Online Banks

On my web site I say that I can find anyone an account regardless of chexsystems. This still holds true. This does not always mean that I can find you a bank or credit union that is local to you. Some people live in certain states where finding a non-chex bank is almost impossible. In these situations, there are still banks that are located in other states that have online banking where they will approve anyone.

Good Points to Online banks:
-These accounts are good when direct deposit is set up. It makes them more convenient.
-Great for those who have an employer that is demanding that you have direct deposit set up.
-Great for those wanting to use bill pay and not having to mail money orders anymore.
-Great for those that want to purchase things online, rent a car, or make reservations (many pre-paid cards are rejected for these things)



Bad Points to Online Banks
-Having to mail in deposits.
-Not being able to speak to a representative in person
-ATM fees

Sometimes the bad points with some banks are able to be avoided. Like EverBank for example, They do not use chexsystems at all and they have deposit taking ATMs all across the US. EverBank provides pre-paid envelopes for mailing in deposits too. EverBank will even reimburse you for up to $6.00 a month in surcharges levied by ATM operators. A downfall to this account that seems to keep many from applying is that there is a $1500.00 minimum deposit to open an account. This balance does NOT have to be maintained but is only needed to open the account. They offer business accounts at EverBank as well.

Other popular ones right now are Fidelity, TAB, and ING Direct. I personally have an account with ING Direct called the Electric Orange account that I love. I have direct deposit set up on the account, and any ALLPOINT ATMs are free. Theses ATMs are all over. The other great thing is that you can send an electric check and use the free bill pay option as well. The only bad thing is that you must have a checking account at another bank before you can open a checking at ING. I generally tell people to open an account at any other bank and then apply for the Electric Orange account. See the email below from a person that has all of these accounts.

Hi Mary!

I can’t tell you how much of a blessing you are! I joined your board (getwisdom) and so far have successfully opened a mySmart Cash account with Fidelity. There is an investment center 15 minutes from my house, which is great. I already had an ING savings account, but by visiting your board I learned that I have a lot more capabilities than I realized with that account, because there is a CAFÉ about 30 minutes away from me. I had never heard of the CAFEs before. I am faxing in a TAB application today as well!

Thank you so very much for all of your assistance and hard work in compiling and keeping current information for all of us, and providing such a valuable online resource as well!


Respectfully,

Tony

For more information on these accounts and other local options that may help you, go to my web site and find out how. Again, I have never had a person that I was not able to help. I have been doing this for more than 7 years and I know which bank works best.