Re: thinking about switching to an online bank.
01-24-2013 11:34 AM
I actually just applied for an Ally Checking and Savings account since it seemed to be a good fit for me. I was told to call and confirm some details and now I'm waiting 3-5 days while my application is reviewed. A bit frustrating as I was ready to make this my direct deposit account. Hopefully I get an answer quickly.
Yes, the process of opening is a drawback of online banking, and the slow availability of deposits for the first 30 days. But the rates generally make up for it!
The availability of funds for new accounts will be the same even if its a brick and mortar bank. However, the processing time to get accounts opened can be delayed due to the banks policy on indentity verification. That being said, I have accounts with Allant ( took 2 days to open needed copies of my DL and a utility bill and I received my packet a week or so later), DCU ( I don't live anywhere near them so it was opened online/mail) and I was a customer of ING ( closed them in November - something about Cap 1). I have had accounts with BofA and WF and swear I will never go back. My deposits post immediately, there are no service fees and my checks are free. What little contact I have had with CS has been professional and more than satisfactory.
I have been an account holder with DCU since 2005 and Alliant since 2012.
Starting Score: 600's
Current Score: Exp Plus 743 04/13; 707 LP Discover 01/13 ; 733 05/13, 693 04/13, 703 03/13, 02/13, 702 TU WalMart 01/13; 702 EX LP 11/12; EQ 699 MyFico 01/13, EQ 699 11/12, CS 714 03/13
Goal Score: 800