I am an online rate shopper and was attracted to the 1.75% in April 2010. I opened the account online and moved $100 in to start. As soon as I was able to login to view my new account, I came across a statement that was available for me to view in the previous statements section of the website. Weird, because I had not had an account with AmericaNet Bank previously... I opened it up, and was very surprised to see another individuals past money market statements. I saw their name, address and balances on the statement and was also able to view the social security number. I immediately sent a 'secure message' to customer service letting them know. I received a response the next day, and was told that the account I saw was a test account, not a real account, that was included in my profile in error and that it had been removed. I logged in again, and the statement was still there. I grew suspicious of the explanation I was given and googled the persons name and address, which I found several entries and confirmed that this was indeed a real person. I sent yet another message letting them know that I could still see the account, and that it appeared to be real. They did not respond after 4 days, and I asked for the account to be closed. Hoping that my own SSN is not out there viewable to someone who would do harm... Stay away.
Dormant account fees only apply if you have neither deposited any money to the account NOR made a withdrawal in 12 months AND the bank has been unable to contact the account owner. The only complaint I have with this bank is that it takes 5-7 business days for withdrawal transfers to an external bank account. So, if you need to cover funds drawn against an external bank account in a hurry, forget it!
I used to be an AmericaNetBank customer for several years. Their yields were great, until last year when everything fell and the yields everywhere are now so low that the only differentiator is customer service. I actually like the people that work CS at ANB, they are friendly, and are AMERICAN (which nowdays is rare in customer service!). However, the big problem is that now there is NO bank to bank transfers. This means that there is no easy way to transfer money in or out of your ANB account. This alone makes the bank account wortheless. Bill pay actually has a CHARGE ($0.50) whereas all other banks I have give bill pay for free. So now, there is no reason why anyone would pick ANB anymore.
I do hope that they raise their rates so that it would make sense to bank with them again, but right now I would stay away : (
I try to log in one day and it says your account is locked, please contact Administrator. But there is no contact information for this Administrator and they still haven't called me, emailed me, or sent me anything in the mail. Luckily, I was able to transfer out all my money using another bank's transfers, but now I have no way of closing it or getting the interest for the final month.
ps. the star rating wouldn't save using Firefox
I just opened a new money market account for $1.00 and was going to transfer in some money from my other bank account but got the following message:
"Regretfully, we are temporarily discontinuing our Bank-to-Bank Transfer service from our current provider. We apologize for any inconvenience this may cause you. We will notify you when our new provider is in place." They go on to say that you should use the "Bill Pay" feature to transfer money in or out, or use a check.
Needless to say, that's quite a shock for an online bank not to have a working online system for transferring money between banks.
I tried opening an online account and they did a $1.00 test withdrawal from my other bank account. I decided to close my new Americanet account even before I used it. They are very unprofessional.
They kept my dollar!
Is that how they make money?
I opened an account with them online, verified the security transactions, but never received an account number. What kind of service is that???
I have the interest checking account and have had no problems. As long as you adhere to the guidelines there should be no problems.