Comments on: Redneck Bank 3.10% MMA

By: Betty

Betty — Wed, 17 Jun 2009 16:26:16 +0000

I opened my MM account the end of March. They were overwhelmed with new business but I’m a patient person when it comes to getting a higher rate in a solid bank. Has been very good since and the people there were pleasant to work with. I’m pleased that I changed even after they lowered the interest rate.

By: Bill Fleeson

Bill Fleeson — Sun, 10 May 2009 18:20:36 +0000

WORST BANK IN THE WORLD. It took almost 1 mo. to open the acct. and the same welcome letter told me the rate dropped. You can only open with $1000,add $1500 at a time The site is very difficult to use . I never could transfer money in or out to my checking acct. When I called up to cancel I couldn’t do that – I had to E mail them .The only thing that worked well was the cancellation.A check in 3 days!

By: Lucas

Lucas — Tue, 28 Apr 2009 02:39:33 +0000

Yep – I just signed up for the MMA account and found out that the rates they’re advertising on the webpages are false. Along with my welcome email, I received a message that the interest rates are being cut to what Andy is quoting above.
Now the MMA account is lower than my First Internet Bank account. Forget it. I’ll be closing my account.

By: Andy

Andy — Sun, 26 Apr 2009 05:55:28 +0000

Redneck Bank and its two sister banks evantage and AmericaNet Bank announced that they’re cutting the rate of their reward checking accounts from 5.25% to 4.00% APY and their mega money market accounts to 2% starting May 5th.

By: Tony Ellis

Tony Ellis — Fri, 24 Apr 2009 00:29:55 +0000

Just got everything in a usable state. It took much longer than advertised. That wasn’t what bothered me, it was the bait and switch. I’d been with Emigrant for several years and have been watching the rates of others. Although Emigrants rates have dropped off it happened gradually. I’ve never seen a bank drop a rate by that big a percentage.

Tony

By: Bob

Bob — Wed, 22 Apr 2009 23:25:21 +0000

Effective May 5th, the rate changes to 2.00 APY for balances up to 35K, and 1.63 APY for balances over 35K. I will move most of my cash out of Redneck, but keep the account open. I’ll move more there in the future if the rate exceeds that of my other accounts.

By: Carl

Carl — Wed, 22 Apr 2009 16:02:19 +0000

Hey, guys. I opened up an account last month. I received my account info, a welcome letter and my initial deposit confirmation within a couple days. True, the Web site doesn’t appear high tech, but hey, at 3.1% APY, who cares! It’s FDIC-insured, and that’s what counts!

And yes, you must abide by the terms. They clearly state you can only transfer $1,500 at a time. Read the conditions, people!

By: Bob

Bob — Tue, 21 Apr 2009 13:32:58 +0000

I did my first withdrawal, through Capital One’s website, not through Redneck’s website. No problems. So if I do transfers externally, I don’t have any problems moving money into or out of Redneck bank. I’m fine doing it that way.

By: Annette

Annette — Sat, 18 Apr 2009 20:21:29 +0000

F.Y.I. I just canceled my account 3 days ago with the woman who hung up my face and I received my dollar back in the mail in 2 days! !!!!

By: Saban

Saban — Thu, 16 Apr 2009 21:50:48 +0000

The Koozie was good for a laugh. It keeps my pabst blue ribbon cold. I agree with most comments. Very hard to deal with. I had trouble establishing my account, as they had my SSN screwed up, which also affected the PIN, which was the last four of the SSN. I had to call four times (four days) to finally get it fixed. The Cust. service was nice, but I think they got overwhelmed with business because of the rate. Took about two weeks from when I opened the account until I was able to see information on the web. The $1500 limit is frustrating, but I knew that going in. What’s worse is that it averages about five days to transfer money from my local bank to Redneck. I think they need to fire Dave’s nephew as web designer. It scares me on how secure the site is. Looks like a site from the early 90’s. I’ll stick with them for now, but once the rate drops, I’ll move quickly

By: Annette

Annette — Thu, 16 Apr 2009 17:29:58 +0000

Well folks, keep the cards and letters coming. Maybe Red Neck Bank has got wind of their blunders and are cleaning up their act. I talked with them yesterday to close my account that I had just opened but before I did I started asking some questions and the woman ‘hund up on me.” Great customer service……..heads up!

By: ZooMNFinancial

ZooMNFinancial — Wed, 15 Apr 2009 16:05:10 +0000

I got the initial funds (small amount to make sure everything is AOK) in just fine. Now I am trying to transfer in more $ and it times out on me.

By: ESP

ESP — Wed, 15 Apr 2009 13:22:35 +0000

I also just signed up for a mega money market account…it did take about a week for the account to be assigned but so far I have had no problems. Yes, there is a $1500 restriction but you can send a larger amount in the mail if you want to. Perhaps the bank has ironed out the wrinkles now as I have not had any difficulties with them whatsoever.

By: Jack Stone

Jack Stone — Wed, 15 Apr 2009 01:45:46 +0000

Redneck Bank performed everything it said it would when it said it would when I opened two accounts last week. Every trial deposit was posted as expected in five external accounts that are now linked for transfers to Redneck Bank. Like Laura, I read the restrictions ($1500 daily transfer limit, select “Checking” when setting up the account, etc.), was willing to accept the rules and am getting 61% more interest than at GMAC. Maybe Redneck processes are actually screening out the “best and the brightest”…

By: Laura

Laura — Tue, 14 Apr 2009 19:58:36 +0000

I opened an account online at Redneck Bank about a month ago. It was approved in my inital attempt, and everything went smoothly. If you read the web site, it plainly states the $1500 limit – and also says you can contact customer service to request that limit be increased if you so desire. They sent the account #, check card and PIN right away, and even mailed me a koozie! I don’t mean to be critical, but could it be that those of you who are soooooo frustrated about the “rules” didn’t take the time to actually read the info provided on the web site beofre signing up for a mega-market account?

By: Bob

Bob — Sat, 11 Apr 2009 02:34:14 +0000

I sure will. I will attempt to move the interest earned out at the end of the month, but I’ll do it via Capital One. They’ll have to honor the transaction request, as they did when I moved $34K in successfully, while they only allow $1,500 in at a time. I suspect that I’ll have no problems whether its $100 or $35K.

By: Annette

Annette — Fri, 10 Apr 2009 21:43:29 +0000

BOB – Please let us know what it’s like when you go to move your money out of Red Neck Bank……..

By: Annette

Annette — Fri, 10 Apr 2009 21:41:08 +0000

My application at Red Neck Bank was approved April 2, 2009 and it’s now April 10th and no account number. I also didn’t know that you can only deposit or withdraw $1500 a day, thanks Mtnman100. I didn’t see that anywhere! There are to many other reputable banks to do business with so why would anyone want to add this kind of stress to your life. I would hope BankAholic would follow up with this banks tricks and also BankRate.com

By: Bob

Bob — Thu, 09 Apr 2009 16:38:45 +0000

Dave and Mtnman100 experiences are accurate. I had the same problems they had. I got $34K in Redneck this morning, but used Capital One to deposit the funds. At this point, I am fine with them. I will use CapOne to move the money back and forth, and keep $35K there until the rate lowers to where it doesn’t benefit me enough to keep it there. Any additional funds I want to save will go to Capital One or DollarSavingsDirect, which pays 2.01% and 2.05% repectively. Anything over $35K in Redneck’s account pays 1.63%, so I will not be adding any more funds to that account at this point.

By: Dave

Dave — Thu, 09 Apr 2009 15:05:47 +0000

This bank is horrible. As many others, I had to call to get my account number. This website appears to have been built by my 2.5 year old nephew. I cant transfer funds because i keep getting a session expired error. Now I read you can only transfer $1500 per day? What the!? Redneck bank is a big fat dud! I am leaving my money at GMAC.com, FNBODirect.com, and DollarSavingsDirect.com.