Bumpy Start, Now Better
I was invited to open a Milli account through a special promotion for existing FNBO Direct customers last July. I've had a great experience with FNBO Direct since 2013 so I submitted an application. The application was denied as I "didn't meet Milli's requirements". I emailed Milli and FNBO Direct support and they identified an issue with the pre-approval process and Brody personally helped me open a Milli account. It's been smooth sailing since then. I transfer funds between my FNBO Direct and Milli accounts and have not tried connecting to an outside bank using Milli.
My Experience With Milli Bank
Milli Bank’s accounts are solely accessible through a smartphone app. It currently requires at a minimum an iPhone iOS 15.0 or later, or Android devices OS 8.0 or later. There are no fees and no minimum balance requirements. There is no monthly cap on the number of withdrawals. Funds are FDIC insured through First National Bank of Omaha, FNBO.
Customer Service is carried out either through the in-app chat or email. When I used the chat feature there was never an immediate exchange with a representative. I would leave a message, and anywhere from a half-an-hour to an hour later I’d find a reply. This worked for me because I didn’t need an instant answer. Emails sent after business hours would be responded to the next morning.
The application went quickly, but was puzzling at times. The process involved jumping from the app to the web and back, with minor inaccurate directions. It did not involve asking me questions drawn on personal information from credit reports, nor documents such as a driver’s license or a utility bill to verify my identity. I don’t know, but maybe my identity verification was expedited because previously I had an account with FNBO (the custodian bank) even though it was closed years ago.
With my application approved, I automatically had three separate accounts: savings, spending (a debit card), and jars (“Organize your savings into personalized Jars.”). Checking and check deposits are unavailable.
The savings and jars accounts earn 5.25% interest. The spending account earns absolutely zero interest. The debit card linked to the spending account may be used anywhere Visa is accepted, and it enables you to withdraw, without a fee, cash from any ATM in a network. There is no overdraft protection. If necessary, you can lock your debit card in the app.
Beneficiaries? “We don't limit the number of POD beneficiaries you can designate on your Milli account(s). Upon your passing, the surviving POD beneficiaries will receive an equal share of the remaining funds… Any living person can be a POD beneficiary.”
Mili Bank’s ACH transfer platform is slow. On a Wednesday morning, from my Milli savings account, I scheduled an ACH pull (deposit) from a linked external bank. That sum was deducted from the external bank account on Thursday, and then it disappeared into the netherworld. The money popped up and posted to my Milli account the following Tuesday. Conversely, I ACH pushed money into my Milli account from external banks that arrived the same day, or next. So, I’ll be using the ACH platforms of other banks for speedier deposits and withdrawals of funds with Milli Bank.
If you do use Milli Banks’s sluggish ACH system, here are the limits: “Milli doesn't have any daily limits on the amount of money you can transfer, but it does have limits per single transfer… For transfers from external accounts: all incoming transfers from external bank accounts have a limit of $100,000. For example, if you wanted to add $200,000 to a Milli account, you'd need to complete two $100,000 transfers from your linked account. Outgoing transfers to external bank accounts have a limit of $10,000.”
I Wouldnt Use This For My Life Savings...
Just recently opened an account this month. (09/23) Wanted to do a test and sent over $100. Ive been waiting on this transfer to clear in Milli for 9 days now. They do claim that it can take up to 10 days to complete. Just imagine, a 25k transfer taking that long... Ive elected to go with Wealthfront instead (not promoting) they offer less APY on their accounts, but atleast my money goes in and out without a problem. I will be shutting down my Milli account as soon as my $100 comes through.
Might As Well Buy Bitcoin And Loose Your Digital Wallet
I think it would be better to store your money outside your house in a cardboard box. At least then there is a chance you could have access to it. I opened my account and funded it- I transfer money into it from another checking account. After seeing many issues with customer support I decided that I probably shouldn’t use the bank. I then I tried to transfer my money back into the same account it came from. At which point they restricted my account. Basically couldn’t use the debit card or transfer any money out. They would not respond- I could not speak to anyone. The customer service just kept saying the same thing over with canned response. We may reach out to. No time frame. I couldn’t escalate the issue, I couldn’t call the fraud department and couldn’t call anyone or email anyone else. The insanity is there is literally nothing you can do. You might as well have flushed down the toilet
Sorry, we do not have health information for Milli Bank.