Online Checking Accounts (Simple Bank) vs Traditional Checking Accounts: My Experience

[Anonymous]

Also... I'm literally LMAO at Redneck Bank. I'm so totally looking into this just because of the name.... 

[Gmood1]

Lol the Redneck Bank debit cards are cool!
There are no real issues having multiple bank accounts besides keeping track of them.😂
3 isn't that many. I've at times had 20 or so. With the least used accounts, I have automatic $5 to $15 a month ACH transfers set up. So they'll always be active.

[Anonymous]

Lol the Redneck Bank debit cards are cool!

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I definitely agree. Is that... a DONKEY? Bahaha.

If it weren't for the $500 to open, I'd consider it. That's probably the best interest rate I've ever seen on a checking account. I'm gonna sit tight with my new bank account for a while and just build history, though. That's what I need the most. I think my debit card is FINALLY coming in the mail today (Old National is one of the few banks that still mails its debit cards - most branches create them on the spot for you these days.) 

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[minski]

Very interesting! I had no idea that one could have trouble opening a bank account due to "insufficient banking history". I had a Citibank account for years until a few years ago when I switched to credit unions. And then I opened up a savings account at Bank of America for the extra $5 a quarter with the Bank of America Better Balance Rewards card - and for a local bank for cash deposits. A savings account is considered banking history, right? Just don't want to run into trouble years down the line because of "insufficient banking history".

[Anonymous]

Any closed account will eventually drop off of a CRA report.  That's true whether we are talking about the big three (EQ, TU, EX) who deal with credit cards and loans, or whether we are talking about ChexSystems and EWS (who deal with deposit accounts).  Since your Citi deposit account was closed it will eventually fall off CS and/or EWS.

But yeah, you have an active BOA savings account that certainly counts as history.  Plus you have a CU account.  I think it is nice to have a positive history at both CS and EWS.   You are entitled to a free report at each once every 12 months, so there is no reason anyone should not have some idea what is on each one.

[Anonymous]

The "big three" are easy enough, for sure. However, unless you've spent time scouring scouring forums (as we do), you probably wouldn't know of all the alternatives. Sure, most have heard of ChexSystems, and maybe even Teletrack, but stuff like Clarity and LexisNexis (sp?) are still brand new to me. There are still more, too. 

Yes, we are entitled to free reports, but if you don't know which companies out there have your info, it's hard to make sure you've requested them all.