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Wednesday, February 13, 2008

The Only Way to Bank is Online, Nickel and Dimed No More

Are you still banking at your local brick and mortar bank? STOP!!! You’re missing out on the opportunity to make 4%+ on your money doing absolutely nothing. While doing my research the online bank I like the most is eTrade.com. One their savings account you get a generous 4.10% and on their checking 3.25%. I plan on going with the checking account because you can make unlimited free deposits and withdrawals. Here’s what I liked the most about eTrade: eTrade.com will reimburse you on the biggest banking crime out there, ATM fees. Bank of America in efforts to raise their falling stock price raised their ATM fees to $3 for non customers. That used to be a the cost of a
whole Extra Value Meal at McDonald's (Not anymore, thanks inflation). eTrade will reimburse you this cost no matter how many withdrawals you make as an outside customer from Bank of America. eTrade will send you free checks and debit card when you open up an account, it’s FDIC insured up to $100,000, and they even have a local eTrade bank here in Seattle! You can treat eTrade bank just like any other bank accept they aren’t ripping off the customer like the majority of national chain banks. I think banks have really lost sight of what being a bank means. The goal of the bank is having a safe place to keep your money and watch it grow. The goal of a bank is not to design elaborate schemes to nickel and dime you until you go broke. I really get worked up about this issue. If there is one thing that pisses me off it’s the way most banks do business. Thank you to outside competition like eTrade. Now do your part send a message to the national banks and switch.

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