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Bank Of Internet's New Fee Schedule; Changes To Online Banking

Thursday, November 11, 2010 - 9:35 AMBank of Internet USA - Details
Bank of Internet USA introduced a new fee schedule effective 12/10/10.

What surprised me was that bank will charge $5 for "ACH - outgoing standard 3-day processing, per item."

Bank also announced it is revamping its website. Following is from an email it sent me:

Bank of Internet USA will soon offer you an Online Banking experience so impactful; you’ll never imagine banking any other way. View your balances, access transaction history, transfer funds between accounts, and much more, all from ONE page.

In ONE click, you’ll access FinanceWorks™, a powerful addition to Online Banking that allows you to view your accounts from over 16,000 financial institutions and creditors, and automatically categorizes your transactions daily – making it effortless to see how much you’re spending on dining, gas, shopping, and more. You can create a monthly budget, and start to make changes that make a difference. This will all be available – FREE of charge!

JMJM7 posts since
Oct 17, 2010
Rep Points: 22
1. Tuesday, November 23, 2010 - 5:51 AM
A reader forwarded me an email he had received from Bank of Internet regarding their online banking upgrade. Here are excerpts:
Bank if Internet USA will soon upgrade our online solutions for Online Banking. The Bank is making this change to ensure we provide you with an Online Banking experience so impactful, you will not be able to imagine banking any other way.
This system upgrade brings the following innovative banking solutions to you - for FREE

One of the items listed was the following:
External Funds Transfer allows you to transfer funds online between financial institutions without writing a check. You can set up automatically recurring transfers between financial institutions and choose the speed of the transfer, whether it is the next business day or three business days, the choice is yours.

The reader asked Bank of Internet about potential charges for this external funds transfer service (often referred to ACH transfer). Here is what he was told:

3-day outgoing from the bank will be $3.00, 1-day outgoing will be $10.00. All incoming to the bank will be free.

It's not free as Bank of Internet implied in the email unless you never intend to withdraw your money.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634