REPUBLIC BANK Of Chicago. Anybody Have Experience With Them?

TBT | Aug 9, 2023 | 168 posts since 2018

In particular, I'd like to know if I can open a money market account with Republic Bank and NOT have a problem withdrawing $100K of my cash weeks or months later. I always do withdrawals with a PULL coming from an external bank link, and not try to push out. (ie; in my experience with 11 online banks, PULLS will always avoid the problems that pushing funds poses)

Republic is a small bank with a tiny work-force and a small $2 Billion worth. They are covered by FDIC. There are a few banks reported in the feedback comments that stop cash PULLS too. It scares the heck out of me to think I could spend hours or weeks trying to get my cash out, jumping through all kinds of hoops made by the bank in the guise of "security".

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Answers

midas89 | Aug 9, 2023 | 996 posts since 2017

TBT, a rep told me the same info a rep told Ken: "Republic Bank places no limits on ACH transfers initiated by an external financial institution."
I know you're hoping someone here has actually done a very high amount pull from their externally-linked account, where they can confirm there truly would be no problem.

My guess is that there wouldn't be, and hopefully someone here can confirm they successfully did it.

TBT | Aug 10, 2023 | 168 posts since 2018

Midas, you are an asset to this website. Your input is usually informative as well as very helpful. If not for your participation on these forums and in the individual bank feedbacks, many of our questions or concerns would not be addressed and end up going unanswered. It's also very helpful that you take the time to detail and clarify what you are saying so there is no confusion. Thanks.

midas89 | Aug 10, 2023 | 996 posts since 2017

You're quite welcome, TBT. I appreciate your kind words.

Bank you very much,

midas89

Ally6770 | Aug 11, 2023 | 4,292 posts since 2010

When you make a pull it is your responsibility, when they have to transfer out not only do they have to make sure it is actually YOU that is doing it but also it is not a scam.

payitforward | Aug 13, 2023 | 46 posts since 2016

I was in the middle of an application for the Digital Money Market account. In the Personal Account Disclosure, I noticed a clause regarding new accounts, which caused me to reconsider. My objective is to park funds in the DMM. If a great deal on a CD appears, 9 business days is a long time for funds to be unavailable. Here's the text:

SPECIAL RULES FOR NEW ACCOUNTS
If you are a new customer, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available by the ninth business day after the day of your deposit.

payitforward | Aug 19, 2023 | 46 posts since 2016

Huge Concern! First, has anyone been able to wire funds out of their DMM account, any account for that matter? I had a discussion with a senior CSR earlier in the week before opening and funding a DMM account. Mentioned to him that I plan to open and wire funds into the DMM, then wire part of the monies to lock in a CD at an external FI. He replied that funds from the DMM will be available the next day, perhaps even the same day. Well, I funded the DMM today. Subsequently, I followed up with a call to start the process to wire funds on Monday to an external FI. Was told, it is not possible because all wire transfers must be initiated in person at a branch. I asked to speak with the CSR that I spoke with previously, but was told he is not in the office today, but it wouldn't make a difference. When I requested a supervisor, I was placed on hold. The rep came back and informed me that the supervisor confirmed that no wires are processed over the phone or online. This can't be true.

Why would this bank market a DMM account to all states except Illinois, Indiana, Michigan, and Wisconsin, then require in-person request of a wire transfer? I will call again to reach the senior CSR. By the way, I was told by the same fellow, that there are no limits when an ACH is initiated by an external FI. (I'm also posting this on the Community Forum.)

JVW | Aug 13, 2023 | 83 posts since 2018

I have been with them for a year and they are quite good to deal with. Always a real person on the phone. Very flexible moving money in and out. They no longer waive wire charges, unfortunately. As you likely know, finally raised money market recently to 5.21% after lagging at 4.75% for a few months.

JeffinEasternFL | Aug 13, 2023 | 744 posts since 2020

Go to MBoI, that's the best service, policy and easy bank I've dealt with for large sums in/out and parking money that is truly LIQUID. The Money Market Checking account is perfect for me, always near the top rate in up and down rate environments too! Unlimited external ACH access and you can even write (free) checks! Deposits posted promptly! Phones answered locally and fast, secure messages returned in just hours, not days. Plus, PHYSICAL brick and mortar branches (a must in my world of my money. (Just in case I gotta see someone, sometime face to face!)

Ally6770 | Aug 13, 2023 | 4,292 posts since 2010

Embold if that is who you meant is quite small. When I put MBol in the search box Embold comes up. And yr over yr. their assets, deposits, and equity capitol decreased while their unbacked non current loans increased and yet the last quarter that we have information on they put 0 in for their loan loss allowance.
Ken gives us the search box to check the information where we put our money.

MY2CENTSWORTH | Aug 13, 2023 | 436 posts since 2016

Ally6770, Jeffin EasternFL is referring to Merchants Bank of Indiana. He has mentioned it often and I had to write him once and ask him something about them. https://www.depositaccounts.com/banks/merchants-bank-of-indiana.html

midas89 | Aug 13, 2023 | 996 posts since 2017

@Ally6770 To search for MBoI, you need to type Merchants Bank of Indiana. MBoI is in no way related to Embold.

JeffinEasternFL | Aug 13, 2023 | 744 posts since 2020

No... Merchants Bank of Indiana (MBoI)

Ally6770 | Aug 13, 2023 | 4,292 posts since 2010

Thank you. I just didn't want anyone to get into a bank they had not looked up. I appreciate it very much and I bet other do also after what I wrote.

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