topic Re: Tab Bank in Personal Finance

Tab Bank

ScoreSizzle — Sat, 26 Oct 2019 01:20:12 GMT

Who uses them and do you like them?

Thinking about throwing some money at their high yield savings.

Talk to me.

Re: Tab Bank

ScoreSizzle — Mon, 28 Oct 2019 21:42:18 GMT

Nobody?

Was it my 90s verbage with the "talk to me" that made nobody wanna respond or was it that noone has a TAB Bank account?

Re: Tab Bank

Anonymous — Tue, 29 Oct 2019 00:59:30 GMT

I just applied for their high yield checking and also a savings account. Am waiting for approval. (I got "approved" online, but the customer service guy said that actually I have to wait for their new accounts dept to approve me for real!)

I'm expecting some funds to come in (within a year, I believe) and would like some of it to be in a high-interest account such as this. I thought I'd get a head start on figuring out how TAB bank works. It sounds like they want you to do more than the bare minimum of fifteen $5 debits a month to qualify. They want you to use the checking account as your main account and use it frequently. I wasn't prepared for this when I signed up, but if the interest hovers at 4.0% for a while, I'll make the effort!

Edit: I should add that while my credit isn't so great right now, my Chex systems should be pretty clean. I have opened a few checking accounts in the last 12 months, though. (I think three.) I don't think this will be a problem...but we shall see!

Re: Tab Bank

ScoreSizzle — Thu, 31 Oct 2019 16:31:40 GMT

Ah! So they run your credit. Mine is frozen. Bummer.

Thank you for the reply! Greatly appreciated!

Re: Tab Bank

AverageJoesCredit — Thu, 31 Oct 2019 16:41:25 GMT

I was going to reply but all i had was my humor ( you know...only one running a Tab Bank is Marty McFly )

Re: Tab Bank

ScoreSizzle — Thu, 31 Oct 2019 16:44:40 GMT

LOL! Great scene!

"Gimme a Pepsi Free."

Re: Tab Bank

Anonymous — Fri, 01 Nov 2019 00:21:16 GMT

@ScoreSizzle wrote:
Ah! So they run your credit. Mine is frozen. Bummer.

Thank you for the reply! Greatly appreciated!

No, there's a misunderstanding! I didn't get a hard pull anywhere. I assume they took a peek at my Chexsystem report, but I got no alerts of any kind.

I got an email the next day saying that my account was "approved" for real. I like the interface online and there's also an app that seems okay.

The first thing I did was set up external transfers with some of my other bank accounts. (The kind where they send out a few small amounts to the bank and then take them back, and you "verify" the bank by listing the exact amount of the two transfers.) But right away I got emails saying that they'll only allow transfers OUT (out of Tab bank to my other bank accounts) for 90 days! Just to make sure I'm on the up and up! Also, they'll only allow a total of $3000 in or out to the accounts each day. That limit will not a problem I'll be having for a while, LOL.

I've already verified all the external accounts but it's going to be a pain to deposit money into Tab. I'm waiting for one of my other accounts (Unify Credit Union) to "verify" Tab bank and then I can transfer money via Unify. I also used Tab's app to deposit a check, which was "approved" overnight but I have a feeling they're going to hold the check for a while before actually posting it.

Now I'm waiting for my debit card to arrive.

So far, so good! I'll keep you posted!

AverageJoe, I can always count on you to have something clever to offer!

Re: Tab Bank

AverageJoesCredit — Fri, 01 Nov 2019 02:28:27 GMT

Hey Pal if you wanna Pepsi you gotta pay!

- #NeverRebootB2F!
# MJFLegacy!

Re: Tab Bank

ScoreSizzle — Fri, 01 Nov 2019 18:02:34 GMT

@Anonymous wrote:
@ScoreSizzle wrote:
Ah! So they run your credit. Mine is frozen. Bummer.

Thank you for the reply! Greatly appreciated!
No, there's a misunderstanding! I didn't get a hard pull anywhere. I assume they took a peek at my Chexsystem report, but I got no alerts of any kind.

I got an email the next day saying that my account was "approved" for real. I like the interface online and there's also an app that seems okay.

The first thing I did was set up external transfers with some of my other bank accounts. (The kind where they send out a few small amounts to the bank and then take them back, and you "verify" the bank by listing the exact amount of the two transfers.) But right away I got emails saying that they'll only allow transfers OUT (out of Tab bank to my other bank accounts) for 90 days! Just to make sure I'm on the up and up! Also, they'll only allow a total of $3000 in or out to the accounts each day. That limit will not a problem I'll be having for a while, LOL.

I've already verified all the external accounts but it's going to be a pain to deposit money into Tab. I'm waiting for one of my other accounts (Unify Credit Union) to "verify" Tab bank and then I can transfer money via Unify. I also used Tab's app to deposit a check, which was "approved" overnight but I have a feeling they're going to hold the check for a while before actually posting it.

Now I'm waiting for my debit card to arrive.

So far, so good! I'll keep you posted!

AverageJoe, I can always count on you to have something clever to offer!

I didn't get an email at all... I wonder why. I guess I will have to call and see what's up becuase my credit is good with no marks on it, only a couple of HPs.

Re: Tab Bank

Aim_High — Fri, 01 Nov 2019 20:49:24 GMT

Maybe you didn't get a reply because when you

say "Tab" us old-timers just think of this ...

Lol

I have no info or perspective personally.

"Deposit Accounts" is a website with information on banks - and reviews.

It looks sketchy to me. Some awful reviews and comments.

In general, poor IT functionality and poor customer service.

https://www.depositaccounts.com/banks/reviews/tab-bank.html

5 star	(3)
4 star	(4)
3 star	(3)
2 star	(2)
1 star	(9)

Better Business Bureau says they are not accredited with BBB

... and they have 2 complaints.

Doctor-of-Credit says, "Given the restrictive debit card language,

I think Orion is actually still a better option for most people."

https://www.doctorofcredit.com/tab-bank-4-apy-on-balances-up-to-50000-direct-deposit-not-required/

Bankrate.com says, "Started in 1998, Transportation Alliance Bank, Inc. d/b/a TAB Bank is an FDIC-insured bank headquartered in Ogden, UT. The bank holds equity of $95.4 million on assets of $749.4 million, according to December 31, 2017, regulatory filings."

Re: Tab Bank

Anonymous — Sat, 02 Nov 2019 07:57:01 GMT

Thanks, Aim_High, for the warning! Well, this has dampened my hopes for this bank, but I'm already "in," so I'll wait it out and see what happens. I don't have a lot of money right now so I'll do what I can with what I have (which isn't much) and if they boot me off, so be it! I didn't have any problems really getting set up (so far) and the app seems okay (so far). I guess I'm being the guinea pig for the rest of us now!

Edit: I remember TAB; I love TAB! It was my go-to drink for a long time!

Re: Tab Bank

Aim_High — Sun, 03 Nov 2019 02:32:19 GMT

@Anonymous wrote:
Thanks, Aim_High, for the warning!
I guess I'm being the guinea pig for the rest of us now!
Edit: I remember TAB; I love TAB! It was my go-to drink for a long time!

You’re welcome! Yes please do report back for the community with your experience.

Glad I brought back memories. Dating us both, my Mom used to love that stuff when it first came out lol 😜

Re: Tab Bank

ScoreSizzle — Sun, 10 Nov 2019 02:08:25 GMT

Finally got an email from them. Haven't had time to set it up.

Re: Tab Bank

joltdude — Sun, 10 Nov 2019 03:57:29 GMT

Tab Bank is known for dealing with the trucking industry.... they even finance equipment and rigs.... and know how to deal with things like comcheks and invoice factoring....and have things like 24/7 phone support and most accounts have fee free atms and such..

-J

Re: Tab Bank

ScoreSizzle — Sun, 10 Nov 2019 17:24:01 GMT

@joltdude wrote:
Tab Bank is known for dealing with the trucking industry.... they even finance equipment and rigs.... and know how to deal with things like comcheks and invoice factoring....and have things like 24/7 phone support and most accounts have fee free atms and such..

-J

E-Trade has the samet hing with the ATMs. Always a plus when you're in the middle of nowhere and don't want to the the $4.50 fee.

Thank you for the info.

Re: Tab Bank

Anonymous — Thu, 19 Dec 2019 01:23:59 GMT

I thought I'd do an update on my experience with Tab Bank... @ScoreSizzle I'm tagging you so you can give feedback with any experience you have.

A few weeks ago I noticed I was double-charged for a simple fast food debit. I called TaB bank's support number. Had a lot of trouble getting anywhere because they kept on saying my PIN was wrong. I know it's not wrong. I had recently used it at an ATM. I finally was able to talk to customer service (this was on the weekend so many of the regular numbers were not working). The woman I talked to was not rude or anything, but she sounded like she was a teenager from the Valley. "Uh yeah, we've noticed a lot of double charges lately, they should be fixed by Monday." About the PIN being "incorrect." "Uh yeah, our techs have been getting a lot of complaints about that..."

This just destroyed my trust. I don't think TaB bank is shady, and sure enough, by Monday the double charge on my debit was gone. (I don't know if my PIN is recognized yet.) But the whole experience seemed off to me.

I don't intend to close my account anytime soon. (I just opened it!) But I'm not going to be using it much for a while. As of now, it's doubtful that I'd put a lot of money into the checking account at least.

Re: Tab Bank

Aim_High — Thu, 19 Dec 2019 01:35:12 GMT

Like, Fer Sherr that's totally not my department ...

Lol ... Maybe they should be Valley Bank instead of Tab Bank

I wouldn't trust them with real money either.

Re: Tab Bank

Anonymous — Thu, 19 Dec 2019 01:42:11 GMT

LOL! I'm actually from the Valley myself (it takes one to know one! ) but I know I wouldn't be good at banking customer service!

I almost wonder if she was a relation to a boss and was filling in during the weekend. What bothered me more than the double charge (which did go away, as promised) was her lackadaisical reaction to the PIN not working.

Re: Tab Bank

Aim_High — Thu, 19 Dec 2019 01:52:48 GMT

@Anonymous wrote:
LOL! I'm actually from the Valley myself (it takes one to know one! ) but I know I wouldn't be good at banking customer service!

I almost wonder if she was a relation to a boss and was filling in during the weekend. What bothered me more than the double charge (which did go away, as promised) was her lackadaisical reaction to the PIN not working.

One technical problem ... okay. But two separate ones at the same time? (double charged and pin not working?) Plus lackadaisical customer service? I dunno but I think I'd be finding a new bank over all that. We joke about it but to me, dealing with my money is serious business and not something to be taken lightly.

Re: Tab Bank

Anonymous — Thu, 19 Dec 2019 02:01:49 GMT

You're right. I don't think I'll be using them for anything serious. (I have less than $50 in the accounts now.) I'm just letting the money sit for now. I feel weird closing it so soon after opening it but I cannot fathom trusting thousands upon thousands of dollars with them. And you're right—it was the double-whammy of the double debit AND the PIN not working and the girl says, "Oh yeah..." like it's just one of those things...

I just opened a checking and savings with DCU. I like the high-interest Primary Savings account. When I actually have a larger sum I'll have to find somewhere else to stash it (because DCU's high interest is only for the first $1000) but for now, it'll do! And I like the idea of early direct deposit too. (And maybe their credit cards down the road! )