Why Are These Banks SO DIFFICULT To Do Business With?

RJM | Apr 9, 2018 | 499 posts since 2011

I am quickly realizing that All American bank and Popular Direct are too hard to deal with and I will be closing them soon. Or lowering my balance to a negligible amount.

I feel its important to vote with our feet in moving money to the highest rate. But, its frustrating as can be.

I cant get my money out of AA except by billpay or small transactions or checks.

I cant send checks to Popular and they only allow 1 freaking linked bank and you cant change the linked bank for 60 days. Calling their 800# is a nightmare unless you have your account number tattooed to your wrist. In fact, I had to call them to get my account number. They dont deem it important to list online.

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Even doing a POD at Nasa is extremely difficult. I printed the form and its too small for me to fill out unless I buy a typewriter. And the info NASA asks for is pitiful. I need my beneficiaries drivers license number and date of issue?

I will probably just go without a POD for 10 more months and close out the NASA account too.

This is where someone with $500 in deposits tells me just don''t let the .25-.50% rate difference bother me.

If I only had $500, It wouldn't.

14

Answers

steved | Apr 11, 2018 | 36 posts since 2014

I totally agree. I used to chase rates around too, but a lot of these smaller banks are really nightmares. I finally decided to use Ally as a hub account and for very short term cash. They pay a little less, but they make up for it in competence and customer friendliness.

For larger amounts of near-term cash, I buy T-Bills (less than 1 year to maturity) at Schwab. Unless you live in a state with no income tax, the tax equivalent yield is better than almost all savings/money market accounts/CDs.

The advantage of this system is I get the highest possible rates (depending on tax situation) while only needing to deal with two institutions, both of which have great service.

5

RJM | Apr 11, 2018 | 499 posts since 2011

Ive never bought a t bill and don't have an account at Schwab.

After my initial issues, I should be able to seamlessly move a maturing CD in June to Popular s 2% and after that, change my outside link to Penfed for a CD maturing in July. By then though, there may be other options.

Or maybe Popular will move to the 20th century.

1

TheBombingRange | Apr 10, 2018 | 104 posts since 2017

All American/Redneck make it hard to do transfers out? Do they allow pulling from another bank or only pushing using their interface?

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RJM | Apr 10, 2018 | 499 posts since 2011

Trying to push because I cant pull from Popular. I asked for an exception to their $5000 limit and apparently the only person who could approve it was away for 3 days.

I can pull from Ally but then I would have to transfer it to the credit union I initiated to fund the Popular account.
I did that yesterday in frustration and lost a days interest.

As a side note, my availability of my latest deposits still does not show nor does it say when it will be available

1

RJM | Apr 10, 2018 | 499 posts since 2011

I'm trying to pull in, not transfer out. I'm waiting for a bank with friendlier policies and a 2% rate that is not a CD.

4

RJM | Apr 14, 2018 | 499 posts since 2011

I have calmed down a little over their stupid limitations. And I just realized I could do a push from Penfed when my CDs expire on 5/6. For some reason, I did not think I could do a push from penfed.

So, I will probably be adding more money here just because its the highest rate right now.

But, we have until 5/6 to see if any better deals come along.

And, All Americas 1.75% is not enough for anything but a checking account so I guess I will keep the account open just for a checking. (6 transactions is plenty) Wont keep more than $500-1200 at a time in there though.
And now that I have them all set up, their transfers are pretty good. (As long as its not over $4999 or whatever their stupid limit is)

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