I’m looking into banking options right now as I am getting out of the traditional bank model as the big banks are busy trying to screw over the customer and I have had enough. So I was looking at Credit Unions and such (with nothing I liked in my area) and ran across the Internet Only banks like Ing Direct and Ally. All I am looking for is a good free checking account and both of these banks seem to have that.
So, have any Dopers ever used one of these types of banks? Are they any good? Or am I better off finding a good credit union? Anecdotes are welcome.
I have had an account with ING for years. I originally signed up because they were giving out free cash if you opened an account. No problems, nice customer service, loads of free atm machines to choose from. As far as I know, it’s completely free. I’ve never been charged for anything. I don’t do overdrafts, so I can’t speak for that.
If you’re a vet you can use USAA, which I use. I have to pay the atm fees but I get reimbursed every month. To deposit a check I can mail it in, take it to UPS store, or take a picture of it with my phone.
I’m not a vet, but from their website it says you don’t have to be for the services I am interested in (checking account). That is one of the credit unions I have been looking into for sure. Just exploring my options before I tell Wells Fargo where they can put their “Complete Advantage” account they are planning on changing into a “Complete Disadvantage” account.
I highly recommend USAA. Deposits by mail are in my account within 3 or 4 days, and the check-by-phone-photo is pretty much the coolest thing I’ve ever seen. And sometime in the last couple of years, they opened up most of their products to everyone. I think the only big difference is car insurance, which requires you to be in the military, or be the spouse or descendant of someone who is. My dad was in the Air Force Reserve 40 years ago, so I get everything.
For USAA insurance (their traditional product) and a few of their other products (car purchase program, mortgage and auto lending) you need to have served in the military. Or you need a parent who has served in the military or is a USAA member; USAA touts the motto “earned once, passed down through the generations.” There are people whose grandfathers fought in WWII who have USAA auto insurance and whose parents did not serve.
For their checking accounts you just need to have a pulse and you’re good to go.
USAA is absolutely great, but be aware that some of their nifty banking features may not be available to you. For example, I think you can only deposit a check by scanner or smartphone if you are also eligible for their insurance, which usually means vet (or in my case, former dependent). But call 'em and ask, one of their strengths is customer service. Calling them to work something out is actually rather pleasant, which is something I’ve never encountered anywhere else.
Well, I know my Dad was in the Air Force (didn’t want to be drafted into the Army) and so he is ex-military if it comes to that. Probably only served the minimum time. Don’t know if that will matter much as I am not particularly looking for insurance.
I’ve got a savings account with Ally because their inerest rate was over 1.2 when I opened it. I can easily transfer from my accounts with a brick-and-morter bank. In fact, I even have an automatic weekly transfer. The customer service is fantastic, too…available 24/7. I like it a lot for the convenience and the rates. All that said, I would probably not use them as my primary banker.
Yes, for one. Plus I have a pretty nice rewards program through my primary bank debit and credit cards. And, I’m not sure how deposit to my Ally account other than by either mail or transfer from my primary bank. If ATM deposits are possible, that would be nice.
ETA: Indeed, ATM deposits are not an option with Ally. And if, as according to your OP, all you want is a checking account (or savings) Ally would probably be a good fit.
Yeah, I really should have mentioned that. I think you can qualify if you’re eligible for a loan with them. I have them for checking, saving, life insurance, renters insurance, car insurance, credit card, and car loan.
I’ve never had any issues with them at all. You even get interest on checking.
No foreign transaction fees, they refund ATM fees, and have really good customer service.
You have to sign up for a brokerage account to get it, but I don’t recall any requirement to use it. They are great at that too. They have a bunch of index funds that have ridiculously low expense ratios and no transaction fees.
I’ve recently jumped on the USAA bandwagon and - like just about everyone I’ve talked to - I have thus far absolutely nothing bad to say about them. Opening an account was completely painless, they refund any ATM fees I may incur, and their customer service is absolutely fantastic.
I noticed that both USAA and the Internet Only banks have not only free checking, but interest on their free checking accounts. That is nice.
Here is a question: have any of you experienced a sudden change in the account structure or fees which makes your account quite different from what you originally signed up for? I have had this happen with 2 different banks (Chase and Wells Fargo) and it pissed me off enough to take my business elsewhere. I would like to find something where this is a non-issue.
In my experience, USAA hasn’t done anything bad like that. They have raised rates slightly, and reduced rewards programs, relatively small things like that. Usually it’s accompanied by a very apologetic “we’re terribly sorry but the economy is shit so we’ll have to raise your credit card interest rate from 8% to 10%, starting next year”. I’ve never been caught by a surprise new fee. Never anything like adding a $10/month fee for balances under $1000, as other banks might…
ETA: USAA checking and savings is open to absolutely everyone. But one of the more useful features, Deposit@Home/Deposit@Mobile is more restricted: “eligibility for USAA property and casualty insurance and credit qualification required”.