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1. Thursday, June 28, 2012 - 12:12 AM
Yes, they seem to operate rather basically. I'm new to them, so I agree - open a checking at the beginning of the month. Their cycle starts the 1st, and debit requirements must be posted couple business days before end of the month. You can join anytime by opening the minimum share (savings) account for $20 ($10 to open and $10 min. for the share) without opening a checking. Joining the previous month gives time to do the manual paperwork (faxing or mailing), which is pretty basic (1-page) - just don't check off the box for a checking account. (Or put a note emphasizing that.)
They're a bit slow to confirm membership and share acct #, but if your $20 check is on an acct that allows viewing it after posting, you might see the account # they assigned on the back. Then you know you're established. Setting up online is pretty simple (if you're familiar with online banking) once you have the acct #, but of course it can't be given out. They may confirm your membership acceptance, but no details. So you have to wait to be notified the # (or see it on the back of the cleared check).
At the end of the month I mailed a check and letter to arrive the beginning of the next month - requesting a checking acct at that time. Good thing, because there was some confusion, and neither the free checks (50 ct) nor debit card got ordered. Apparently, there's another form to apply for the debit card, which I hadn't received. So they had to email it or can fax. Thus I'm still waiting for the card, and it's already the end of the month. The 1st month grace period waiving requirements was important to handle these glitches, plus experiment with Bill Pay and receiving deposits.
There is an option for External Transfers (link located in Bill Pay), but it's $1.50 per transfer ($8.95 for next day), because they said it's handled by an outside service. The CSR advised using their own free Bill Pay to send $, and having your other bank do the same in reverse (of course, not all do). However, to determine if they send by ach or mail to another of your accounts, you have to click the little link "Try It Now" under "Add A Payee - Individual". If delivery indicates 2 days it's ach, but 5 days is likely mail. It's a little glitchy, so you may have to click out completely before re-trying if it doesn't accept the info at first. Plus, I've yet to see how my receiving bank handles it.
What I found curious is they encourage setting up wire transfer authorizations "in case of a need," so there's a form included in the "Welcome" packet.
All the CSRs with whom I spoke have been pleasant and tried to be helpful. It seems like a smaller, more local, community type place. So I hope it works out (and rates or cap don't drop.)
They're a bit slow to confirm membership and share acct #, but if your $20 check is on an acct that allows viewing it after posting, you might see the account # they assigned on the back. Then you know you're established. Setting up online is pretty simple (if you're familiar with online banking) once you have the acct #, but of course it can't be given out. They may confirm your membership acceptance, but no details. So you have to wait to be notified the # (or see it on the back of the cleared check).
At the end of the month I mailed a check and letter to arrive the beginning of the next month - requesting a checking acct at that time. Good thing, because there was some confusion, and neither the free checks (50 ct) nor debit card got ordered. Apparently, there's another form to apply for the debit card, which I hadn't received. So they had to email it or can fax. Thus I'm still waiting for the card, and it's already the end of the month. The 1st month grace period waiving requirements was important to handle these glitches, plus experiment with Bill Pay and receiving deposits.
There is an option for External Transfers (link located in Bill Pay), but it's $1.50 per transfer ($8.95 for next day), because they said it's handled by an outside service. The CSR advised using their own free Bill Pay to send $, and having your other bank do the same in reverse (of course, not all do). However, to determine if they send by ach or mail to another of your accounts, you have to click the little link "Try It Now" under "Add A Payee - Individual". If delivery indicates 2 days it's ach, but 5 days is likely mail. It's a little glitchy, so you may have to click out completely before re-trying if it doesn't accept the info at first. Plus, I've yet to see how my receiving bank handles it.
What I found curious is they encourage setting up wire transfer authorizations "in case of a need," so there's a form included in the "Welcome" packet.
All the CSRs with whom I spoke have been pleasant and tried to be helpful. It seems like a smaller, more local, community type place. So I hope it works out (and rates or cap don't drop.)
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