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Wednesday, February 1, 2017

Higher Interest & ATM Reimbursement Might Not Be Worth It

From an email I sent to a financial website:

Several months ago I opened an E-one Hybrid account with Salem 5 Direct, the internet side of Salem 5 Cent Bank in Massachusetts. I opened this as a secondary account for direct deposit, since I retired and work LYFT, part time along with Postmates....it has been a disaster, which I finally closed today. As a side note, I opened this after experimenting with a Aspiration account, which I closed after phantom deposits showed up in my account. 
Also, Aspiration STILL does not have an mobile app, instead telling customers to use the Radius app, their parent bank. Odd.

 Both banks offer no-fee and total reimbursement with atm's WORLDWIDE, just like Schwab, but with better interest; 1.10% at Salem5.
The straw, or dollar, that broke the camel's back was yesterday when I wired, for free, $1000.00 from Chase into my E-One account. I checked my Salem5 statement to see that they charged me fifteen dollars for an inbound transfer!  Building up to this was their arcane on-line, as well as telephone, security. Jumping through hoops and over barrels is an understatement, while negotiating the "innards" of their website is far from a streamlined experience.
I made sure to check if they would charge me to close my account and send me a real check. The answer was no.

It's interesting to see a bank operating in the 21st century, that created an internet side, still operates as if it's the Seventies.

I opened an account with Ally, again, a secondary account. Ally uses the Allpoint network as well as reimbursing out of network ATM's.
Allpoint is in Mexico now with "free" atm's, with the exception of a cross border fee and another fee, which amount to 1% more or less.
For the extra few cents (or pesos), I feel it's worth not having all the aggravation of Salem5. 
From my "vast research", I have concluded that Ally Bank is the Southwest Airlines of banking!  
Whew!