Anybody using PCBANKER.COM or other net only banks?

[Maetryx]

Maetryx here,

I'm going to sign up for a new e-Checking account at PCBANKER.COM. As I started the signup procedure, it asked me this:

Enter your Refer - A - Friend / Invitation number (if applicable):

Does anyone have an existing account and want to get the (assumed) benefit of refering me to that bank?

PCBANKER offers FREE checking, FREE online bill pay, FREE ATM usage, reimbursement of ATM fees imposed by other banks, 1.50% interest... $100 initial deposit required. Some of the FREE stuff is for accounts with a minimum $1000 balance.

OTOH, does someone have some weird horror story about that bank?
Does someone like another online bank? Why?

 

[Maetryx]

bump

 

[her209]

Sounds shady.

 

[chiwawa626]

Just goto washington mutual and get their free checking

 

[DaveSimmons]

www.etradebank.com is comparable (though the checking interest is lower) and is a company I've actually heard of.

Before handing them your money I'd do some googling to see whether they're for real or fly-by-night.

 

[Maetryx]

I found out about PCBANKER by reading the Andrew Tobias website. The particular articles are here and here.

In those articles were:
PCBANKER
Bank of America
First Internet Bank of Indiana
Netbank
PayTrust
Yahoo! Bill Pay
Waterhouse Bank
WellsFargo Bank
Patelco

Anyway, I have WellsFargo right now, and the fees are way too high. I was looking for a bank with more free services, and from what I read at Andrew Tobias' website, I thought PCBANKER looked the free-est. However, I still need to check on the Waterhouse Bank because I missed that one the first time I read those articles.

Bank of America has no branches or ATMs in Alaska, so I don't like that one very much. PayTrust and Yahoo! Bill Pay aren't any better, because they are for paying bills and have no ATM features at all. Netbank has been around longer than PCBANKER, but PCBANKER has higher interest and reimburses ATM fees. Patelco is a credit union and I don't know if I qualify to use it.

Anyway, anyone that wants to add their recommendations or knowledge of the above institutions would be very appreciated.

 

[Maetryx]

Oooooo! I just noticed that First Internet Bank of Indiana also reimburses ATM fees, has a minimum balance of only $500 to avoid monthly checking fees, AND offers lines of unsecured credit (no fee). I like those lines of credits as a backup to my checking accounts. This looks promising.

 

[Maetryx]

Ah ha! PCBANKER.COM also has lines of credit! However, First Internet Bank of Indiana's line of credit is at Prime + 2.0%, and PCBANKER is at Prime + 3.5%.

I think that the First Internet Bank of Indiana is a better value. The only feature where PCBANKER comes out ahead is the interest rate on the checking account, as far as I can tell. PCBANKER offers 1.5%, and First IB is at 1.06%. Nevertheless, I typically keep a low balance in checking, so the interest rate doesn't mean much to me.

 

[Maetryx]

Yaaarrrg! First Internet Bank of Indiana also has a 7.0% floor to their Prime + 2.0%... which means that their credit line is at 7.0% and PCBANKER.COM has a credit line at 7.25%. So the difference is pretty much trivial.

Still can't decide which one is better... but FirstIB still has the edge due to their $500 balance to avoid fees vs. $1000 for PCBANKER