Choosing an internet bank
#1
Just Joined
Thread Starter
Joined: Feb 2004
Location: UK
Posts: 6
Choosing an internet bank
Hi, this is my first post to the forum. Just starting out on the long road and have been lurking here for a while. Hopefully this won't be a duplicate question...
In the UK I have an account with an internet-only bank. The big advantage is being able to withdraw money from any cash machine without incurring penalties. I'd like to know if there are similar options in the US where money can be withdrawn FOC from a broad range of ATMs (basically something like 'Link' in the UK).
Any other thoughts / recommendations on US bank accounts would be much appreciated.
TIA
In the UK I have an account with an internet-only bank. The big advantage is being able to withdraw money from any cash machine without incurring penalties. I'd like to know if there are similar options in the US where money can be withdrawn FOC from a broad range of ATMs (basically something like 'Link' in the UK).
Any other thoughts / recommendations on US bank accounts would be much appreciated.
TIA
#3
Re: Choosing an internet bank
Originally posted by dawnrazor
Hi, this is my first post to the forum. Just starting out on the long road and have been lurking here for a while. Hopefully this won't be a duplicate question...
In the UK I have an account with an internet-only bank. The big advantage is being able to withdraw money from any cash machine without incurring penalties. I'd like to know if there are similar options in the US where money can be withdrawn FOC from a broad range of ATMs (basically something like 'Link' in the UK).
Any other thoughts / recommendations on US bank accounts would be much appreciated.
TIA
Hi, this is my first post to the forum. Just starting out on the long road and have been lurking here for a while. Hopefully this won't be a duplicate question...
In the UK I have an account with an internet-only bank. The big advantage is being able to withdraw money from any cash machine without incurring penalties. I'd like to know if there are similar options in the US where money can be withdrawn FOC from a broad range of ATMs (basically something like 'Link' in the UK).
Any other thoughts / recommendations on US bank accounts would be much appreciated.
TIA
#4
Re: Choosing an internet bank
Originally posted by dawnrazor
.... Any other thoughts / recommendations on US bank accounts would be much appreciated.
.... Any other thoughts / recommendations on US bank accounts would be much appreciated.
I have also not seen a "full sevice" internent bank advertised here in the US - the closest that I am aware of is ING.com.
Last edited by Pulaski; Feb 29th 2004 at 1:41 pm.
#5
Saw this thread a bit late...
I highly recommend First Internet Bank of Indiana (www.firstib.com) - they're an internet-only bank based in Indianapolis (they are FDIC insured). I've been banking with them for over 3 years, and they've been wonderful! They have excellent customer service and you can do everything through their website. Fees are minimal, off the top of my head there is a $5 charge per month if there is less than $500 in the account. Since they are internet only and don't have their own ATM's they will give you a rebate of up to $6 per month on any ATM charges you pay.
I highly recommend First Internet Bank of Indiana (www.firstib.com) - they're an internet-only bank based in Indianapolis (they are FDIC insured). I've been banking with them for over 3 years, and they've been wonderful! They have excellent customer service and you can do everything through their website. Fees are minimal, off the top of my head there is a $5 charge per month if there is less than $500 in the account. Since they are internet only and don't have their own ATM's they will give you a rebate of up to $6 per month on any ATM charges you pay.
Last edited by saraliz; Mar 16th 2004 at 4:06 am.
#6
Account Closed
Joined: Mar 2004
Posts: 2
Some things that I found out:
You really need an account with a bank in your locality, reminded me of the market when I first opened an account in the UK 30 years ago. I sometimes think that US States operate akin to EU countries. I have heard some banks will not open accounts for non residents. Or without the SSN.
Most, all?, US online services want your Social Security Number. You will no get that until you get here. Same with Insurance as well as Banks.
The interest rates are half what you would get in the UK. Lots of hidden Bank charges on 'free' accounts.
A lot of people I know use Credit Unions, seems similar to the old Building Society format, but you need to have some affiliation usually to join.
One thing I would have looked at in retrospect was to get an account with a US bank in the UK with a Credit Card that could be converted to a US Credit Card. If this is possible. Would have kick started building the Credit Rating here which is a V BIG THING.
I must admit I ignored my other half's comments about her high Credit Rating, but now I know better. I think her Dog has a higher rating than I have. Impacts on all sorts of things.
You really need an account with a bank in your locality, reminded me of the market when I first opened an account in the UK 30 years ago. I sometimes think that US States operate akin to EU countries. I have heard some banks will not open accounts for non residents. Or without the SSN.
Most, all?, US online services want your Social Security Number. You will no get that until you get here. Same with Insurance as well as Banks.
The interest rates are half what you would get in the UK. Lots of hidden Bank charges on 'free' accounts.
A lot of people I know use Credit Unions, seems similar to the old Building Society format, but you need to have some affiliation usually to join.
One thing I would have looked at in retrospect was to get an account with a US bank in the UK with a Credit Card that could be converted to a US Credit Card. If this is possible. Would have kick started building the Credit Rating here which is a V BIG THING.
I must admit I ignored my other half's comments about her high Credit Rating, but now I know better. I think her Dog has a higher rating than I have. Impacts on all sorts of things.
#7
I have an account with HSBC in the UK, and I managed to get a HSBC account over here with relatively little trouble (you can sort this out before you leave the UK). US banks will require a SSN, so I do recommend sorting a bank before you leave. Cash machine fees are not too high, I think HSBC will refund a certain amount each month, and I do all my banking over the Internet and deposit checks by mail - works fine (so far!!)
As for credit cards AMEX were great in transferring my UK card (and membership reward points!) over to a US card, I don't know of any other US/UK bank that offer the same facility.
As for credit cards AMEX were great in transferring my UK card (and membership reward points!) over to a US card, I don't know of any other US/UK bank that offer the same facility.
#8
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
i bank with bank of america - mainly because they seem to be the least 'regional centric' of the institutions out here
where I am there are no citibank or chase etc, only us bank and amsouth
i doubt very much you will be able to get an account that does not screw you for atm charges - over here typically both your bank and the owner of the atm charge you
for example if i use an amsouth atm , b of a and amsouth will both charge me 3$ - total $6 - ouch!
I would go with the bank who has the best saturation in the areas you live and travel regularly in
Also, you don't neccessarily need a SSN to open a bank in the US - I went to Bank of America downtown and they opened one in 30 mins with my passport and birthcerificate
online banking also kicked in a day or so later
where I am there are no citibank or chase etc, only us bank and amsouth
i doubt very much you will be able to get an account that does not screw you for atm charges - over here typically both your bank and the owner of the atm charge you
for example if i use an amsouth atm , b of a and amsouth will both charge me 3$ - total $6 - ouch!
I would go with the bank who has the best saturation in the areas you live and travel regularly in
Also, you don't neccessarily need a SSN to open a bank in the US - I went to Bank of America downtown and they opened one in 30 mins with my passport and birthcerificate
online banking also kicked in a day or so later
#9
Just Joined
Joined: Feb 2004
Posts: 24
Originally posted by BritGuyTN
i bank with bank of america - mainly because they seem to be the least 'regional centric' of the institutions out here
where I am there are no citibank or chase etc, only us bank and amsouth
i doubt very much you will be able to get an account that does not screw you for atm charges - over here typically both your bank and the owner of the atm charge you
for example if i use an amsouth atm , b of a and amsouth will both charge me 3$ - total $6 - ouch!
I would go with the bank who has the best saturation in the areas you live and travel regularly in
Also, you don't neccessarily need a SSN to open a bank in the US - I went to Bank of America downtown and they opened one in 30 mins with my passport and birthcerificate online banking also kicked in a day or so later
i bank with bank of america - mainly because they seem to be the least 'regional centric' of the institutions out here
where I am there are no citibank or chase etc, only us bank and amsouth
i doubt very much you will be able to get an account that does not screw you for atm charges - over here typically both your bank and the owner of the atm charge you
for example if i use an amsouth atm , b of a and amsouth will both charge me 3$ - total $6 - ouch!
I would go with the bank who has the best saturation in the areas you live and travel regularly in
Also, you don't neccessarily need a SSN to open a bank in the US - I went to Bank of America downtown and they opened one in 30 mins with my passport and birthcerificate online banking also kicked in a day or so later
HSBC has good internet options facilities and charges have not been bad so far (over a year), only pay the ATM fee, HSBC do not apply a seperate charge to withdraw cash and so far has been a free account with no hidden extras (min amount needs to be in account for this).