Extremely Pickier Than Your Typical Reward Checking Account Bank

Even though I did not open accounts with VP (i.e., Very Picky) Bank, I heard so many horror stories about them; from application to deposit, and to account cycle.  Yes, all seem to discourage the most brave applicants and to take advantage of the most prudent customers. 

The only (four) suggestions I have are: (1) Do not go near them (not to apply even if their rate is 6%); not worth the aggravation.  (2) For (unfortunate?) account holders, do not use billpay for major deposit, but use ACH hub (e.g., Ally/Alliant; with no silly human issues/check hold), (3) Watch every step like a hawk from interest effective date to monthly debit/ACH/paperless requirements, and (4) Drop them like a bad old habit the moment the interest/labor trade proves questionable.   

Cheers. 

Thanks starlight for a very detailed review.

Regarding potential gotchas, please review this ViewPoint reward checking gotcha.

I also had some difficulty with Viewpoint. My husband is disabled and had a state ID rather than a drivers license, he could not be on the account so he is on as beneficiary.  I opened the account with a 2 small checks, one for $100 and one for $1000 and then sent in the large check at a later time. The $100 was available immediately, the $1,000 check was available in a day or two. A 2-3 week hold was put on the third check when I sent that. But then I had a 3-4 week hold on a cashier check made from one local credit union to another 20 miles from one another in the state where I live. As long as I was getting interest that was OK with me. Same with Viewpoint. They posted the interest even though the hold was on the account. I did get my checks and debit card much quicker and doing the debits was not required during the first month and interest was posted for the first 2 months even though the requirements were not met. I think that with all banks and credit unions we have to understand their policies. We must also ask our questions correctly. Did you ask how long the hold would be or did you say-- I am sending a $50,000 personal check. When will I be able to use those funds? There are different requirements for holds on local and non local checks, for personal and non personal checks, for goverment, payroll  and  cashier checks. On the example above with the cashier check the law is or was the first $5000 must be available the next business day. Mine was not. I did not pursue the matter at my local credit union because I did not intend to use those funds. If I had intended to use the funds I would have asked their reasoning and if not satisfied would have notified NCUA who has been most responsive with other issues I have had with credit unions. I am not sure if your checks and debit card were not ordered sooner because you did not request them or because the person did not ask you or you did not fill out the request for them. I did request mine from Viewpoiont and asked when to expect them because we have had trouble with someone taking mail from our mailbox. The CSR told me when to watch for them and I marked it on the calender. We have a 700 foot winding  driveway and our mail is not always delivered at the same time of day and we are not always home and have had a lot of mail disapper. Viewpoint should have asked you if you wanted checks and the type of checks you wanted. One thing that did disappoint me was that I was not able to choose my own pin number. Checks and debit cards are not automatically ordered with any account. Either they or you should ask about them. So sorry you had problems with them and maybe someone will send your comment to them by email to address your concerns. They also have a very responsive live chat line. I have been a customer with them for a few months now and have had no issues except my husband was not able to be on the the account but then not a big issue because I have a power of attorney so someone will have access to my account if I am incapacitated. I, like others am disappointed on the reduction on funds for the 4% interest. But we must understand interest rates on checking and savings are not fixed and that is why we purchase CD's.

I went to another local credit union with my sister last week when the CSR tried to tell her that when interest rates  on CD's go down the interest rate on all her CD's would also go down. This person worked there for 7 years. This, as well as other things she told my sister were way out of line. I asked to speak to her supervisor and we all had a very frank discussion. Also had a CRS at another credit union tell me last week that if I did the CD I wanted to do it would not be insured when the insurance dropped down to $100,000 in 2013. First I had a lot of IRA's under my member number and this was not an issue. He insisted that all funds under one member number are added together including IRA's and would be insured only to $100,000 at the end of 2013. When I asked to speak to someone else that person said all funds under one social security number are added together for insurance. This kind of information is totally incorrect. But the worst thing is that they refused to call the 800 number to speak with NCUA or to check out the NCUA website. I called the NCUA when I got home and the  Albany branch that oversees this area notified the credit union.

If you think ViewPoint is bad, just try EverBank, then you would think ViewPoint is the best bank on earth.