is the “smart and convenient banking choice for individuals, families, and businesses of all sizes.”

Meanwhile, if you want to learn how to login to Axiom Bank online banking, check this video by CC Bank:

WHO IS AXIOM BANK BEST FOR?

Technically speaking, if you want access to a physical branch location apart from digital banking experience, Axiom Bank is obviously a great choice for Florida-based customers.

However, generally, the bank should appeal to individuals, families, and even businesses who are looking for a bank that offers a variety of product offerings both on personal and business banking.

Focusing more on personal banking, Axiom Bank should appeal most to those who want to open a checking account but could not get approved for regular checking in a typical bank because of financial history.

The bank offers fairly competitive rates on its deposit accounts, so it should be a good choice for those with such requirements as well.

Axiom Bank offers low to no-fee checking and savings accounts, which makes it also attractive to those who want such perks.

WHAT DOES AXIOM BANK OFFER?

As mentioned in the earlier sections, Axiom Bank offers both personal and business banking products.

However, for the purpose of this Axiom Bank review, we are only going to focus on personal deposit accounts, which include:

  • Checking Account
  • Savings Account
  • Certificate of Deposit (CD) Account
  • Money Market Account (MMA)

Checking Account

Axiom Bank offers five different checking accounts namely:

  • Axiom
  • Opportunity
  • Senior
  • Select
  • AxiomGo

To compare, here’s what to expect from each of these accounts:

Axiom

This one’s a basic checking that provides convenient services.

  • Unlimited check writing
  • No minimum balance requirement
  • Access to Online Banking, Bill Pay and eStatements
  • No-fee Mobile Banking and Mobile Deposit
  • Access to over 55,000 Axiom Bank, Allpoint® Network locations

Opportunity

This checking account is ideal for customers who want to reset the button on their account.

  • Unlimited check writing
  • No minimum balance
  • Access to Online Banking, Bill Pay and eStatements
  • No-fee Mobile Banking and Mobile Deposit
  • Access to over 55,000 Axiom Bank, Allpoint® Network locations

Senior

Obviously, this account is ideal for adults aged 55 and above who need a checking account that provides both modern banking tools as well as traditional check writing capabilities.

  • Unlimited check writing
  • No minimum balance
  • Three check orders per year at no-cost
  • Access to Online and Mobile Banking, Bill Pay and eStatements

Select

This premium checking account lets you earn a competitive interest rate on your balances to help your money grow. The interest rates are tiered, which means the higher your balances are, the better the rewards will be. Similarly, it provides access to online and mobile banking tools.

  • Competitive interest rate
  • A tiered rate structure that rewards higher balances
  • Access to Online Banking, Bill Pay and eStatements
  • No-fee Mobile Banking and Mobile Deposit
  • Access to over 55,000 Axiom Bank, Allpoint® Network locations

AxiomGo

If you want an all-digital checking account with no minimum daily balance requirements, then, you got to pick this one.

  • No minimum balance
  • Mastercard® debit card
  • 55,000+ no-charge Axiom Bank, Allpoint® Network ATMs

Each of these accounts requires a minimum deposit of $25 to open.

All do not require minimum balance requirements except for Select Checking, which requires at least a $1,000 daily balance.

In addition, all except for Senior Checking charges a monthly service fee, which costs:

  • Axiom – $6.95 (This can be waived with a direct deposit of $500 OR 8 debit card transactions within the statement cycle (ATM withdrawals do not count).)
  • Opportunity – $12.95 (It can be reduced to $8.95 with direct deposit of any amount.)
  • Select – $15 (Can be waived for minimum daily balance over $1,000 with Select Checking, over $5,000 with Select Money Market.)
  • AxiomGo – $5.99 (The fee can be waived by establishing a direct deposit into the account each statement cycle or one (1) debit card transaction being posted to the account per statement cycle.)

It is also important to know that there is a $12 annual fee for the debit card on the Opportunity Checking account.

Savings Account

Axiom Bank’s regular savings account is ideal for both beginners and experienced savers. It is an account where savers can easily place their money.

To open, the bank only requires at least a $25 opening deposit.

Axiom Bank savings account holders will get the following benefits:

  • No quarterly service charge when you maintain a minimum daily balance of $25
  • Easily links to your checking account for regular transfers and overdraft protection
  • Monitor your account with Online Banking and Mobile Banking

Additionally, savings account holders earn a 0.05% annual percentage yield (APY) on their accounts. Meanwhile, new account holders may qualify for a higher tier of 0.20% interest.

Certificate of Deposit (CD) Account

If you are looking for a guaranteed growth on your investment, the Axiom Bank certificate of deposit account is perfect for you.

The bank offers a wide selection of CD terms that range from 6 months to 5 years, as well as competitive rates depending on your preferred term.

Axiom Bank’s CD account comes with both conventional and IRA options.  Jumbo CDs are also available for deposits amounting to $100,000 or more.

To open a CD account, Axiom Bank requires a $500 minimum opening deposit. Similar to the majority of CDs offered by different banking institutions, you get penalized when you withdraw your money ahead of its maturity date.

Also, what’s nice about it is that all investments are insured by the FDIC.

Money Market Account (MMA)

Axiom Bank’s Select Money Market account rewards higher balances with tiered interest rates, which means your money grows faster.

To open a money market account, the bank requires at least a $1,000 opening deposit.

Although the bank charges a monthly service fee of $20, it can be waived by maintaining a minimum daily balance of $5,000.

With the bank’s online and mobile banking services, account holders get to monitor their accounts anytime, anywhere.

Axiom Bank’s MMA comes with the following:

  • Free debit card
  • Online banking with bill pay
  • eStatement
  • ATM Transactions (Axiom Bank ATMs and over 55,000 ATMs nationwide on the Allpoint Network)

It is important to know that monthly withdrawals are only limited to six.

HOW DOES AXIOM BANK WORK?

The best way to open an Axiom Bank account is by visiting the nearest branch to you. As mentioned, the bank currently has 12 branches across Florida.

However, the bank also offered online account opening particularly for the following accounts:

  • Axiom Checking
  • AxiomGo
  • Senior Checking
  • Regular Savings
  • Select Money Market
  • Certificate of Deposit

Regardless of the methods you choose, though, you will need to meet the following qualifications to be able to open an account:

  • At least 18 years old
  • A legal resident of the United States
  • Have a valid government-issued photo ID, such as a passport or driver’s license
  • Have a Social Security number or tax ID number

Deposits and Withdrawals

Cash deposits may be made through any of the bank’s branch locations. Online transfers are also available.

Meanwhile, withdrawals can be made using the debit card in any of the over 55,000 Allpoint network ATMs.

Online and Mobile Experience

The Axiom Bank app is very straightforward, which makes it easier to use. It is available for both iOS and Android devices.

Unlike other bank apps, Axiom’s mobile app does not have cutting-edge features. But, it does offer enough functionality, which includes:

  • Manage accounts
  • Account balance inquiries
  • Pay bills
  • View transactions
  • Set up alerts
  • Transfer money and send funds to friends and family
  • Locate bank branches and ATMs

Customer Service

For any concerns, customers may reach the bank’s customer support by calling 1-800-584-0015. You may also send them an email through the website’s Contact Us page.

Unfortunately, unlike other banks, Axiom does not offer live chat support.

ARE THERE FEES INVOLVED?

As mentioned in the earlier sections, Axiom Bank charges monthly service fees for most of its accounts. However, these fees can be waived provided you meet certain bank requirements.

For your reference, here are the service fees charged by the bank:

  • Axiom – $6.95 (This can be waived with a direct deposit of $500 OR 8 debit card transactions within the statement cycle (ATM withdrawals do not count).)
  • Opportunity – $12.95 (It can be reduced to $8.95 with direct deposit of any amount.)
  • Select – $15 (Can be waived for minimum daily balance over $1,000 with Select Checking, over $5,000 with Select Money Market.)
  • AxiomGo – $5.99 (The fee can be waived by establishing a direct deposit into the account each statement cycle or one (1) debit card transaction being posted to the account per statement cycle.)
  • Money Market Account – $20 (It can be waived by maintaining a minimum daily balance of $5,000.)

In addition, customers should also watch out for the following fees:

  • Returned Item Fee – $34
  • Cashier’s Check Fee – $10
  • Wire Transfer (Incoming) – $10 domestic and $65 international
  • Wire Transfer (Outgoing) – $20 domestic
  • Non-Sufficient Fund (NSF) Fee – $34

IS AXIOM BANK SAFE?

The safety and security of your account and personal information are one of the bank’s topmost priorities.

Thus, the bank uses encryption to ensure that customers’ valuable personal information remains safe when using the bank’s online and mobile banking features.

Meanwhile, all deposits are insured by the FDIC, which means each depositor gets up to $250,000 per account category in the event of a bank failure.

WHAT TO LIKE ABOUT AXIOM BANK?

This section of our Axiom Bank review will provide you with a summary of the things that stand out about the institution. This includes:

  • Low to No-Fee Accounts – Sure, the bank charges monthly fees for most of its product offerings, but, they can easily be waived as long as you meet the requirements.
  • Second Chance for Customers with Poor Credit History – Axiom Bank provides a second chance for customers who want to open a checking account but have a poor credit history.
  • Interest-Bearing Checking Account – Axiom Bank offers interest-bearing checking accounts unlike other banks of the same type.
  • Physical Branch Locations – Axiom Bank currently has 12 physical branches in Florida, the majority of which are located in select Walmart Supercenters.
  • Digital Banking Access – Axiom Bank does offer digital banking to the majority of its personal deposit accounts, which makes banking so much easier and more accessible.
  • FDIC-Insured – All accounts are insured by the FDIC for up to $250,000 per depositor, per account category in case of a bank failure.

WHAT NOT TO LIKE ABOUT AXIOM BANK?

To complete our review on Axiom Bank, here are some of the downsides of this financial institution:

  • Branch Locations Are Limited To Florida Residents – Unfortunately, physical branch locations are only available in Florida. So, if you are an outsider who wants to have access to an in-person banking experience, this may not be ideal for you.
  • Monthly Service Fee – The service fee varies depending on the account type. However, as mentioned, it can be waived as long as you meet the requirements set by the bank.
  • Digital Banking Does Not Have Cutting-Edge Features – Axiom Bank’s online and mobile baking platforms are straightforward. Compared to other banks’ digital platforms, there’s definitely has a lot of work that needs to be done.

FINAL THOUGHTS ABOUT AXIOM BANK

Axiom Bank is a regional bank. Although its physical branch locations are limited to residents of Florida, its online banking platform is available for those living outside the area who still want to bank with them.

While Axiom may be a little small compared to other banks, it does provide a selection of personal as well as business banking products.

But what we like the most really is that the bank gives chance to customers to open checking accounts despite having a poor credit history. Do you like that, too?

To end this Axiom Bank review, we got to say that while it has its flaws, the institution is a great option for those who want to start anew — particularly customers with not-so-good credit history.

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Mobile Banking

NBKC Bank Review: High APY Checking Account Without Fees

This NBKC Bank review is ideal for customers who are looking for an online banking platform that provides competitive rates on deposit accounts particularly checking, and opportunities to avoid common bank fees.

High APY Checking Account Without Fees

Digital banking is booming.

In fact, the digital banking industry has never been in this state until 2020 when the pandemic hit the United States and the rest of the world.

People across all ages have relied so much on digital banking.

In fact, according to Forbes Advisor report, that although digital banking had been into the mainstream especially with the younger generations, last year, consumers of all ages have already hopped on board.

Furthermore, a financial analyst said that what happened last year, which continues on to date “is the greatest acceleration of digital banking in history.”

Meanwhile, an article by Reuters says that digital banks have won over American customers during the pandemic “by processing stimulus payments quickly, setting them apart from traditional banks and generating valuable word-of-mouth referrals.”

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Of course, in traditional banking, you can never make transactions easily. Sometimes, it takes a day or two to complete one transaction alone. But, with digital banking, everything happens in real-time.

But apart from reliability, and the convenience that digital banking platforms provide, consumers also need to look at other helpful rather amazing features to make the best out of their online bank accounts.

Apart from convenience and superb online banking capabilities, customers also need to look into fees and rates.

To be honest, finding a bank that offers convenience, competitive rates, and low to no fees at all can be quite a challenge. Normally, you only get one or two but you could hardly find a bank that provides all of these.

NBKC Bank is actually one of the very few that offers consumers the convenience of online banking, high-yield checking account, as well as ways to avoid common bank charges.

It’s a bank that is focused on providing consumers a great digital banking experience, and we are going to tell you more about how they do it in the next few sections.

Specifically, this NBKC Bank review will provide answers to these most commonly asked (yet very important) questions:

  • What is NBKC Bank?
  • Who is NBKC Bank best for?
  • What does NBKC Bank offer?
  • How to bank with NBKC Bank?
  • Are there fees involved?
  • Is NBKC Bank safe?
  • What to like about NBKC Bank?
  • What not to like about NBKC Bank?

WHAT IS NBKC BANK?

NBKC Bank was founded in 1999 as Horizon National Bank, and then was known for a while as the National Bank of Kansas City before converting to its current name in December 2015, hoping to appeal to a larger market.

Although the bank has a handful of branch locations in Kansas and Missouri where it is based, NBKC is primarily geared toward consumers who prefer to bank digitally over traditional ones.

NBKC Bank provides customers access to online banking and mobile apps for both Android and iOS devices. Additionally, the bank also provides access to more than 34,000 ATMs through the MoneyPass network.

Moving on, NBKC Bank is known for its mortgage lending services as well as for offering competitive rates on deposit accounts. But apart from that, NBKC Bank is also a great choice especially if you are also looking for convenience and ways to avoid common bank fees.

While the bank is not the biggest player among digital banking platforms, it boasts having $456 million in deposits to date.

With all these on its plate, NBKC Bank is sure to grow in the coming years. Definitely, something to look forward to.

WHO IS NBKC BANK BEST FOR?

NBKC Bank’s primary aim is to reach a bigger audience by providing a banking platform that is easily accessible digitally. Thus, it should appeal the most to people who prefer digital banking over traditional banking.

NBKC Bank is known for providing competitive rates on deposit accounts, so, if you want to save and earn more from your money, this bank is a good option for that.

Additionally, NBKC Bank also provides ways to avoid common bank fees, which makes it ideal for consumers who want to get away from paying off monthly fees and the like.

Know more about the NBKC Bank in the video below:

Furthermore, the bank requires a low minimum deposit particularly on its certificate of deposit account. So, if you are looking for that particular feature, then, NBKC Bank is for you.

Finally, NBKC Bank should also appeal to those who do not want to worry about maintaining account minimums as well as to consumers who are looking for a low-cost bank that provides strong customer service.

WHAT DOES NBKC BANK OFFER?

NBKC Bank offers a wide selection of products including mortgages, Home equity lines of credit (HELOCs), loans, as well as health savings accounts (HSAs).

However, for the purpose of this NBKC Bank review, we are going to focus only on the following:

  • Checking Accounts
  • Certificate of Deposit (CD) Account
  • Money Market Account (MMA)

Checking Accounts

For this review, we are going to tackle both the personal and business checking accounts, namely:

  • Everything Account
  • Free Business Account

Everything Account

The NBKC Bank Everything Account combines everything that consumers need and expects from a savings and checking account into one simplified option.

The Everything Account is an interest-bearing account that offers a high annual percentage yield (APY) of 0.25%. The rate varies so it can sometimes be greater or lower, but still competitive enough compared to what other banks offer.

Unlike other checking/savings accounts, the Everything Account does not have a minimum balance requirement. Needless to say, the same APY applies across all balances, which means the more money you save, the higher your earnings will be.

With this account, consumers can save, spend, as well as pay bills in just one place.

Furthermore, Everything Account holders will get to enjoy the following amazing perks:

  • No monthly maintenance fees
  • No overdraft fees
  • No minimum balance requirements and fees
  • No foreign transaction fees

Apart from these, since the account is essentially a combination of checking and savings accounts, consumers can expect to manage their money more efficiently. Other features that Everything Account provides include:

  • One Bill Payment
  • Savings Goal Trackers
  • Option to link external accounts to your Everything account

The latter allows you to have a complete view of your finances, which is great and very helpful, right?

To open an Everything Account, all you have to do is go online. According to NBKC, customers can complete the whole opening process in as little as five minutes.

Similar to other banks, to apply, you must be a citizen of a resident alien of the United States, and must be at least 18 years of age.

Additionally, you will be asked to provide your personal information including your name, valid address, phone number, email address, as well as your Social Security Number. You will also need to present a valid government-issued identification like a passport or driver’s license to complete your bank account application.

For this particular type of account, the bank does not have a minimum deposit requirement. However, the account holder must make a deposit within the first 30 days of account opening. Also, it is important to know that any deposits made within that period will be held for five business days. In some cases, deposits may even be held for up to nine business days before the money becomes available.

Meanwhile, new account holders may have to wait for up to 90 days before they can send or receive international wire transfers. Wire transfers come with a fee. Sending a domestic wire transfer costs $5 while receiving is free of charge. As for international wire transfers, the cost is $45 to send and receive.

Everything Account comes with a debit card, which can be accessed for free in over 32,000 ATMs nationwide.

Free Business Account

NBKC Bank also offers Free Business Checking, which is another area that sets them apart from everyone else.

Similar to the bank’s Everything Account, this does not charge monthly maintenance fees and is very easy to use.

While it does not offer any interest on the account, the bank’s Free Business Checking has no minimum deposit requirement, no monthly fees, no overdraft fees, as well as no incoming wire transfer fees.

Additionally, account holders have access to mobile check deposits via the NBKC Bank app, which makes collecting money so much easier.

Certificate of Deposit (CD) Account

If you want to earn a little more, the NBKC certificate of deposit account is perfect for you.

Generally speaking, CD accounts have higher interest rates. Needless to say, the longer you keep your money in the bank, the more interest you’ll earn.

NBKC Bank offers Personal CD as well as IRA CD accounts with terms that range from three months up to five years.

Meanwhile, the rates range from 0.10% for a 3-month CD term to 0.30% for a 5-year CD term.

The minimum balance requirement to open a CD account varies depending on the term. For terms up to one year, the minimum balance requirement to open a CD account is $1,000. For CDs with terms of two to five years, the requirement is only $250.

In addition, the bank also offers a special one-year Add On CD, which you can open for as low as $0. This particular CD account earns an APY of 0.30%. An Add-On CD account allows you to make additional deposits during the CD term.

It is important to know that total deposits cannot be greater than $240,000. If you wish to withdraw money from your CD account ahead of its maturity reason, similar to other banks, an early withdrawal penalty applies.

Upon opening a CD account, there is a minimum of 75-day hold required before an account holder can withdraw funds.

To open an NBKC Bank CD account, you must also be at least 18 years old, and a U.S. citizen or resident alien with a valid ID and Social Security number.

Money Market Account (MMA)

Technically speaking, NBKC does not offer a savings account. So, in lieu of that, customers may opt to open a money market account instead.

Money market account holders may earn the current rate of 0.25%. Apart from that, they may benefit from certain account features similar to that of the bank’s checking account — including no fees for the most part.

The MMA comes with a debit card, check-writing capabilities, as well as a free book of starter checks.

To open a money market account, the bank requires a minimum deposit of $5 only.

HOW TO BANK WITH NBKC BANK?

There are two ways to open an account with NBKC Bank. The first is to visit a branch location, and the second is online.

For the former, only residents living in Kansas and Missouri can avail of that option as the bank physical locations are only limited to that area.

Meanwhile, the latter is ideal especially for those living outside Kansas and Missouri, and those who prefer online banking.

As mentioned earlier, NBKC claims that opening an account online only takes as little as five minutes to finish.

The standard requirements for opening a bank account application. You must be at least 18 years old, and a citizen or resident alien of the United States.

Additionally, you must also hold a Social Security number and must be able to present valid government-issued identification such as a passport or driver’s license.

Deposits and Withdrawals

NBKC Bank allows customers to deposit in different ways. It could be via electronic transfers from other banks (be mindful of a daily limit though), direct deposit, or mobile check deposit using your smartphone.

Meanwhile, customers with checking and money market accounts may withdraw cash using their debit card at any MoneyPass ATM for free. In case you use an out-of-network ATM, you get an automatic refund for fees (up to $12 per month) charged by other banks.

Customer Service

To report a lost or stolen card, you may reach NBKC customer service anytime, any day.

Meanwhile, for any other concerns related to your account, you may reach the bank’s customer service support via phone or online chat on weekdays from 8 a.m. to 5 p.m. CST.

You may also opt to send an email if you have further questions.

As for those living in Kansas and Missouri, you have the option to visit a branch near for in-person customer support.

ARE THERE FEES INVOLVED?

NBKC Bank does not charge common bank fees like monthly maintenance fees, non-sufficient funds, as well as overdraft fees.

Furthermore, the bank does not require a minimum balance to avoid fees.

The only fees that the bank charges are the $5 domestic wire transfer fee (for outgoing transaction only), as well as the $45 international wire transfer fee (for both incoming and outgoing transactions).

IS NBKC BANK SAFE?

Account safety and security are very important. So, in this NBKC Bank review, we are also going to look into that.

NBKC Bank provides a safe and secure online platform for its customers. It uses bank-level security features to ensure that all personal data gathered are safe.

Meanwhile, NBKC Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which protects all deposits for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Overall, NBKC Bank is a safe and secured online banking platform.

WHAT TO LIKE ABOUT NBKC BANK?

In this section of our review on NBKC Bank, we are going to share with you a list of the things that makes this bank stand out. This includes the following:

  • Competitive Rates on Deposit Accounts – The bank’s checking account offers a competitive interest rate. Although it changes from time to time, the rates are still relatively high. The same goes for NBKC’s money market accounts.
  • ATM Reimburses Up To $12 Per Month – NBKC Bank does not charge ATM fees if you transact within the MoneyPass network. However, in the event of an out-of-network transaction, the bank reimburses up to $12 a month for fees incurred.
  • Almost Fee-Free Deposit Accounts – The bank does not charge some of the most common bank fees including monthly maintenance, overdraft, and insufficient fund fees. Additionally, it also does not charge returned items and stop payment order fees, as well as no minimum balance is required.
  • Superb Customer Support – Customers may reach the bank in different channels including phone, live chat, as well as through email.
  • User-Friendly Online and Mobile Banking – NBKC ensures customers have the best digital banking experience by providing user-friendly online and mobile banking platforms.

WHAT NOT TO LIKE ABOUT NBKC BANK?

While it seems like NBKC Bank is perfect, it’s not. In fact, it does have some flaws as well, which include the following:

  • Limited Physical Branch Locations – Unfortunately, NBKC physical branches are only located in Kansas City, Missouri area.
  • High Early Withdrawal Penalty for CD Accounts – Although early withdrawal penalties for CD accounts are normal, NBKC charges a bit higher than the average.

FINAL THOUGHTS ON NBKC BANK

NBKC Bank is a generally online bank that offers competitive APYs for checking and money market accounts.

But apart from that, it also stands out because it does not charge monthly maintenance, overdraft, insufficient fund, and other common bank fees except for wire transfer fees.

Also, it offers a user-friendly online and mobile interface, which makes digital banking easy for its customers.

Don’t you just think this bank has everything or at least most of the things that consumers are looking for in a bank?

Well, we do hope that this NBKC Bank review was enough to convince you that this bank has almost everything consumers hope for in an online bank especially if you are eyeing to open a checking account.

Categories
Mobile Banking

Investors Bank eAccess Review: What Makes It One Of The Best Online Banks

There are so many amazing online banks out there. In fact, some of them you may not have heard yet. So, in this Investors Bank eAccess review, we are going to provide you key information on what makes this digital banking platform one of the (unnoticed) best choices in the industry.

Investors Bank eAccess Review: What Makes It One Of The Best Online Banks

The presence of technology has definitely changed the way banking is. Back in the day, people have to visit physical branches to make banking transactions like opening an account, depositing and withdrawing money, and more.

Today, thanks to digital technology, banking has never been so much easier and convenient. You can do whatever you want to do right at your fingertips.

While initially, digital banking attracted more of the younger generations (because obviously, they are the ones who are more tech-savvy), when the pandemic hit the world in 2020, people across all ages have relied so much on online banking.

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In fact, an article published by Forbes Advisor says that digital banking has become the new norm. Big banks and experts in the banking industry project the biggest acceleration of digital banking in history.

In the same article, Wells Fargo Securities analyst Mike Mayo told American Banker says that what took place during the peak of the pandemic in the United States may have taken place over two to 10 years if Covid-19 did not happen.

Meanwhile, in a PwC survey, it was found that because of the pandemic, about a quarter of consumers in the country prefer online banking to visit a physical location of their banks.

So, you see, the future of digital banking or online banking is absolutely bright. No doubt why banking institutions are working double-time to ensure they get to offer the best products and services possible to gain as many customers as possible.

Sure, there are already a lot of online banking platforms out there, but, as a customer, the route is to always choose the best option possible, which also has a lot.

One of the best options out there is the Investors Bank eAccess. It is the online division of one of the largest banks in New Jersey, Investor Bank.

As stated earlier, in this Investors Bank eAccess review, we are going to share with you some of the most important facts about this online banking platform – particularly, sharing with you why it is one of the best online banks out there.

In the next few sections, we are going to specifically tackle the following:

  • What is Investors Bank eAccess?
  • Who is Investors Bank eAccess best for?
  • What does Investors Bank eAccess offer?
  • How does Investors Bank eAccess work?
  • Are there fees involved?
  • How to bank with Investors Bank eAccess?
  • Is Investors Bank eAccess safe?
  • What to like about Investors Bank eAccess?
  • What not to like about Investors Bank eAccess?

WHAT IS INVESTORS BANK eACCESS?

Investors eAccess was established in early 2019. It is the online division of Investors Bank, which is one of the largest banking companies in New Jersey with $25 billion in assets.

Needless to say, the bank appeared on the “Best Bank in America” list of Forbes Magazine in 2013. More so, Investors Bank was also awarded four stars by Bankrate on their “Safe & Sound” rating system.

Founded in 1920s, Investors Bank was originally known as the Washington Rock Building and Loan Association of Millburn.

Investors Bank is based in Short Hills, New Jersey, and has branches throughout the state as well as in New York.

If you want to know more about the Investors Bank, check the video below:

Going back to Investors eAccess, it offers a selection of online banking products and services including checking accounts, money market accounts, and certificate of deposit accounts.

Furthermore, the online banking platform also provides access to several features such as electronic statements, online banking, mobile banking, and a lot more.

Although the bank’s parent company is physically present in New Jersey and New York only, the Investors eAccess serves customers nationwide allowing account holders to bank online and through their mobile devices.

Investors Bank eAccess is a member of the Federal Deposit Insurance Corporation (FDIC), which is “an independent agency of the United States government that protects the funds depositors place in banks and savings associations.”

Since Investors eAccess is insured by the FDIC, this means that all deposits can receive up to $250,000 per depositor, per account category in the event of a bank failure.

WHO IS INVESTORS BANK eACCESS BEST FOR?

Before we move on with our Investors Bank eAccess review, in this section, we are going to talk about who will benefit the most from this online banking platform.

As a potential customer, it is important to see to it that the bank or online bank for that matter that you are eyeing meets your banking needs and preferences.

Generally speaking, Investors eAccess is ideal for people who prefer online banking to traditional banking.

What does this mean?

Obviously, you must be the type of depositor or account holder who likes the accessibility and convenience that online banking gives. As you know, online banking provides access to your account anytime and anywhere as long as you have an internet connection and a mobile device where you can open and manage your account.

Furthermore, Investors eAccess should appeal to customers who want to take advantage of a higher annual percentage yield as compared to the average APY in the market.

Since Investors eAccess requires low minimum deposit requirements, this should also be great for those who cannot afford higher minimum deposit requirements.

Investors eAccess offers a no-penalty certificate of deposit (CD) account, which is ideal for cautious savers who value liquidity over the usual CDs offered by other banks that normally requires you to park your money for a while so it gets to earn the best rate possible.

Ultimately, Investors eAccess is also a good choice for those who also want to enjoy ATM rebates of up to $15.

If you think you are this type of customer, then, Investors eAccess is perfect for you.

WHAT DOES INVESTORS BANK eACCESS OFFER?

This review on Investors Bank eAccess provides you the most important details you need to know about its product offerings for you to better gauge if this online bank is right for you.

Investors eAccess offers three different accounts. These are as follows:

  • Checking Account
  • Certificate of Deposit (CD) Account
  • Money Market Account (MMA)

Now, let’s take a look at what each of these has to offer —

Checking Account

The first product that Investors Bank eAccess offers is a checking account. Similar to most checking accounts out there, this does not earn a yield. However, it does offer a range of features that customers can enjoy. This includes credit monitoring, bill pay, as well as the ability to link it to Apple Pay, Google Pay, and Samsung Pay. Additionally, Investors eAccess checking account holders are eligible for ATM rebates for up to $15 every month.

To open an Investors eAccess checking account, a minimum of $50 initial deposit is required.

The checking account comes with a monthly service fee of $10. However, this can be avoided if you are able to maintain a $1,000 average monthly balance, as well as meet any of the following requirements:

  • A direct deposit of $500 to your checking account during the statement cycle
  • Make combined mobile check deposits of at least $500 during your monthly account cycle
  • Make 10 point-of-sale transactions within your statement cycle

Certificate of Deposit (CD) Account

Investors Bank eAccess currently offers two short-term certificates of deposit (CD) account options. First is the six-month, no-penalty CD account, and second is the traditional 10-month CD account.

The no-penalty CD account allows account holders to withdraw their savings without having to pay a penalty or forfeiting any interest in the process. It’s actually an ideal choice for cautious savers or those who are not risk-takers financially. It is a good option for those who want to earn a decent yield but want to keep their money liquid.

With the no-penalty account, customers can make penalty-free withdrawals six days after opening the CD account. Withdrawals made before six days of opening the account entitles the account holder to pay for the seven days’ simple interest.

What’s nice about the two-CD account options is that they both offer a yield that is above the national average but below what other online banks that offers top-tier rates.

To open an Investors eAccess CD account, the bank requires a minimum initial deposit of $500.

Unfortunately, both accounts do not offer debit or ATM card access, as well as check-writing abilities. To withdraw money, it can only be done through ACH (pull) transfer.

Meanwhile, both types of CD accounts can be fully accessed through the bank’s website and mobile app.

Money Market Account (MMA)

If you are looking for the best APY for a money market account, Investors Bank eAccess is definitely one of the best ways to go.

With the Investors eAccess money market account, you can earn up to 0.75% APY. The APY is variable, though, which means it can change at any time.

And the good things about this account do not end there. With the eAccess MMA, you can open an account as low as $0!

If it’s not the best deal, we do not know what it is.

Anyway, it is important to know, however, that the account’s best yields are usually capped, and only apply to accounts with balances of up to $2 million. Balances that go over that amount won’t earn any interest.

Withdrawing money from your money market account can only be done through ACH electronic debits.

Additionally, take note that MMA account holders can only withdraw up to $250,000 per 30-day rolling month. This can be quite a challenge for account holders who want to move large sums of money.

All transactions for your Investors eAccess money market account can only be done online (and not in Investors Bank branches), including opening an account.

HOW DOES INVESTORS BANK eACCESS WORK?

As mentioned earlier, eAccess is Investors Bank’s digital division, which means, customers can access the online bank’s products and services entirely online – either via the website or the mobile app.

Unlike its parent company, the Investors eAccess only provides three products, which include checking accounts, money market accounts, and certificate of deposit accounts.

Apart from its product offerings, account holders may also take advantage of other digital banking features such as access to electronic statements, online banking, mobile banking, as well as mobile check deposit (as stated on the website’s FAQs, ” to protect against fraud you must endorse the check with the wording, “For Mobile Deposits Only” under your signature and include your account number“).

In addition, by opening an eAccess account, all existing accounts with Investors Bank will be automatically linked to it so you get to manage your accounts more efficiently.

ARE THERE FEES INVOLVED?

As part of our Investors Bank eAccess review, we are also going to look into the fees involved in the different accounts offered by the bank.

For both the money market and CD products, the bank does not charge monthly maintenance fees. Additionally, Investors eAccess money market account has no hidden fees.

Meanwhile, the six-month certificate of deposit (CD) account does not have penalties. Account holders can withdraw money from the CD, including the principal amount without incurring an early withdrawal fee and any other fees.

However, for the 10-month CD account, a penalty will be charged if the money is withdrawn prior to maturity. Account holders who will withdraw their money before the maturity date will be penalized based on 90-days simple interest against the total amount withdrawn.

As for the Investors eAccess checking account, a $10 monthly service fee is charged unless the account holder meets certain requirements to avoid the said fee.

HOW TO BANK WITH INVESTORS BANK eACCESS?

Accessing Investors Bank eAccess is entirely online, including opening an account.

As mentioned, the online bank offers checking, money market, and certificate of deposit accounts.

Whatever account type you choose, the eligibility and requirements are the same — except for the minimum initial deposit requirement.

To be able to open an eAccess account, you must be a citizen or a permanent resident of the United States of America and must be at least 18 years old.

You may open your account using either your computer, smartphone, or tablet.

To complete the account application process, the bank will ask you to provide personal information including:

  • Name
  • Phone Number
  • A physical U.S. address (PO Boxes are not eligible)
  • A valid email address
  • Social Security Number
  • Government Issued ID (Driver’s License, US Passport, Permanent Resident ID, or State Issued
  • Non-Drivers ID)

As soon as your application is approved, your account is immediately created. Initially, the account will be opened in eAccess system with a zero balance until the user completes the funding process.

For eAccess Money Market and checking accounts, account holders are given 35 days to complete the funding process. Meanwhile, the bank gives 15 days for CD accounts.

Please take note that Investors eAccess allows you to open more than one account. It does not have any limitations with regards to the number of accounts a user wishes to have.

Deposits and Withdrawals

As mentioned, eAccess allows mobile check deposits. ACH transfers are also available, particularly for withdrawals of funds for both the money market and certificate of deposit accounts.

Meanwhile, checking account holders may access cash through a debit card. Checking account holders enjoy unlimited free non-investor ATM transactions. Furthermore, the bank reimburses up to $15 per month for ATM fees charged by other ATM networks.

Customer Service

In case you need assistance with your account, you may reach Investors Bank eAccess Client Care Center at 855-422-6548.

A customer service representative is available from 8:00 a.m. to 10:00 p.m. ET (Monday through Friday), and 8:00 a.m. to 8:00 p.m. ET (Saturday through Sunday).

Furthermore, you may also contact them through the Contact page on the Investors eAccess website.

IS INVESTORS BANK eACCESS SAFE?

According to Investors eAccess, customers’ privacy and security are extremely important to the bank.

So, to protect your login credentials, the online bank uses 256-bit level encryption.

Furthermore, customers may opt to use the Instant Account Verification procedure for added security.

Meanwhile, as earlier mentioned, the bank is a member of the FDIC, which means all deposits are insured up to $250,000 per depositor, per account category in case the bank fails.

So, with all that’s been said, indeed, Investors Bank eAccess is safe.

WHAT TO LIKE ABOUT INVESTORS BANK eACCESS?

There are some features that Investors eAccess provides that really stand, and this includes the following:

  • Competitive APY for MMAs – Investors eAccess offers competitive rates for its money market accounts. Customers could earn up to 0.75%.
  • Low Minimum Initial Deposit Requirements – Whether you open a checking, money market, or certificate of deposit account, the bank requires a fairly low minimum initial deposit requirement as compared to what other banks of the same type require.
  • Offers up to $15 ATM Rebates for Checking Accounts – Investors eAccess reimburses ATM fees of up to $15 per month.
  • No-Penalty CD Account Option – Investors eAccess offers a no-penalty CD account option. For this CD account type, the bank does not charge early withdrawal fees should the account holder opt to withdraw the money six days after opening the account

WHAT NOT TO LIKE ABOUT INVESTORS BANK eACCESS?

To complete this Investors Bank eAccess review, we are also giving some of the downsides of the bank, which include the following:

  • No Branch or In-Network ATM Access – The eAccess is only accessible online. So, if you want to open an account with physical branch access, this is not the bank for you.
  • CD Rates are Not as Competitive – Unlike its money market account, eAccess CDs rates are not as competitive compared to what other banks in the market offer.

FINAL THOUGHTS ON INVESTORS BANK eACCESS REVIEW

Investors Bank eAccess is the online division of one of the largest banks in New Jersey, Investors Bank. It offers checking, money market, and certificate of deposit accounts with corresponding features that attract a particular group of customers.

But among all its product offerings, the one that really stands out because of its high rates is the bank’s money market account, which is why we highly recommend the bank for those who want to earn as much as 0.75% for MMA from an online bank.

So, having all this information, do you think Investors eAccess is the one you are looking for?

With this Investors Bank eAccess review we hope to have provided you everything you need to know to see if it meets your needs and preferences in an online bank.

Categories
Mobile Banking

BMO Harris Bank Review: Full-Service Banking And Accessibility In One

If you are looking for a full-service bank that comes with mobile access and a wide selection of banking products and services, then, this BMO Harris Bank review is perfect for you.

BMO Harris Bank Review: Full-Service Banking And Accessibility In One

In an article entitled, The Mobile Banking and Payment Revolution, which was written by Sunil Gupta, the Edward W. Carter Professor of Business Administration and co-chair of the executive program on Driving Digital Strategy at Harvard Business School, it says that mobile technology has revolutionized the global banking and payment industry.

He further states that it offers new opportunities to banking institutions to provide added convenience to their customers. In the said article, it says that mobile penetration in the United States as well as in France is 105%.

Meanwhile, data by Statista says that as of 2018, the total number of mobile banking users in the United States is 57 million, and the number is expected to increase further as years go by.

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In fact, according to Fidelity National Information Services (FIS) as reported in a CNBC article, there was a 200% jump in mobile banking registrations in early April of 2020, which was the peak of the pandemic in the country.

Furthermore, mobile banking traffic increased to 85%, definitely higher as compared to previous years. This was not surprising at all, though, since a lot of bank branches had to close, and tellers were not available for health and safety reasons.

While 2020 was a challenging year for almost all industries, it was in a way a game-changer for the banking industry per se.

It was then that banks had to step up and ensure they are able to cater to the needs of their customers – whether it be in-person or online.

It was also during that time that a lot of people realized the value of having a bank that does not only provide a traditional banking experience but a great online banking experience as well.

One of the banks that actually offers both ways before the pandemic hit the world is BMO Harris Bank.

In this BMO Harris Bank review, we are going to tell you more about what to expect in this full-service bank, and what makes it a good banking option.

In the next few sections, we are going to particularly tackle the following:

  • What is BMO Harris Bank?
  • Who is BMO Harris Bank best for?
  • What are the products offered by BMO Harris Bank?
  • How to bank with BMO Harris Bank?
  • Is BMO Harris Bank safe?
  • What to like about BMO Harris Bank?
  • What not to like about BMO Harris Bank?

WHAT IS BMO HARRIS BANK?

First of all, we are going to share with you key facts you need to know about BMO Harries Bank. This provides you a picture of what the bank is all about and where it stands out as compared to other banks of the same kind.

So, with that said, here’s what you should know about the BMO Harris bank —

BMO Harris Bank is a full-service financial entity that runs over 500 brick-and-mortar locations across eight states. It is a subsidiary of Canada’s Bank of Montreal, with U.S. headquarters located in Chicago.

Founded over 130 years ago, BMO Harris Bank is currently in the eighth spot among the largest banks by assets in North America. The bank boasts having over 12 million customers to date.

If you want to know more about BMO Harris Bank, check the video below by nctv17:

BMO Harris Bank offers a wide selection of banking products and services including checking and savings accounts, certificates of deposit (CD), IRAs, as well as other investing and loan options. Needless to say, providing customers with a large ATM network of over 40,000 nationwide.

Moreover, the bank offers a high-yield money market account, while its checking accounts are generally affordable and provides several options to waive fees.

Adapting to the needs of its customers, and providing better banking services, BMO Harris Bank comes with a mobile banking application that provides some distinct features such as a service that links all your accounts, including non-BMO ones, to give you a full picture of your current financial situation.

Furthermore, the mobile app also allows its users to withdraw money from some BMO Harris ATMs even without their physical debit cards. 

WHO IS BMO HARRIS BANK BEST FOR?

Obviously, in this section of our BMO Harris review, we are going to talk about who is the bank best for.

Generally, BMO Harris Bank should appeal to customers who want a Midwest-based bank that offers a wide variety of banking products and services.

As mentioned in the previous section, BMO Harris is a full-service banking institution making it an ideal choice for those who want to manage all their finances in just one bank.

Furthermore, BMO Harris Bank is a good choice for clients who are looking for competitive money market account, as well as multiple checking account options.

Since the bank offers over 40,000 ATM networks, this should also appeal to those who want easy access to cash.

BMO Harris Bank has brick-and-mortar locations, and it is also accessible through its mobile banking app. Thus, making it appealing to those who want to have access to both.

WHAT ARE THE PRODUCTS OFFERED BY BMO HARRIS BANK?

Similar to other full-service banks, BMO Harries had everything you need financially. Apart from traditional checking and savings accounts, the bank offers personal loans, wealth management services, mortgages, retirement and investment accounts, as well as business and commercial banking.

BMO Harris has over 500 physical branches located in Arizona, Florida, Illinois, Indiana, Missouri, Minnesota, Kansas, and Wisconsin. Needless to say, the bank has over 40,000 ATMs, allowing customers to withdraw their money anytime.

Now, for the purpose of this BMO Harris review, we are going to focus only on its deposit product offerings such as checking and savings accounts, as well as money market and certificate of deposit accounts.

Checking Accounts

BMO Harris Bank offers three different types of checking accounts. These are:

Smart Advantage Checking

This checking account type is the most popular among all of the bank’s checking account offerings.

The Smart Advantage checking account requires no monthly maintenance fees as well as ATM fees. While electronic statements are free, if you prefer receiving a paper statement, you may do so for a fee of $2 per month.

Smart Advantage checking account comes with a debit MasterCard, which enables the account holder to withdraw money from the bank’s large ATM network.

To open a Smart Advantage checking account, BMO Harris only requires a minimum of $25 opening deposit, which is definitely lower as compared to other banks.

The only downside of this account type is that it does not earn any interest.

Smart Money Checking

Unlike Smart Advantage, the Smart Money checking account comes with a monthly maintenance fee of $5. This fee is waived only if the account holder is 25 years old and below.

Additionally, Smart Money checking account is free from overdraft fees or non-sufficient fund fees. Basically, this is because customers can only spend the funds available in the account.

Similarly, Smart Money checking account electronic statements are free. However, if you opt for a paper statement, this costs a $2 fee.

Also, this checking account type comes with a debit MasterCard and can be used in over 40,000 ATMs.

To open a Smart Money checking account, the bank requires a minimum of $25 initial deposit. This account type does not earn interest, as well.

Premier Checking

Of all the three checking account types offered by BMO Harris Bank, Premier checking is the only one that bears interest.

With Premier checking, all account balances earn interest. However, you need to have a minimum of $25,000 in your account to earn the highest interest rate, which currently is 0.10% APY.

The Premier checking account comes with a monthly maintenance fee of $25. However, this can be waived only if you meet any of the following requirements:

  • Maintain a $10,000 minimum daily balance
  • Has $25,000 in combined BMO Harris accounts
  • Has a BMO Harries investment account

Similar to other checking account types, this also comes with a debit MasterCard. More so, it also offers up to a $25 rebate monthly on out-of-network ATM fees. Fees are also waived on cashier’s checks and money orders.

Overdraft fee can be waived if you set it up by linking your savings account, MMA, or other checking accounts. The fee is $36 for every overdraft over $5 with a maximum of four overdrafts per day. Additionally, a $10 fee is charged for transferring funds to cover the overdraft.

To open a Premier checking account, the minimum initial requirement is also $25.

Savings Accounts

BMO Harris Bank only has one savings account option. This is the one they call the Statement Savings.

Similar to the bank’s checking account options, BMO Harris only requires at least a $25 initial deposit.

Unlike other savings account offerings from other banks, the Statement Savings only offers a 0.05% interest rate, which is below the national savings account average rate.

The savings account also comes with a monthly maintenance fee of $5, which can be waived for account owners who are 25 years old and below, or those who are keeping a minimum daily ledger balance of $100 for the month.

Money Market Accounts

If you want to earn a competitive interest rate, one of the ways to achieve that is by opening BMO Harris’s Platinum Money Market account.

Currently, account balances between $5,000 and $999,999.99 earns 0.95% annual percentage yield (APY), while balances that range $1,000 or more earn 0.75% APY.

While it requires a minimum opening deposit of $5,000, the account does not have an ongoing balance requirement.

Unlike the previous account types, the Platinum Money Market account does not charge a monthly maintenance fee. Furthermore, it comes with check-writing privileges.

Generally, the Platinum money market account is ideal for people who want to keep an emergency fund.

Certificate of Deposit (CD) Accounts

BMO Harris Bank offers two kinds of certificate of deposit (CD) accounts. These are Standard CD and Add-On CD accounts.

When it comes to interest earned, it is handled similarly with the two account types. For CD terms below 12 months, the interest is compounded daily and credited at maturity. Meanwhile, for CDs 12 months or greater, the interest is compounded on a daily basis and is credited to the CD account quarterly.

Now, to understand the difference between the two-CD account types here’s a brief explanation of each:

Standard CDs

This CD account type features terms from three to 60 months. It has an option for one-month and two-month CDs for balances of at least $100,000.

Standard CDs have tiered fixed rates depending on the term as well as the account balance. Rates vary from 0.05% for 1 month CD term up to 0.70% for 60 months CD term. Occasionally, the bank offers special rates for certain term lengths.

The minimum balance requirement for this CD type is $1,000.

Add-On CDs

As the name of the product suggests, this allows account holders to add more funds to their CD account after opening.

Unlike the other CD type, Add-On only has a one-year CD term, which at the moment earns 0.30% APY.

Similarly, the bank requires a minimum deposit of $1,000 to open an Add-On CD account.

For both CD types, the bank charges an early withdrawal fee of up to 545 days interest if you opt to withdraw your money prior to its maturity date.

HOW TO BANK WITH BMO HARRIS BANK?

This part of our BMO Harris review will focus on how to actually bank with BMO Harris.

What’s nice about BMO Harris is that the bank pairs some of the best in-person banking features with its digital banking functionality.

To open an account with BMO Harries, customers have the option to either visit any of the banks’ over 500 branches located in Arizona, Florida, Illinois, Indiana, Missouri, Minnesota, Kansas, and Wisconsin or do it online via its website.

Similar to any other financial institution out there, BMO Harris Bank requires all new customers to provide some personal information including their name, address, phone number, and Social Security number. Additionally, government-issued identification such as a passport and driver’s license is also required.

ATM Access

As already mentioned, BMO Harris has over 40,000 fee-free ATMs where customers can access cash.

Mobile Banking

For those who prefer mobile or online banking, BMO Harris Bank provides digital banking services so you can access your account anytime and anywhere.

The bank’s mobile app is highly-rated in both App Store and Google Play.

Using the mobile app, customers are able to enjoy the following features:

  • Mobile cash withdrawals in most of the bank’s ATMs
  • Mobile check deposit
  • Bill Pay
  • Total Look account management
  • Apple Pay and Zelle integration

Customer Service

If you have any concerns, you may contact someone at BMO Harris’s call center, which is available 24 hours a day, seven days a week.

IS BMO HARRIS BANK SAFE?

Of course, we made sure to also look into the bank’s digital platforms’ safety and security features.

As mentioned, you can access your BMO Harris Bank account either through the website or the mobile app.

Having been in the banking industry for more than 130 years, BMO Harris surely knows how to keep its customers’ personal data and accounts safe and secured.

The bank uses bank-grade encryption to ensure all accounts and personal data are free from possible fraud or identity theft.

Additionally, BMO Harris Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means all deposits are insured for up to $250,000 per depositor, per account category in case the bank fails.

WHAT TO LIKE ABOUT BMO HARRIS BANK?

In this section, we are going to give you a list of the things that really stand out about BMO Harris Bank, and the list includes the following:

  • Several Product Offerings – BMO Harris is a full-service bank. Thus expect to find a wide variety of banking products and services. Not only does it offer traditional checking and savings accounts, but that it also offers personal loans, wealth management services, mortgages, retirement and investment accounts, as well as business and commercial banking.
  • Inexpensive Checking Accounts – For only $25, you can easily open a checking account of your type.
  • Waivable Monthly Maintenance Fee – For most of its products, the bank charges a monthly maintenance fee. However, the fee is waived if you meet certain requirements.
  • Competitive Rates for Money Market Accounts – Of all the deposit products offered by BMO Harris Bank, the best in terms of rates would be Money Market. It definitely offers one of the best rates out there.
  • Large Fee-Free ATM Network – The bank has over 40,000 ATMs free of charge.
  • Physical Branches – Apart from providing a highly-rated mobile application, as well as online access, the bank has over 500 physical branches in select states.

WHAT NOT TO LIKE ABOUT BMO HARRIS BANK?

While there are a lot of things to like about BMO Harris Bank, it sure does have its share of downsides as well, and this includes the following:

  • Low-Interest Savings Account – Unlike other banks of the same type, BMO Harris Bank’s savings account is not that appealing. It offers a low-interest rate. In fact, below the national average for savings accounts even.
  • Limited Branches – Although we like the fact that BMO Harris Bank does have physical branch locations, it is limited to eight states only. It would be nice, though, if they could have more and eventually be present across all 50 states.

FINAL THOUGHTS ON BMO HARRIS BANK REVIEW

BMO Harris is a full-service bank that offers a wide selection of banking products and services. It comes with over 500 physical branches across eight states and provides access to over 40,000 ATMs.

While it does have a few downsides, the good things that it provides overshadow them.

Setting the not-so-good things about the bank, would you consider opening an account with BMO Harris?

To sum up, with this BMO Harris review, we found that the bank, while imperfect, is definitely one of the best options out there especially if you want a full-service financial institution that provides an access to both a physical branch (if you are from the Mid-west) and excellent digital platforms.

Categories
Mobile Banking

Truist Bank Review: Providing You A Better Financial Experience

If you are looking for a better financial experience including digital banking, then, you got to keep reading this Truist Bank review.

Truist Bank Review: Providing You A Better Financial Experience

In this review, we are going to tackle the most important details that make this bank one of the best choices out there.

Let’s face it, finding a digital banking service provider that provides a better financial experience than everyone else in the industry can be quite tough. But, guess what? That is exactly what Truist Bank promises to its customers.

Every single day, the bank continues to evolve depending on the needs and preferences of its customers. Your financial goals influence the kind of products and services the bank creates to be able to “help you make the choices that lead to better opportunities.”

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Sounds too good to be true? Well, we’ll find out later on as we go along with our Truist Bank review.

But before that, allow us to share with you some interesting facts first.

Truist Bank, while it does have physical branch locations offer a superior digital banking experience as well.

Just a quick overview, digital banking refers to the digitization or automation of all traditional banking activities. More so, it also includes other financial features that makes it even more convenient and easy to use.

Digital banking is not a new thing. It has been there for years, but only until lately especially in 2020 that it really boomed.

In the Insider Intelligence’s Mobile Banking Competitive Edge Study, which was published by Business Insider, it was found that 89 percent of the respondents said they do use mobile banking or digital banking. The study further states that 97 percent of Millennials use mobile banking, 91 percent are Gen Xers, while 79 percent are Baby Boomers.

This study shows that digital banking is not for young generations alone, but that even older consumers are into it. That actually becomes real when the pandemic hit. A lot of people relied on digital financial services to be able to do day-to-day banking transactions.

The digitization of banking services, while it was a bit of a challenge to the banking industry at first, has really changed the way people bank. Needless to say, it provided a lot of opportunities for banks to serve their customers better.

Truist Bank is surely one of the banks that embraced the challenge. Apart from providing traditional banking services, in its hope to provide an improved customer experience, the bank also managed to come up with a better digital banking experience for its existing customers and the potential ones.

So, as mentioned earlier, in the next couple of sections, we are going to particularly focus on essential information that makes Truist Bank, the bank of choice.

Specifically, we are going to tackle the following:

  • What is Truist Bank?
  • Who is Truist Bank best for?
  • What are the products offered by Truist Bank?
  • How to bank with Truist Bank?
  • Is Truist Bank safe?
  • What to like about Truist Bank?
  • What not to like about Truist Bank?

WHAT IS TRUIST BANK?

Truist Bank is a banking institution formed after BB&T acquired the assets of SunTrust Bank. The two banks merged, and the whole merging process was completed on December 6, 2019.

To know more about the merger, check out the video below from CNBC Television as Kelly King, Truist Bank CEO talk about it:

The merger of BB&T and SunTrust Bank involved $228 billion and $220 billion in assets, respectively. Thus, the formation of Truist Financial (with the two banks combined assets) made it the 6th largest bank in the United States.

During the time of the merger, the bank serves close to 10 million households in 17 states. But, with the existence of its digital banking platform, and almost two years since the merging transpired, the numbers, for sure, have already increased.

Here’s the thing, though, although the Truist website is already functional, all products and services are still available on both BB&T and SunTrust Bank. As to when they’re going to be in one site/bank, we do not know.

Meanwhile, the bank still uses the BB&T mobile application, which will eventually become Truist anyway.

Do you find it confusing?

Well, to simply put it, if you opt to open an account with Truist, you may do so at BB&T or SunTrust Bank branches, or through the BB&T mobile app.

It doesn’t matter where and how you open an account because all clients of both banks are considered Truist.

At the moment, all banking products and services offered by both banks are still functional, which means also that they will be carried over to what Truist Bank offers.

Truist Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means all funds placed by depositors in this bank are protected by the federal government. Each depositor will receive up to $250,000 insurance per account category in the event of a bank failure.

WHO IS TRUIST BANK BEST FOR?

Now that you already know what Truist Bank is, it’s time to look into who would benefit from it the most.

Generally speaking, Truist Bank should appeal to consumers who are looking for better banking experience.

It would be ideal for depositors who appreciate continued innovation in the banking industry.

Furthermore, Truist Bank is best for those who are looking for a stable and reliable bank that offers both traditional and digital banking services.

Both BB&T and SunTrust Bank offer a wide variety of products, which will surely be carried over by Truist Bank. Thus, Truist would also be a great choice for those who want to enjoy a variety of banking products and services to choose from.

Also, Truist Bank customers will surely enjoy waived ATM fees, as well as competitive rates on its deposit accounts. So, if you are looking for such features, this should appeal to you as well.

WHAT ARE THE PRODUCTS OFFERED BY TRUIST BANK?

In this part of our Truist Bank review, we are going to talk about one of the most important things that people look into when finding a bank.

As mentioned earlier, technically speaking Truist right now is just a name. In fact, both BB&T and SunTrust have a link to Truist, and vice versa.

Sure, it can be quite confusing but, technically speaking, all BB&T and SunTrust Bank customers automatically become Truist Bank customers.

Right now, if you go visit the BB&T and the SuntTrust Bank websites, both offer a variety of banking products and services.

But for the purpose of this review, we are going to focus on both checking and savings accounts only.

Checking Account

Similar to the banks’ savings accounts, there is not much to expect on their checking accounts as well.

Both banks do not offer high-yield checking accounts. In fact, with BB&T, customers need to pay a monthly maintenance fee. The fee can be waived though if you have a student checking account, or you meet the minimum balance required by the bank.

To be honest, if Truist Bank wants to really become the better choice, it has to work on its product offerings. The bank has to be competitive in terms of rates.

After all, most customers prefer to have the ability to earn more from their money than anything else.

Savings Account

One thing that we noticed about BB&T and SunTrust Bank when it comes to their savings account offerings is that both do not offer high-yield savings accounts.

It kind of saddens us because the trend right now is really on high-yield savings accounts.

However, the fact that both banks are full-service banks, it’s quite not that surprising. Generally speaking, traditional or conventional banks have lower annual percentage yields (APY) as compared to online banks, which is typically caused by the higher operating costs.

Yes, online banks are really the ones that are competitive when it comes to rates.

Now, given the fact that Truist Bank aims to provide a better banking experience, we are looking forward to what would be in store for existing and potential clients in the future — especially if they put more focus on their digital banking offering.

Now, before we move on to the next section, just to give you an idea, here’s what BB&T offers:

Banking

  • Checking Accounts
  • BB&T@Work
  • Savings Accounts
  • Prepaid Cards
  • Credit Cards
  • Debit Cards
  • Certificates of Deposit

Lending

  • Home Mortgage
  • Home Equity Loans and Lines of Credit
  • Auto Loans
  • Personal Loans

Retirement and Investing

  • Investment Products (such as Annuities, Asset Management Account, Bonds, Mutual Funds, etc.)
  • Coverdell Education Savings
  • Certificates of Deposit

Insurance

  • Personal Insurance

Meanwhile, here’s what SunTrust Bank offers:

Personal Banking

  • Checking Accounts
  • Savings Accounts

Credit Cards

  • Cash Rewards
  • Travel Rewards
  • Prime Rewards
  • Secured
  • Business

Loans

  • Home Improvement
  • Home Equity Line of Credit
  • Auto Loans
  • Student Loan
  • Debit Consolidation
  • Recreational Loans
  • Unsecured LightStream
  • Personal Lines of Credit
  • CD Secured Loan
  • Physician Loans and Lines of Credit
  • Business Loans

Mortgages

  • Fixed-Rate
  • Adjustable-Rate Mortgage
  • Affordable Financing
  • Federal Housing Administration (FHA) Loans
  • Department of Veterans Affairs (VA) Loans
  • USDA Rural Development Loans
  • Conventional Financing for High-Cost Areas
  • Doctor Loan Program
  • Jumbo Financing
  • Premiere Loans for Professionals and Entrepreneurs

Small Business

  • Banking
  • Credit Cards
  • Loans

Investing and Retirement

  • Stocks
  • Bonds
  • Mutual Funds
  • Global Investing
  • Annuities
  • ETFs
  • Types of IRAs
  • Taxable Brokerage
  • BrightFolio

HOW TO BANK WITH TRUIST BANK?

In the previous sections, we shared with you pieces of important information about Truist Bank including its product offerings.

This time around, we are going to talk about how to actually bank with them.

As already mentioned, Truist Bank, as of the moment is just a name. If you are interested to open a bank account or avail of any of its other services, you have to either visit a BB&T or Suntrust Bank or these banks’ respective websites.

Again, all depositors of BB&T, as well as SunTrust Bank, are all Truist Bank customers as well. This kind of setup is just for the meantime, but, eventually, it will all be in one place.

Now, when it comes to opening a bank account, similar to all the other banks out there, you will be asked to provide your personal information such as your name, address, phone number, email, as well as your Social Security number.

To verify your information, the bank will, for sure, ask you to present valid government-issued identification such as a passport or driver’s license. So, make sure to keep these documents handy.

By the way, once you have opened an account particularly on BB&T, please note that customers can access their accounts through the BB&T mobile app. All you have to do download the app, which is available for both iOS and Android users, and then, follows the following steps:

  • Step 1: Open the U by BB&T app, and select Enroll Now.
  • Step 2: Choose Personal Banking.
  • Step 3: Scroll down and select your account type.
  • Step 4: Enter your account, debit, or ATM card number.
  • Step 5: If you choose debit or ATM card, enter your PIN.
  • Step 6: Enter your ZIP code.
  • Step 7: Enter your email address.
  • Step 8: Select Continue.
  • Step 9: Create a unique user ID that’s easy for you to remember.
  • Step 10: Create your password.
  • Step 11: Submit your information.

Meanwhile, customers of SunTrust Bank may also check and manage their accounts through the website.

IS TRUIST BANK SAFE?

Technically speaking, Truist Bank’s website is not yet functional like that of a normal bank. However, as mentioned earlier, you can open a bank account through the BB&T and SunTrust Bank websites.

Respectively, both banks have bank-grade security measures in place to ensure that all personal data provided are safe from fraud or identity theft threats.

Meanwhile, Truist Bank is FDIC-insured. So, whether you opened an account through BB&T or SunTrust Bank, since both merged, all their customers are Truist Bank customers as well, which means each of them could receive up to $250,000 per account category in the event of a bank failure.

So, is Truist Bank safe? Well, being one of the largest banks in the country, and with two financial institutions with years of experience in the banking industry to back it up, it definitely is.

WHAT TO LIKE ABOUT TRUIST BANK?

Now that you already know what Truist Bank is all about, who it is suited for, what products and services it offers, how to bank with them, and how safe it is, it’s time to come up with a list summary of the things that really stand out the most.

Some of the things that we particularly like about Truist Bank include:

  • Wide Array of Banking Products and Services – As you know by now, Truist Bank is the output of the BB&T and SunTrust merger. Respectively, these banks have a wide selection of banking products and services from personal banking, business banking, as well as loans, insurance, and investments.
  • Allows to Open an Account Online – Both BB&T and SunTrust website provides customers the ability to open an account online. Currently, Truist Bank website provides links to the websites of the two banks and vice versa.
  • Mobile App (BB&T) – BB&T has a mobile app called U. This allows customers to manage their accounts anytime and anywhere. The mobile app is available for both iOS and Android devices.
  • Low Fees (BB&T) – BB&T customers can benefit from low fees in certain bank products and services.
  • Lots of Rooms for Improvements – Truist Bank has lots of rooms for improvement, which we consider a plus given the fact that it is the baby out of the merger between two banks. We cannot wait for what’s in store for its customers once everything is settled.
  • Stability – With the merging, Truist Bank currently has over $400 billion in assets, making it one of the largest banks in the country. That alone is enough to prove how stable the bank is.
  • FDIC-Insured – Truist Bank is FDIC-insured, which means all depositors can receive up to $250,000 per account category in case the bank fails.

WHAT NOT TO LIKE ABOUT TRUIST BANK?

This Truist Bank review will not be complete without a list of the things to not like about it.

While we did provide you a good number of things to like, here are a few downsides of the Truist Bank:

  • The existence of BB&T and SunTrust can be confusing – Although they say that eventually all customers of both banks are considered as Truist Bank customers, it can really be confusing to have these two banks still. We cannot wait to just have one – and that’s Truist Bank, of course.
  • Does Not Offer High-Yield Savings and Checking Accounts – Both BB&T and SunTrust Bank do not offer high-yield savings and checking accounts, which is understandable, though, since they are full-service banks with overhead costs to consider.
  • Fees – For both banks, their savings and checking accounts do have fees to watch out for. BB&T checking account does have a monthly maintenance fee unless you have a student checking account or have met the minimum balance requirement. For SunTrust’s Essential Checking, there is also a monthly fee. It can be waived if you meet the minimum balance requirement of $500.

FINAL THOUGHTS ON TRUIST BANK REVIEW

Truist Bank is technically a new bank that still needs a lot of ironing especially since it is formed because of the merging between two banks.

As mentioned earlier, the existence of BB&T and SunTrust Bank can cause confusion to potential customers. So, the earlier BB&T can resolve this, the better for its customers, right?

To wrap this Truist Bank review, we got to say that there’s so much potential here especially since the institution promises to provide customers a better banking experience, which is very much feasible given the credibility of BB&T.

Categories
Mobile Banking

Charles Schwab Bank Review: What Makes This Online Bank Stand Out

If you are looking for a digital bank that offers a stellar checking account, at the same time, free use of any ATM, and does not require you to deposit regularly, then you better read through this Charles Schwab Bank review.

Charles Schwab Bank Review: What Makes This Online Bank Stand Out

Wondering why?

Well, apparently, Charles Schwab Bank is providing all that to their customers. This Charles Schwab Bank review, however, will give you more information you need to see if this, indeed, is the right mobile bank for you.

A report published by Statista, says that in 2018, there was about 61 percent of American people used digital banking. Experts project that the population of digital bank users will increase to 65.3 percent by 2022.

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Meanwhile, an article by Forbes, says that while “digital banking had been moving mainstream, particularly for younger Americans, consumers of all ages have now hopped on board“.

So, what are we trying to say here?

Well, as you can see, these reports/studies show that digital banking has indeed become a necessity over recent years particularly in the last year when the country and the world faced one of the hardest times in history.

Moving forward, digital banking does not seem to be slowing down rather only rising – with people of all ages leaning towards it as compared to traditional banking (or have both).

Anyway, what we are trying to point here is that since there is an increasing demand for digital banking platforms, it opens up more opportunities for digital banks to come to life, which is good because it gives customers more choices.

Among the digital banking platform choices out there right now is Charles Schwab Bank, and today, we are going to particularly focus on this digital bank. Will look into what it has to offer, and what makes it right for you.

In this Charles Schwab Bank review, we are going to specifically tackle and provide answers to the following commonly asked questions about the bank:

  • What is Charles Schwab Bank?
  • Who is Charles Schwab Bank best for?
  • What are the products offered by Charles Schwab Bank?
  • How to do banking with Charles Schwab Bank?
  • Is Charles Schwab Bank safe?
  • What to like about Charles Schwab Bank?  
  • What not to like about Charles Schwab Bank?

WHAT IS CHARLES SCHWAB BANK?

Before we go into more detailed information about the products and services that the bank offers, as well as other equally important information, let’s take a look at the bank’s history or who and what the bank is all about.

Remember, as a customer, it is your responsibility to know your bank first before you even open an account. This helps you build trust and confidence knowing you are putting your money in the right, reliable place.

Moving on, here’s a quick briefer on what Charles Schwab Bank is all about —

Charles Schwab is more popularly known as an investing platform. However, it does also offer checking and savings options under Charles Schwab Bank, which is an online bank. Additionally, the bank also offers other banking services like home loans and an asset line of credit.

Charles Schwab has been part of the country’s financial landscape for more than 40 years now. With that on their shoulder, it’s safe to say that customers can rely on its stability and trustworthiness.

Although we are going to particularly focus on the Charles Schwab Bank (the online bank) today, just to give you an overview, the brokerage firm offers various investment accounts (should you need them in the future), which include stocks, bonds, mutual funds, annuities, ETFs, and a lot more.

Moreover, the firm also offers multitudes of retirement account options like Traditional IRAs and Roth.

While Charles Schwab Bank is purely online, Charles Schwab Co. has over 360 brokerage branches, which are mostly concentrated in California, Connecticut, and Arizona.

If you want to know more about Charles Schwab Bank, check this video out:

WHO IS CHARLES SCHWAB BANK BEST FOR?

When choosing a bank, it is important to do a self-assessment first. You ask yourself what you are specifically looking for, what product or service do you need, and more. Doing so will help trim down your choices – especially these days when there’s a lot to choose from.

Now, in this part of our Charles Schwab Bank review, we are going to share with you who this bank is ideal for.

Charles Schwab Bank is known as the “bank for investors”. This alone should give you a hint on who the Charles Schwab Bank is ideal for.

Technically, the bank should appeal to customers who hope to move money between various types of accounts — not just savings or checking, but also brokerage.

More so, Charles Schwab Bank may also be a good fit for people who want to earn valuable interest on their checking account, travel abroad and access their money without having to pay expensive ATM and foreign transaction fees, receive unlimited ATM fee rebates, and that the bank is also ideal for those active investors who want a combination of liquidity, $0 equity trades, as well as over 13 different investment products.

So, if you are looking for or you are any of these, then Charles Schwab Bank may just be the right choice for you.

WHAT ARE THE PRODUCTS OFFERED BY CHARLES SCHWAB BANK?

In this part of our Charles Schwab Bank review, we are going to look into the products offered by the bank.

Charles Schwab Bank currently offers the following bank accounts and services:

  • Savings Account
  • Checking Account
  • Certificates of Deposit (CDs)
  • Credit Cards

Now, let’s take a look at each of these:

Savings Account

One of the accounts offered by Charles Schwab Bank is its Schwab Bank High Yield Investor Savings account.

This account earns a 0.05% annual percentage yield (APY), which is well below other online savings accounts rates.

Although that is the case, what’s nice about the Schwab Bank High Yield Investor Savings account is that it does not require a minimum opening deposit, does not require a minimum balance, has unlimited ATM fee rebates worldwide, allows mobile check deposits, does not charge service fees, and of course, all savings accounts are FDIC-insured up to $250,000.

Unlike other online banks, Charles Schwab Bank provides several options when it comes to opening an account. Customers may opt to fill out and submit an application via mail, in person at a Schwab branch, or upload online (this option, however, is only applicable for existing customers).

Meanwhile, customers can make deposits to their savings accounts through any of the following choices:

  • Direct deposit
  • Fund transfer from Charles Schwab brokerage account or checking account
  • Mobile deposit through the mobile app
  • Wire transfer from another financial institution
  • Mail a check to Charles Schwab Bank

Although other digital banks may offer better rates as compared to what Charles Schwab Bank offers, the bank’s High Yield Investor Savings account may still offer a better rate as compared to other local brick-and-mortar banking out there.

Checking Account

Another product option offered by Charles Schwab is its Schwab Bank High Yield Investor Checking account.

While there is nothing extreme about this checking account, customers could earn 0.03% APY.

What makes the Schwab Bank High Yield Investor Checking account stand out from other checking accounts offered by other online banks is that when you open one, you automatically get a Schwab One brokerage account as well. This makes it not ideal for those who are not interested in opening a brokerage account.

Moving on, the Schwab One brokerage account comes with free standard checks as well as a Schwab Visa Platinum Debit Card. Since it is part of the Visa family, the debit card is accepted almost anywhere in the world, making it an ideal choice for travelers as well. Needless to say, when you use it outside the United States, you are free from foreign transaction fees.

Furthermore, another very notable perk of the Schwab Bank High Yield Investor Checking account is that it provides unlimited ATM fee rebates worldwide, which means wherever you go, you will always get reimbursed for any ATM fees you have incurred. The funds are usually received at the end of the same month in which you were charged ATM fees.

Similar to its savings account, Charles Schwab Bank’s checking account does not have account minimums requires as well as service fees.

As with opening an account, the same applies to its checking account as its savings account. Customers may opt to open an account online or by filling out and mailing a paper application. Just the same, you may also opt to drop by a local Schwab branch near you.

To make deposits, you may also opt to do any of the following ways:

  • Direct deposit
  • Fund transfer from Charles Schwab brokerage account
  • Mobile deposit through the mobile app
  • Wire transfer from another financial institution
  • Mail a check to Charles Schwab Bank

For those who already have a Charles Schwab brokerage account, it is important to note, though, if you have a brokerage account that comes with a debit card as well as check-writing and bill pay capabilities when you open a checking account, all of those featured are automatically transferred to your checking account, and will no longer be available with your brokerage account.

Certificates of Deposit (CDs)

Here’s the thing, Charles Schwab acts as a virtual middleman for various CDs from other banks. Customers can use the Schwab CD OneSource online to compare rates and terms, as well as to purchase CDs.

Unfortunately, the CD rates are far lower as compared to what you’ll get from other online banks.

For CDs, deposit start at $1,000 and increase in $1,000 increments. The terms range from a month to 20 years. A notification will be sent to you once your CD reaches maturity so you get to access your funds and reinvest into a new CD if you want to.

If you are going to open a CD account, it is important to note that the bank includes a selling concession in new issue CDs for online and broker-assisted trades. A $1 transaction fee per $1,000 CD is charged for secondary trades, while broker-assisted ones are charged the online price of $25 per trade service charge.

Similar to both checking and savings accounts CDs are FDIC-insured at each bank for up to $250,000. Also, you may opt to extend your FDIC coverage by purchasing CDs across multiple banks through Schwab.

Credit Cards

Charles Schwab per se offers two credit cards only — one is a premium credit card called Schwab Investor Card from American Express, which is ideal for investors, and the other one is a travel credit card called the American Express Platinum Card for Schwab.

HOW TO DO BANKING WITH CHARLES SCHWAB BANK?

In case you did not notice, earlier we already mentioned how to open an account particularly on Charles Schwab Bank’s savings and checking accounts.

Again, to open either a savings or a checking (or both) accounts, you may choose from several options, which include filling out and submitting an application via mail, in person at a Schwab branch, or upload online.

Meanwhile, to make an initial deposit or future deposits for that matter, you may do so through the following ways:

  • Direct deposit
  • Fund transfer from Charles Schwab brokerage account or checking account
  • Mobile deposit through the mobile app
  • Wire transfer from another financial institution
  • Mail a check to Charles Schwab Bank

IS CHARLES SCHWAB BANK SAFE?

With over 40 years of existence in the brokerage industry, Charles Schwab has, for sure, mastered ensuring the safety and security of their customers’ accounts.

The Charles Schwab online bank per se comes with the latest encryption technology, Voice ID, notifications and alerts, and card lock/unlock features to ensure the security and safety of their customers’ accounts.

Furthermore, Charles Schwab also has a security guarantee in place, providing 100% coverage of any losses in their customers’ bank accounts due to unauthorized activity.

Also, the bank is FDIC insured, which means should it fail, the federal government will pay up to $250,000 per customer.

WHAT TO LIKE ABOUT CHARLES SCHWAB BANK?

Now, we already tackled what Charles Schwab Bank is, who it is for, the products and services it offers, as well as how to do banking with them.

In this section of our review on Charles Schwab Bank, we are going to share with you a summary of the things we like about the bank.

This includes the following:

  • No Monthly Maintenance Fees – Contrary to other online banks, Charles Schwab Bank does not charge monthly maintenance fees for both checking and savings accounts.
  • No Minimum Opening Deposit Required – This is probably one of the things we love the most about Charles Schwab Bank. You can open an account anytime without having to worry about an opening deposit requirement.
  • No Minimum Balance Required – Another thing to love about Charles Schwab Bank’s savings and checking accounts is the fact that it does not require any minimum balance.
  • Unlimited ATM Fee Rebates Worldwide – Charles Schwab Bank is an ideal bank for constant travelers as it offers unlimited ATM fee rebates from all over the world.
  • Mobile Check Deposit – Another feature that not all online banks offer, but Charles Schwab Bank does.
  • High Yield Checking Account – Although it’s not as high as other mobile banks out there, the rates are still competitive considering the other perks you get from the bank.
  • Free Overdraft Transfers from Linked Accounts – With Charles Schwab Bank, you do not have to worry about overdraft transfer fees as it is free.
  • Free Investment Account with Checking Account – Once you open a checking account, you automatically get a brokerage account as well.
  • FDIC-Insured – Both savings and checking accounts of Charles Schwab Bank are FDIC insured, which means, in case of bank failure, depositors can get up to $250,000 from the federal government.

WHAT NOT TO LIKE ABOUT CHARLES SCHWAB BANK?

While there are a lot of things to like about Charles Schwab Bank, it does sure have a few downsides as well.

To help you decide if Charles Schwab Bank is the right bank for you, take a look at these disadvantages as well. It includes:

  • Below-Average APY on Savings Account – As mentioned earlier, if compared to other online banks out there, the APY offered on the Charles Schwab Bank savings account is not that competitive.
  • No Money Market Accounts – Unfortunately, unlike other banks of a similar type, Charles Schwab Bank does not offer money market accounts. So, if you are looking for one, you may check out other digital banks instead.
  • No Banking Services at Charles Schwab Branches – Although Charles Schwab has over 360 brokerage branches across the country, these branches do not provide banking service, which is actually understandable as Charles Schwab Bank is an online bank, and technically speaking, the bank is different from the brokerage (which they are really known for, by the way).
  • A Linked Brokerage Account is Required for the Checking Account – If you want a sole checking account only, Charles Schwab Bank may not be the right one for you, because the bank’s checking account automatically comes with a brokerage account.
  • No ATM Network – Although Charles Schwab Bank provides a Visa debit card, the bank does not have its own ATM network.

FINAL THOUGHTS ON CHARLES SCHWAB BANK REVIEW

Surely, there are lots of online banks out there and Charles Schwab Bank is only one of them.

While the other banks may have better offerings as compared to what Charles Schwab Bank has to offer, it surely does have some features that are unique to it — one of them is when opening a current account, you automatically get a brokerage account as well.

Overall, we have to say that Charles Schwab Bank is ideal for people who are into brokerage at the same time, want to save up for a fair enough rate.

To end, we hope that this Charles Schwab Bank review has provided you with all the essential information you need. More so, we hope we are able to help you decipher if this online bank is the one that fits you.

Categories
Mobile Banking

MemoryBank Review: How Does It Provide Great Digital Banking Experience

If you are looking forward to having a great banking experience while in the comfort of your home or anywhere in the world (for as long as there is an internet connection, of course), then this MemoryBank review may just help you with that.

MemoryBank Review: How Does It Provide Great Digital Banking Experience

MemoryBank is an all-digital banking platform that aims just exactly that — making sure you can conveniently access your bank account and transact online — anytime, anywhere.

Just to give you a little backtrack –

As mentioned, MemoryBank is a digital bank. As defined in an article published by The Straits Times, “A digital bank offers banking services such as deposits, loans, debit and credit cards like a traditional bank, except that transactions are performed online and the bank does not have a physical branch.”

Over the years, especially since digital technology boomed, more digital banks have been established. Needless to say, a lot of people have found it more convenient and easier as compared to traditional banking.

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In fact, when the COVID-19 pandemic hit the world, particularly the United States, digital banks have won over more U.S. customers, according to a report by Reuters. Digital banks were so handy that customers were able to process a lot of their day-to-day banking transactions.

In the same article, Reuters highlighted that digital banks in the U.S. helped customers by “processing stimulus payments quickly,” which helped set apart online-only banks from traditional banks and at the same time, generate valuable word-of-mouth referrals.

You see, digital banks like MemoreBank, which is what we are going to review today have been really of great help, needless to say, very valuable to people especially during one of the world’s most challenging times.

As we have said earlier, there are lots of all-digital banking platforms in the country (and in the world in general), but, today, we are going to specifically do a MemoryBank review to hopefully help you see if this one’s a good choice for your day-to-day banking needs.

In this MemoryBank review, we are going to particularly focus on tackling the following:

  • What is MemoryBank?
  • Who is MemoryBank best for?
  • What are the products offered by MemoryBank?
  • How to do banking with MemoryBank?
  • Is MemoryBank safe?
  • What to like about MemoryBank?
  • What not to like about MemoryBank?

WHAT IS MEMORYBANK?

First of all, let get to know more about MemoryBank. As we always say, before jumping and dealing with a bank (or in any company for that matter), make sure to get to know about it first.

Know the history and what it offers so you can fully gauge if it’s perfect for you. So, with that said, here’s a quick briefer on what MemoryBank is all about.

MemoryBank, as compared to other well-established digital banks out there is relatively new. It has only been launched in the fall of 2016. However, although it’s considered a newbie in the digital banking market, MemoryBank is pretty sure about what they want for their customers — and that is, to provide them with a great banking experience wherever they may be.

By the way, if you want to know more about digital banking or what a digital bank is all about, check this video by Project Management:

Currently, MemoryBank offers two products to its customers: checking accounts and money market accounts. With its checking accounts, the bank features a headliner product called EarnMore Checking Account. Later on, we are going to share with you more about this product. Apart from checking accounts, the bank also offers Money Market accounts, which we are also giving you more details later on.

MemoreyBank, like most digital banks out there, operates solely online, which means a physical branch or location does not exist. It is, however, can be accessed using your mobile phone, tablet, laptop, or desktop computer.

MemoryBank is a division of Republic Bank & Trust. It is an FDIC-member and is headquartered in Louisville, Kentucky.

WHO IS MEMORYBANK BEST FOR?

Now that you already have a glimpse of what MemoryBank is, this time around, let’s talk about who is it best for. This way, you can easily assess if the bank is right for you.

As mentioned, MemoryBank is an online-only banking platform, which means you can access it through your mobile devices, laptop, or desktop computer. Thus, it is of common sense that the bank will appeal most to people who are always on the go or those who prefer reliable mobile banking to traditional banking. Unlike traditional banking, you do not need to visit a physical branch to do banking transactions — everything can be done online.

MemoryBank is also ideal for customers who want to avoid minimum balance requirements, earn competitive rates, and of course, open an account in a quick manner.

If you are particularly looking for checking accounts that earn interest, this might just be the bank you are looking for.

WHAT ARE THE PRODUCTS OFFERED BY MEMORYBANK?

In this part of our MemoryBank review, we are going to talk about the products offered by the bank.

As we have mentioned earlier, MemoryBank has two products — Checking Account and Money Market Account.

Now, let’s take a look at each of these products and see if it’s the one you are looking for.

Checking Account

Most digital banks offer checking accounts. But, one of the things that really make the MemoryBank EarnMore Checking account stand out from the rest is that it comes with an amazing interest rate.

Compared to its competitors, the MemoryBank EarnMore Checking Account pays a way better rate. In fact, it beats most savings accounts offered by national banks.

The MemoryBank EarnMore Checking Account pays an annual percentage rate of 0.05% on balances up to $250,000. What is nice about it is that the bank has no minimum balance requirements, monthly fees, as well as activity requirements.

To earn the best interest rate on your balance, though, you will need to meet a few requirements, which include:

  • Receive at least one direct deposit per statement
  • Make at least five debit card transactions per statement
  • Opt-in to online statements

Don’t worry, if you do not meet the above requirements, you will still earn a rate but it would be less than a tenth of the best available interest rate.

Meanwhile, other amazing features that come with this account include:

  • MemoryBank MasterCard debit card
  • Access to 92,00 surcharge-free ATMs
  • Allows you to write checks
  • 24/7 online banking
  • MemoryAlert balance and activity notifications
  • Live customer support

Furthermore, MemoryBank offers an overdraft protection program called Standard Overdraft Honor (SOH). This basically pays you a $100 overdraft protection limit for the first 30 calendar days after you have opened an account with the bank.

After the first 30 days, your SOH limit will be reviewed every business day and the pay will vary between $0 and $2,000 daily based on your account history. Should you go over your limit, you will be charged a $36 overdraft fee.

Money Market Account

Another product that MemoryBank offers is a Money Market account. This gives customers access to even higher interest rates while enjoying the same benefits.

As of this writing, MemoryBank offers a 0.50% annual percentage rate on balances up to $1 million. Meanwhile, balances that go beyond $1 million will receive an APY between 0.01% and 0.05%.

To open a Money Market Account with MemoryBank, you will need to deposit at least $50, which is a small amount as compared to the requirements of other banks of the same type.

While the amount required to open an account is low, it is important to note that you must maintain a daily balance of at least $1,000 to avoid being charged a Below Balance Fee, which amounts to $15. The fee applies to balances that drop below $1,000 at any point during the whole billing cycle.

The MemoryBank Money Market Account is not a typical money market account. The only exception would be the number of withdrawals you are allowed to make. According to FDIC rules, customers can only make six withdrawals per cycle. If you go beyond that, you may have to pay an “excessive withdrawal fee,” which amounts to $10 for every transaction.

Similar to the bank’s checking account, its Money Market Account does not charge a monthly service fee as well.

HOW TO DO BANKING WITH MEMORYBANK?

By this time, you have probably figured out already if MemoryBank is the right bank for you. Maybe, by now, you are already wondering how to actually open an account with them.

Well, in this part of our review on MemoryBank, we are going to tackle how to bank with MemoryBank.

Similar to other digital banks out there, MemoryBank’s application process is completed entirely online. You will need either a mobile device or a computer to do so. The application is easy that it can take as little as 10 minutes only.

To begin the application process, though, make sure to read the following requirements:

  • Social Security Number
  • Passport or State-Issued Identification Card
  • Home Address
  • Email Address

Head on to their website or download the app to proceed with the application process.

As to adding money to your account, you have the following options to do that:

  • Set up a direct deposit
  • Deposit checks using MemoryBank’s mobile deposit feature
  • Set up transfers from other banks or financial institutions

The same with most all-digital banking platforms out there, MemoryBank does not accept cash deposits. So, if you want an online bank that offers that feature, MemoryBank may not be right for you.

IS MEMORYBANK SAFE?

One of the hesitations that customers have when it comes to online-only banks is the security of their accounts.

Just like other digital banks, though, the security and safety of customer accounts is MemoryBank’s top priority. Thus, the bank ensures that it has put everything in place to avoid fraud and identity theft.

More than the standard web protection and encryption like SSL security, the bank allows you to set up biometric security to ensure that only you can log in to your account.

If you own a modern smartphone, you may also opt to set up a fingerprint login for your account. Also, you can eye-pattern identification to log in to your account for an extra layer of security.

Furthermore, MemoryBank is a Federal Deposit Insurance Corporation (FDIC) insured, which means customers need not worry about their money in the event of bank failure. FDIC will reimburse you up to the limit of $250,000.

WHAT TO LIKE ABOUT MEMORYBANK?

In the previous sections, we have already tackled most if not all of the important information every customer needs to know.

At this point of our MemoryBank review, we are going to provide you with a summary of the things that we particularly like about MemoryBank, and this includes the following:

  • Above-Average Interest Rates – MemoryBank offers an interest rate that is way better than its competitors. In fact, it beats most savings accounts offered by national banks.
  • No Monthly Fees – Unlike other digital banks, MemoryBank does not charge monthly maintenance or service fees.
  • No Minimum Account Balances (for Checking Accounts) – The bank does not require a minimum account balance. If you want to earn the best interest rate, though, all you need is to meet certain requirements set by the bank.
  • Open an Account Easily – The process of opening an account is so easy you can finish it in at least 10 minutes only!
  • MemoryBank MasterCard Debit Card – Opening a checking account comes with a MasterCard debit card that allows you to withdraw cash and purchase items using it.
  • Access to Over 92,000 Network ATMs – Withdraw cash anytime, anywhere as MemoryBank provides you access to over 92,000 network ATMs.
  • FDIC Insured – In case of bank failure, you need not worry because MemoryBank is FDIC insured, which means FDIC will reimburse you up to the limit of $250,000.
  • 24/7 Access to Your Account – Since MemoryBank is an all-digital banking platform, you get to access your account and do bank transactions anytime, anywhere.
  • Earn Purchase Rewards – Whether you are using the mobile app or the website, you can enable some offers that are available to your account to get yourself some cashback.
  • Alert Notifications – MemoryBank allows you to set up various alerts for your accounts such as deposits, transactions of a certain amount, and alerts for a low balance threshold.
  • Free Online Statement – MemoryBank provides free online statements for up to 18 months.
  • Mobile Check Deposit – The bank allows you to deposit your checks on the mobile app wherever you may be.
  • Powerful Security Features – As mentioned earlier, MemoryBank provides not just standard web protection and encryption, but that also allows users to set up biometric security. Those with modern smartphones may also set up fingerprint login, as well as eye-pattern identification to log in to your account.

WHAT NOT TO LIKE ABOUT MEMORYBANK?

In the last section, we provided you with a list of advantages of MemoryBank. But as the saying goes, nothing is perfect. So, while we have listed a lot of things to like about MemoryBank, we also have found some disadvantages.

Some of the downsides/downfalls of MemoryBank include:

  • Limited Products and Services – Unlike other digital banks out there, MemoryBank only offers Checking and Money Market accounts only, which means if you are looking for other products like a Certificate of Deposit or Savings Account, you may opt for another bank instead.
  • No Physical Branches Available – Since MemoryBank is an all-digital banking platform, it obviously does not come with a physical branch or location. So, if you prefer in-person banking, MemoryBank is definitely not for you.
  • No Business Account Option – As mentioned earlier, MemoryBank has very limited products and services offered – and a business account is definitely one of them. Try other banks instead if you want to open a business account.
  • No Cash Deposits – Another downside of MemoryBank is that it does not offer cash deposits. Again, if you want a bank that allows cash deposits, this bank is ultimately not the one for you.
  • Withdrawal Limits and Restrictions (for Money Market Account) – MemoryBank’s Money Market Account does have withdrawal limits for up to six only per cycle. If you go beyond that, you may have to pay an “excessive withdrawal fee,” amounting to $10 for every transaction. Also, as stated earlier, you must maintain a daily balance of at least $1,000. Otherwise, you will be charged a Below Balance Fee, which amounts to $15. The fee applies to balances that drop below $1,000 at any point during the whole billing cycle.

FINAL THOUGHTS ON MEMORYBANK REVIEW

There are a lot of digital banks out there and MemoryBank is one of them. Although relatively new in the market, having launched only in 2016, the bank promise to give customers a great online banking experience.

Obviously, the bank offers a lot of amazing features, one of them and the most notable of all is providing a great interest rate for both its checking and money market accounts. In fact, the rates are very competitive as compared to what national banks offer.

Although it comes with lots of benefits, it does sure have its share of downsides – one of them is not having lots of product options.

Nevertheless, overall, we have to say that MemoryBank is a great choice for people who wanted all the featured it has to offer while earning a great rate.

To end, we hope that this MemoryBank review has provided you not just essential information you need to know as a potential customer, as well as how the bank offers a great banking experience, but that it also gives you the clarity you need to determine if it’s the suitable digital bank for you or not.

Categories
Mobile Banking

CIT Bank Review: What Makes It An Ideal Digital Bank Choice For You

In this CIT Bank review, we give you everything you need to know about this banking institution, and what makes it stand out from the rest.

CIT Bank Review: What Makes It An Ideal Digital Bank Choice For You

Fifty-one percent of adult people or equivalent to 61% of internet users in the United States bank online. This was based on the findings of a survey conducted by Pew Research Center.

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The above result is actually not surprising given the fact that we now live in the digital world where people are mostly online. Technology has brought so much convenience to people that even banking institutions had to adapt. More so, the digital era has brought opportunities for online banks to come to life – bringing more banking choices among consumers.

There are a lot of online banks these days. In fact, there are too many that finding the right bank could get a little tricky. So, with that in mind, today, we are going to particularly focus on providing you with all the essential information you need about one of the digital banks out there – the CIT Bank.

In this CIT Bank review, we are going to particularly tackle some of the most common questions people look for answers to when choosing a bank – an online bank per se.

These questions include:

  • What is CIT Bank?
  • Who is CIT Bank best for?
  • What are the major products offered by CIT Bank?
  • What are the other financial products CIT Bank offer?
  • How to do banking with CIT Bank?
  • Is CIT Bank safe?
  • What to like about CIT Bank?
  • What not to like about CIT Bank?

WHAT IS CIT BANK?

Just like in everything, before dealing or settling with a banking institution, it is important to get to know the bank first. This helps you get to know more about their history, affiliations, products, and more – which we are going to tackle in the next few sections.

Knowing what the bank is all about will also help you determine whether it is the right one for you according to your needs and preferences.

So, with that, here’s a quick briefer on what CIT Bank is all about —

CIT Bank, N.A. or simply CIT Bank is a subsidiary of one of the well-known financial holding companies in the country, the CIT Group, Inc.

The bank aims to be every consumer’s go-to online banking solution, which is why while they do not local branches you can walk into like other online banks out there, CIT Bank does offer easy-to-open accounts with impressively low opening deposit requirements.

CIT Bank makes banking easier and convenient by ensuring you can check your account and make banking transactions conveniently using your computer or mobile device any time of the day, anywhere you are.

One of the impressive things about CIT Bank as well is that it focuses on providing consumers some of the most competitive interest rates on the market today.

While CIT Bank does have a business and commercial banking solutions, too, in this CIT Bank review, we are going to specifically focus on personal banking to help you see if CIT is the perfect institution for your banking needs.

Before moving on with our CIT Bank review, here’s an equally informative review by BankTruth we thought you might want to check as well:

WHO IS CIT BANK BEST FOR?

In the previous section, we talk about some of the highlights of what CIT Bank is. In this section, we are going to talk about who will greatly benefit from what the bank offers.

CIT Bank is ideal for people who prefer a digital bank offering checking and savings accounts that can be opened conveniently online with no fees or minimum balance requirements. More so, the bank also appeals most to customers who want to earn high rates in deposit accounts — because after all, that is one of the things that CIT Bank is known for.

To be more specific, CIT Bank is a good fit for people who:

  • Want an online savings account or a money market account without monthly fees
  • Want to enjoy flexible CDs that allow early withdrawal
  • Plan to use CDs for long-term savings
  • Do not want to write checks
  • Want to enjoy ATM rebates and the freedom to withdraw cash from any machine
  • Do not need a bank to print as well as mail checks for bill payments
  • Have access to no-penalty CDs

If you are looking for any – if not all – of the above benefits and services, then CIT Bank may be the right digital bank for you.

WHAT ARE THE MAJOR PRODUCTS OFFERED BY CIT BANK?

This CIT Bank review will not be complete if we are not going to tackle the products – particularly the major ones — that the bank offers.

Before moving on, it is important to note that since CIT Bank is an online-only bank, it offers a limited selection of deposit accounts as compared to regular banks out there.

Meanwhile, for the reason that the bank is not burdened by the expense of branches and ATMs, CIT Bank can offer higher interest rates as compared to traditional bank accounts. Needless to say, the bank also offers relationship pricing for its customers when it comes to their home loan product.

Now, in this section, we are going to share with you essential information you need to know about each of the following major products from CIT Bank:

  • eChecking Account
  • Savings Account
  • Money Market Accounts
  • Certificate of Deposit

eChecking Account

It was only in late 2019 when CIT Bank added eChecking accounts among its product line. With this type of product, customers get to fully access an array of banking products offered by CIT. Needless to say, customers are able to check and do banking transactions 24 hours a day through the CIT mobile app.

Unlike other checking accounts, CIT Bank’s eChecking account pays interest. Although it is not that remarkable, what makes it stand out is that the fees are low, and the account comes with some very handy features.

Some of the highlights of CIT Bank’s eChecking account are as follows:

  • Requires $100 minimum deposit to open an account
  • Pays 0.10% annual percentage yield (APY) on balances under $25,000
  • Pays 0.25% APY on balances amounting to $25,000 and above
  • Provides a complementary debit card with EMV chip technology for spending and cash withdrawals
  • No monthly maintenance charges
  • No ATM fees
  • Provides up to $30 per month in ATM fee rebates
  • Remote check deposit
  • Locks debit card to reduce the possibility of fraud
  • Allows automatic payments when account information is provided to billers
  • Payments with Zelle, Apple Pay, and Samsung Pay

Contrary to other checking accounts out there, the CIT Bank eChecking account does not allow customers to write checks. More so, it does not offer an online bill-pay feature that allows customers to push payments out.

Although these restrictions may not be a deal-breaker for some, it may be for people who need to pay people and organizations that do not accept electronic payments on a regular basis.

Savings Account

CIT Bank offers a two-tiered savings accounts, which is called Savings Builder account that have specific earning requirements. The requirements are either customer maintain a balance of $25,000 or more, or make at least one deposit of $100 or more on a monthly basis.

Some of the great features of CIT Bank’s savings account are as follows:

  • Requires only $100 minimum to open an account
  • Pays 0.29% APY on accounts with balances under $25,000 without $100 monthly deposits
  • Pays 0.45% APY on accounts with balances under $25,000 but with $100 monthly deposits or balances over that amount
  • No monthly maintenance fees
  • Mobile check deposit

If you want to take full advantage of what the account has to offer — meaning the highest APY possible, again, you have to either keep an account balance of $25,000 or more or deposit $100 every month.

A lot of banks set limits when it comes to how often customers can withdraw from their savings accounts. CIT Bank is one of them. Per the bank’s rule, customers are only allowed to make six transactions per statement cycle. However, it is important to note that checks received by mails do not count against the limit.

Money Market

Another account option that CIT Bank offers is its Money Market account. Unlike other banks, CIT Bank only offers one money market account.

Among other accounts offered by the bank, its Money Market account pays the highest rates. Needless to say, it is readily available anytime you need the money. You can use your money with third-party payment networks and online bill pay in the future.

Anyway, some of the key features offered by CIT Bank’s Money Market account are as follows:

  • Requires at least $100 deposit to open an account
  • Pays 0.50% APY
  • Allows online bill pay
  • An ideal funding source for PayPal payment (a maximum of $50 per day and per transaction)
  • Allows mobile check deposit
  • Person-to-person payments through Zelle (a maximum if $600 a day and $300 per transaction)

What is nice about money market accounts is that customers can earn higher rates on cash as compared to other accounts, and also, the money can be spent any time without having to transfer it to a checking account like what you may need to do with a savings account.

Unfortunately, though, unlike other banks, CIT Bank does not provide as many payment methods. However, the fact cannot be denied that the bank offers an excellent rate.

While the money market account makes it easier to pay from your balance, there are limitations set as well. Customers can only make six external transfers every month. Also, it is important to note that CIT Bank’s dollar limits on Zelle and PayPal payments only.

Certificate of Deposit

CIT Bank offers a number of CD options, which include term CDs, jumbo CDs, as well as no-penalty CDs. Previously, the bank also offered RampUp CDs, but, it is no longer available for new customers.

Now, let’s take a look at each of these CD options:

Term CDs

Term CDs refer to standard CDs that reward you for locking up your savings with the bank. To open a Term CD at CIT Bank, the requirement is to deposit at least $1,000.

For CIT Bank’ Term CDs, the term range from six months up to 60 months, and customers can earn annual percentage yield from 0.30% to 0.50%.

Remember that Term CDs allow you to lock in a rate for a particular period of time. The longer your term length is, the higher your interest will be.

CIT Bank does not charge any opening or maintenance fees, which is great because some banks do charge one.

Jumbo CDs

Jumbo CDs, which are offered by CIT Bank allow customers to earn higher APYs on deposits of a minimum of $100,000. Unlike Term CDs, the Jumbo CDs are not a common option for most customers given the minimum opening deposit requirement.

The Jumbo CD have longer terms, which range from two to five years. It comes with locked-in rates that range from 0.40% to 0.50% APY depending on how long the term is.

Similar to Term CDs, though, Jumbo CDs do not charge opening or maintenance fees as well.

No-Penalty CDs

CIT Bank also offers No-Penalty CDs, which allow customers to lock in a rate, at the same time, keeping the options open since there is no penalty to withdraw the money before maturity. No-Penalty CDs are ideal especially since it allows customers to withdraw their money in case of emergency without getting charged.

No-Penalty CDs is an 11-month term CD. To open, you only need at least $1,000. Customers can earn 0.30% APY with this CD option.

Seven days after opening, you can already withdraw funds with no penalty.

Similar to the other CD options, it also does not have an opening of maintenances fees.

RampUp CDs

As mentioned earlier, this CD option is no longer available for new accounts. However, just to give you an idea, with this CD type, customers can raise their rate one time during their CD’s term — only if CIT Bank raises rates on these CDs.

WHAT ARE THE OTHER FINANCIAL PRODUCTS CIT BANK OFFER?

In the last section, we provided you with the major products that CIT Bank offers.

Now, apart from those, the bank also allows customers to borrow money through the following:

  • Business Loans
  • Home Purchase Loans
  • Mortgage Refinancing

HOW TO DO BANKING WITH CIT BANK?

At this time, you are probably wondering already how to start banking with CIT Bank.

Well, to open an account with CIT Bank, all you have to do is download its app or visit its website, and follow the process stated there.

Remember, CIT Bank is a digital bank with no physical branches or locations. Thus, everything is done online.

IS CIT BANK SAFE?

Just like most digital banks out there, security is a top priority for CIT Bank. To ensure all accounts are protected, it does have SSL encryption, account monitoring, antivirus protection, firewalls, and other security measures.

More so, the bank provides support in circumstances of fraud or identity theft.

Meanwhile, in the event of bank failure, CIT Bank is an FDIC insured bank, which means the federal government protects your money for up to $250,000 for every account ownership category.

WHAT TO LIKE ABOUT CIT BANK?

In this part of our CIT Bank review, we are going to provide you with some of the advantages of CIT Bank. Hopefully, this helps you gauge better if the bank is indeed the one you are looking for.

Based on the information we already provided, here are some of the things to like about CIT Bank:

  • Competitive Annual Percentage Rate (APY) – CIT Bank offers competitive rates among all its products, which is great and a real come-on among customers.
  • eChecking Accounts Earn Interest – It is not that common for banks to offer checking accounts with interest, but not with CIT Bank as they do pay interest for checking accounts. Although not that remarkable, still pro for customers.
  • No Monthly Maintenance Fees – Unlike other banks out there, CIT Bank does not charge a monthly maintenance fees across all its products.
  • 24/7 Mobile and Online Access – CIT Bank is an online-only bank, which makes perfect sense that it is accessible anytime, anywhere for as long as there is an internet connection, of course.
  • Low Minimum Deposit Requirements – As compared to other banks, CIT Bank requires a fairly low minimum deposit requirement in all its products.
  • Refunds ATM Fees Up to $30 per month – Since the bank does not have its own ATMs, it does not charge its customers when they use another bank’s machine. In fact, when the customer is charged, they are refunded for up to $30 a month.
  • FDIC Insured – All money deposit on CIT Bank are FDIC-insured, which means, should something happen to the bank, customers won’t be left with anything.

WHAT NOT TO LIKE ABOUT CIT BANK?

While there is a lot to like about CIT Bank, there are also some disadvantages on the side.

Some of the things we particularly not like about CIT Bank include the following:

  • No Physical Branch/Location or ATMs – Unfortunately, if you are the type who prefer the traditional way of banking, CIT Bank does not offer that. Again, it’s an entirely online bank, which explains the absence of a physical branch as well as their own machines.
  • No Checkbooks for eChecking Accounts – Another downside of the bank is that it does not offer checkbooks on its eChecking Account. But then again, the bank is an online-only bank explains it all.
  • Limited Account Options – Contrary to other banks of the same type, CIT Banks has limited account options. So, if you want wider account options, this may not be perfect for you.
  • APYs for CDs is Not the Best Nationally – The APYs for CIT Bank’s CDs are not the best in line. There are other banks that offer better CD rates out there.
  • Does Not Have 24/7 Customer Support – Since CIT Bank is a digital bank, most customer inquiries are handled online through its app or through automated telephone banking. Also, the customer support hours are limited, which is only available from 9 a.m. to 9 p.m. Monday through Friday and 10 a.m. to 6 p.m. on Saturday. Customer service is, unfortunately, not available on Sundays.

FINAL THOUGHTS ON CIT BANK REVIEW

CIT Bank is just one of the many digital bank options out there.

Apart from the fact that CIT Bank is an online-only bank, it also makes an ideal choice for people who want to have 24/7 access to their bank accounts, at the same time, enjoy earning higher rates.

To conclude, we hope that this CIT Bank review has provided you with all the essential information you need to know whether it is the right bank for you or not.

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Investment Apps and Websites

Cogni Review: Why Makes This Digital Bank Worth It

This Cogni review will provide you all the essential information that while this digital banking platform is new, it’s worth it.

Cogni Review: Why Makes This Digital Bank Worth It

Digital banking is becoming the norm. More and more people prefer using it or making financial transactions using digital banks as compared to traditional ones.

In fact, according to the “Global Digital Banking Platform Market By Component (Solution and Services), By Deployment Type (On-premise and Cloud), By Type (Retail Banking and Corporate Banking), By Banking Mode (Online Banking and Mobile Banking), By Region, Industry Analysis and Forecast, 2020-2026report, the “Global Digital Banking Platform Market is expected to reach $9 billion by 2026, rising at a market growth of 16% CAGR during the forecast period.”

Meanwhile, according to Statista report, the share of the population using digital banking in the United States alone in 2018 has reached about 61%, while it is projected to rise even more to 65.3% by the year 2022.

These reports only show that digital banking is set to continue growing as the years go by. With the unexpected turn of events in the current year wherein people are restricted to go out of their homes and rely so much on anything digital, it won’t be surprising if the numbers grow bigger.

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As mentioned, a lot of people are becoming so into online banking, which is not surprising given the fact that it is very convenient, safe, and very accessible.

These days, there are actually a lot of digital banks to choose from already. With so many options out there, selecting one can get really tough.

One of the many digital banking options out there is Cogni.

Today, as mentioned earlier, we are going to do a Cogni review. We are going to provide you the essential information you need to see if this digital banking platform is the right one for you.

In particular, we are going to talk about the following:

  • What is Cogni?
  • What are the features of Cogni?
  • Where to use Cogni?
  • How does Cogni work?
  • What are the benefits of using Cogni?
  • What are the downsides of using Cogni?
  • Is Cogni safe?

WHAT IS COGNI?

When you are looking for a digital banking partner, it is important to get to know the bank first. Do not just go with the status quo.

It is important to research your options so you can choose what’s best for you — your needs and preferences. Getting to know more about the institution or the bank will also help you build your trust and confidence in it. After all, you are going to entrust your hard-earned money to them, right?

The safety and security of your money (and your personal information) are very important especially when you are opting for digital banking.

Before we proceed, if digital banking is new to you, below is a very informative video by Project Management. It will help you know and understand better what this type of banking is all about.

Anyway, so what is Cogni all about?

As compared to other similar online banking platforms out there, Cogni is very new in the market.

This digital banking platform is in fact, was only launched this 2020.

While there are a lot of other digital banking platforms out there already, why would you consider Cogni over them?

According to the company, they established Cogni aiming to complement a user’s finances with a straightforward account, and the music to our ears, with no hidden fees.

This digital banking platform’s goal is to connect their members’ banking with their lifestyles. Furthermore, they hope to evolve with their members as their needs change. Over time, they aim to combine banking, commerce, as well as lifestyle in just a single platform.

Primarily, the marketing of the company aimed at the transparency and practicality of their Visa Debit Card, with no additional fees. But, the company actually does offer other services as well, which include convenient, cost-free bank transfers and ‘single-use’ virtual cards.

Currently, Cogni has over $6 million in funding. Needless to say, it has support from big-name financial institutions such as Barclays who owns 2% of this digital banking platform.

Furthermore, this digital banking platform supports the use of Samsung Pay, Apple Pay, and Google Pay.

Cogni has two offices including one in New York City.

WHAT ARE THE FEATURES OF COGNI?

If there’s one thing that Cogni promises its members that would be that it will be their “all-access pass to digital banking”.

In this section of our Cogni review, we are going to talk about the different features that this digital banking platform offer, which include the following:

Checking Account

Cogni’s primary product is its checking account. What makes it particularly stand out as compared to other checking accounts of digital banks out there is that apart from the fact that you can easily open an account in just 3 to 5 minutes, it does not require a minimum deposit amount. It does not even go through credit checks, which makes it even more attractive to all types of consumers.

With your account comes the following perks:

  • Digital Card – You can easily move funds into your account, and access the money immediately — as you need it — without any hassle.
  • No ATM Fees – It doesn’t matter where you are in the world. Cogni does not charge ATM fees, which means you can withdraw money in all 55,000 Allpoint ATMs without having to worry about charges.
  • Complete Account Details – With your Cogni app, you get a complete view of your balance, recent amount activity, as well as monthly statements, and card spendings. Everything in one place.

Cogni Pay

Another feature that we like about Cogni is Cogni Pay, which allows you to receive money from another account, and the money gets available immediately.

So, no need to worry about covering for a friend’s needs. They can easily pay you anyway.

Along with the Cogni Pay features comes the following perks as well:

  • Direct Deposit – With your Cogni account, you can set up direct deposit by sharing your account information as well as your routing number with your employer. That way you can easily receive your hard-earned money. By the way, you can do this through the app.
  • Easy Bank Transfers – With Cogni, you can easily transfer money from other banks into your Cogni account. You can do this free of charge. Again, all you need is your account information and routing number.
  • Deposit Worldwide with Visa ReadyLink – Unlike other digital banking platforms, with Cogni, you can deposit money to your account regardless of where you are in the world as long as there is a store with Visa ReadyLink. Your money gets available in just as little as 30 minutes!

Cogni Visa Card

To make your banking more effortless, along with your Cogni accounts comes a Cogni Visa Card.

Your Cogni Visa Card can be used not just to withdraw money but as well as in-store purchases.

But wait, there’s more!

Cogni also offers a single-use card, which you can generate for extra security or a risk-free trial.

Anyway, the Cogni Debit Card is issued by the Community Federal Savings Bank.

Apple Pay, Google Pay, and Samsung Pay Compatibility

Another notable feature that Cogni digital bank offers is that it is compatible with all your favorite person-to-person payment apps such as Apple Pay, Google Pay, and Samsung Pay.

ACH Bank Transfers

Cogni supports bill pay and bank-to-bank transfers making it easier for you to move your money.

Physical Checks

While it’s an all-digital bank, Cogni recognizes the fact that there are things that still need the traditional way of banking. Thus, the bank also offers checks.

If you need one, all you need is to request and they will send one right to your doorstep.

“Just-in-case” Protection

In case you misplace or lost your Cogni Visa Card, Cogni provides you a freeze and unfreeze feature. This allows you to secure your account to avoid unfortunate cases.

Customized Alerts

Cogni allows you to choose your own push notifications. That way, you only get to receive alerts that are relevant to you.

With Cogni app, you stay updated on your account’s activities. Needless to say, you are alerted of potential fraud all days and times of the week.

256-bit Encryption

To ensure your account’s safety and security, Cogni uses 256-bit encryption.

FDIC Insured

Of course, to complete the amazing features offered by Cogni, they are FDIC-insured as well, which means all Cogni checking accounts are protected for up to $250,000.

WHERE TO USE COGNI?

As we have mentioned in the previous sections, Cogni is just new in the market. Thus, it is not surprising if Cogni is only available at the moment to customers in the United States.

But, who knows!? Maybe in a few years’ time, they will eventually expand their coverage and reach other countries as well.

HOW DOES COGNI WORK?

In the last three sections, we talked about what Cogni is all about, its features, and where it’s available for use.

This time in our Cogni review, we’ll talk about how it actually works.

First of all, Cogni is an app-only banking service, which means, you need to download the app to take full advantage of what Cogni has to offer.

Unfortunately, Cogni is currently available only through the App Store, which means iPad and iPhone users may download it to their device free of charge.

Once the Cogni app is downloaded to your Apple device, an identification process is required to be able to open an account. In this process, you will be asked to input basic personal information similar to other apps of the same level or type.

Once done, your account will be made life automatically. Also, your tap to pay Visa card will be sent to you.

Please take note that as soon as your account is approved, which only takes a few minutes, you can immediately use your account with any transaction.

By using the Cogni app, users can perform instant fund transfers to other Cogni accounts. They can also deposit cash into their account through Visa ReadyLink locations, as well as create checks using the digital checkbook service on the app.

What’s nice about Cogni is that you do not necessarily need to wait for your physical card to make transactions. This digital banking platforms offer a virtual card, which you can use in making payments.

Furthermore, you can also create one-off cards for your online shopping.

Once your physical card arrives, you can use it in your in-store transactions as well as in withdrawing cash across all 55,000 Allpoint ATMs.

As you can see, how Cogni works is pretty simple and easy, making your banking experience a total breeze.

WHAT ARE THE BENEFITS OF USING COGNI?

As we always do when reviewing a bank — whether it be a traditional one or in this case, a digital bank — we always see to it to take note of both the pros and cons.

By doing so, we get to help you gauge the compatibility of the bank to you based on your preferences.

So, as usual, Cogni, just like any other banks of the same kind does its share of benefits and downsides as well.

In this section, though, we are going to focus particularly on the good sides of the bank.

Some of the benefits of using Cogni that we found are as follows:

  • Trusted By Large-Scale Businesses – Cogni may be a start-up, but, with the considerable amount of support it is getting especially from big companies, it only goes to show that it is a financial institution that can be trusted with your hard-earned money.
  • Zero Fees – One of the best parts of being a Cogni account holder is that you get to free yourself up from paying fees and charges, which is honestly financially exhausting sometimes. With Cogni, you do not have to worry about cash withdrawals and transfer fees, and other usual fees charged by digital banks.
  • Physical Checks – While some digital banking platforms have totally forgone traditional checks, Cogni believes that there are still transactions that require a physical check, thus, you can request one if you need it.
  • Visa Card – While Cogni allows you to make online transactions regardless of the availability of the card, it does provide a Visa debit card as well. This allows you to make in-store transactions as well as withdraw money from Allpoint ATMs.
  • Direct Deposit – Cogni supports direct deposit allowing you to receive your salary through it by simply sharing your account information as well as routing number to your employer.
  • Visa ReadyLink Deposits – Unlike other digital banks out there, Cogni allows its users to deposit cash through Visa ReadyLink locations worldwide. Needless to say, funds are credited in as little as 30 minutes
  • Person-to-Person Payment Apps Compatibility – Another thing to like about Cogni is that it is compatible with person-to-person payment apps, which include Apple Pay, Google Pay, and Samsung Pay.
  • Customized Alerts – With the Cogni app, you can customize alerts based on your needs and preferences.
  • 256-bit Encryption – With its 256-bit encryption, users are ensured of enterprise-level banking protection.
  • FDIC-Insured – All Cogni checking account holders are protected because Cogni is FDIC-insured, which means all accounts are covered for up to $250,000 in the event that the bank fails.

WHAT ARE THE DOWNSIDES OF USING COGNI?

There is no such thing as a perfect bank, all the more with digital banks.

While Cogni has several features that we like, we also found a few downsides, and these are:

  • Limited to the US – Unfortunately, Cogni is only available in the United States. Although, for sure they have expansion plans in the future. For now, though, interested customers from other parts of the world will have to wait.
  • Incomplete Website – Cogni is very new, so, we thought it’s very understandable that there are still things being worked out. One example is their website, which while already running is still incomplete.

Overall, we have to say that the downsides are related to the bank’s very new status. Remember that Cogni was just launched early this year. So, probably, it’s best to check it out again in the next few months.

IS COGNI SAFE?

Of course, this Corgni review will not be complete if we not going to answer one of the most important questions – is it safe to use Cogni?

Well, the answer to that is yes, Cogni is safe for two very evident reasons:

First, Cogni, as we have mentioned earlier uses 256-bit encryption, which, according to Techpedia is “a data/file encryption technique that uses a 256-bit key to encrypt and decrypt data or files“. This is one of the most secure encryption methods out there and is mostly used by digital banks to keep all their members’ accounts secured and safe.

Second, Cogni is safe because it is insured under the Federal Deposit Insurance Corporation (FDIC). As you know by now, all FDIC insured account under Cogni is protected for up to $250,000 should an unfortunate thing happens to the bank.

With these two in place, account holders are ensured that their money and their personal information are protected, safe, and secured.

FINAL THOUGHTS ON COGNI REVIEW

Cogni is a digital banking service based in the United States that was designed to offer a people-driven service.

While it has a lot of good features, we particularly like the fact that it provides a bank-level service sans additional costs or fees.

Similar to other banks of the same level, Cogni offers effective, flexible, as well as very convenient payment and fund transfer options.

Are you looking for a reliable digital banking partner that is free of commonly-charged fees? If your answer is yes, then perhaps Cogni is the one you are looking for.

We hope that through this Cogni review we were able to convince you that this digital banking platform is worth a try.