Redneck Bank is the Internet Banking Division of Bank of the Wichitas which is based in Oklahoma
I signed up for Redneck Bank a couple years ago when they were touting the best interest rate. There was a limited window for signing up with them and I was very happy with getting an extra 1/2% higher than anywhere else. Another benefit was having a check card that pulled from my savings account.
I will be cancelling my account with them within the next couple days for a couple of reasons. One major beef I've had with them is the antiquated and non-user friendly website. Honestly, their website is almost unusable. I figured out how to set up a couple recurring transfers and they have faithfully been coming out of my main account. My problem now is that there is no way to cancel these recurring transactions, either on the website or on their customer service. They are not even showing up under future transactions. I asked about just cancelling my account and they said I couldn't as long as there were pending transfers. But I will always have a pending transfer since something comes out every week. Since they can't cancel my transfers and I can't cancel my transfers I don't know how I can even cancel the account.
While initially I was happy with this bank, this has proven frustrating enough to take my business elsewhere.
I fell upon Redneck bank while online and I was hooked. I appreciate a sense of humor.....who says banking cant be fun and still a good bank! I opened a free checking. I received my bankcard and other documents very quickly! God love them, they sent me cute little key chain and cozie. Which might not seem like much but no other bank has ever given me anything for being their customer! I found it to be a sweet little gesture. The best part is that they answer the phone! I mean to say a human being, usually female from my experience with awesome manners and super customer service skills. This bank reminds me of an 'old school' small town bank where everyone knows everyone else. Even though it is online, it feels intimate! I just love this bank and I will do all my banking through them! More power to the little guy!!!
Who can resist the smiling horse on RNB website and checking card? ;-)
It was the reason I opened a RNB reward checking account almost 2 years ago, beside the 4% interest rate. The application process was easy. There was a real person answering your phone call (after 5 rings max). It was a great customer service after getting used to answering machine at other banks hotline.
Unfortunately, RNB limits the balance to $10K, which leave it less interesting to savers.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Redneck Bank had $966,000 in non-current loans and owned real-estate with $11.89 million in equity and loan loss allowances on hand to cover it. This gives Redneck Bank a Texas Ratio of 8.12% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Redneck Bank decreased dramatically from 31.95% as of September 30, 2012 to 8.12% as of September 30, 2013, resulting in a positive change of 74.57%.This indicates that the balance sheet and financial strength for Redneck Bank has improved dramatically in recent periods.
In the past year, Redneck Bank has increased its total deposits by $4.37 million, resulting in 4.21% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Redneck Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Redneck Bank has $124.04 million in assets with $11.89 million in equity, resulting in a capitalization level of 9.59%, which is above average.
|FDIC Certificate #||4198|
|Assets and Liabilities|
|Equity Capital||$10.72 million|
|Loan Loss Allowance||$1.17 million|
|Real Estate Owned||$966,000|
|Historic Data - September 2012|
|Equity Capital||$10.66 million|
|Loan Loss Allowance||$1.23 million|
|Unbacked Noncurrent Loans||$0|
|Real Estate Owned||$1.35 million|
|Profit Margin - Quarterly|
|Net Interest Margin||4.4%|
|Return on Assets||1.77%|
|Return on Equity||20.08%|
|Interest Income||$4.15 million|
Always verify rates and promotions with the bank or credit union. We are not Redneck Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.90%||-||$35k||Mega Money Market Account|
|2.00%||-||$10k||Redneck Rewards Checking|
|0.25%||-||-||Redneck Rewards Checking|
Redneck Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 623 E Street - Snyder, OK 73566