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Redneck Bank

redneck.bank

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Re: Redneck Bank

#11

Post by Meegul »

Cyberdog wrote: post #9
rp00 wrote: post #5

Nice interest rate. Their parent bank https://allamerica.bank/ has branches in Oklahoma and does agricultural financing as well as normal bank stuff. it's a clever way to diversify and get a wider online presence beyond Oklahoma. The fly is a great touch.

According to the fine print, you need to keep a balance of $10,000 to get that 2.25% rate. There have been points in my life when I've had that much money in the bank, but this is not one of them.

"Earn 2.25% APY when you have up to $10,000 in your account. Amounts over $10,000 will earn 0.50% APY." suggests that you get 2.25% on a balance _up to_ $10,000, not that that's the minimum for that rate.

Re: Redneck Bank

#12

Post by function_seven »

Cyberdog wrote: post #9
rp00 wrote: post #5

Nice interest rate. Their parent bank https://allamerica.bank/ has branches in Oklahoma and does agricultural financing as well as normal bank stuff. it's a clever way to diversify and get a wider online presence beyond Oklahoma. The fly is a great touch.

According to the fine print, you need to keep a balance of $10,000 to get that 2.25% rate. There have been points in my life when I've had that much money in the bank, but this is not one of them.

It's the other way around. They only pay the 2.25% on the first $10k in your account. Any balance above that gets a lower rate (0.50%)

Re: Redneck Bank

#14

Post by Cyberdog »

Meegul wrote: post #11
Cyberdog wrote: post #9

Earlier quoted context omitted.

According to the fine print, you need to keep a balance of $10,000 to get that 2.25% rate. There have been points in my life when I've had that much money in the bank, but this is not one of them.

"Earn 2.25% APY when you have up to $10,000 in your account. Amounts over $10,000 will earn 0.50% APY." suggests that you get 2.25% on a balance _up to_ $10,000, not that that's the minimum for that rate.

Ah… You're right. My mistake.

Re: Redneck Bank

#15

Post by jlgaddis »

I'm not really a "redneck" and even though I moved to "town" when I was still knee-high to a grasshopper (and later to "the city" to get myself some learnin's and an edu-ma-cation), I am absolutely a four-wheel truck drivin', Harley-Davidson (1690cc cruiser) ridin', ole country boy (and yes, back in high school my pick-'em-up truck had a shotgun rack in it).

While I'm not sure that I, personally, would choose to do my bankin' down at the "Redneck Bank", you can bet yer ass I've got a bunch of friends and family members who would walk in and sign up right now if they built a local branch in my hometown!

Re: Redneck Bank

#16

Post by basementcat »

walrus01 wrote: post #10

Is this like the bank version of a MVNO?

Sort of, yes. I think they’re owned by the same holding company as Bank of the Wichita’s.

When I applied for a mortgage a few years ago, I was asked to provide some bank statements. The underwriter saw the letterhead from Redneck Bank and told me the underwriting process is no joke and asked for real non photoshopped statements. After some convincing we finally closed a few weeks later.

Re: Redneck Bank

#17

Post by basementcat »

h2odragon wrote: post #3
jessaustin wrote: post #2

I like the animated fly. Then again, if a bank with a website like this did something silly like, uhh, transfer all my money to Nigeria, could I really complain about it with a straight face?

If they're not a real bank they're gonna get reamed for the FDIC logo. Jeff Foxworthy said the essence of "redneck" is a "glorious lack of sophistication." Dunno if thats still the case, but its a marketing vein that might have a drop in it again since he tapped it out back when.

Jeff Foxworthy studied at Georgia Tech and worked at IBM before launching his comedy career.

Re: Redneck Bank

#18

Post by hornbaker »

Love the edginess and design, but taking the user off-site (to the oflows.net domain, whatever that is) for sensitive application forms doesn't build a lot of trust imo.

Re: Redneck Bank

#19

Post by axaxs »

walrus01 wrote: post #10

Is this like the bank version of a MVNO?

Yes, perfect comparison. This is super popular nowadays. Fintech startups like Varo, Sofi, Chime, GreenDot, and I think Simple all use the FDIC of their 'partner' banks. IMO not much risk, all my money is in the first two I mentioned.

Re: Redneck Bank

#20

Post by huac »

rp00 wrote: post #5

Nice interest rate. Their parent bank https://allamerica.bank/ has branches in Oklahoma and does agricultural financing as well as normal bank stuff. it's a clever way to diversify and get a wider online presence beyond Oklahoma. The fly is a great touch.

> To receive rewards from Redneck Rewards personal checking account, participants must: Make 10 Redneck Bank VISA debit card transactions per monthly statement cycle. Please refer to #9 below.

Heh...that's quite a bit, considering the opportunity cost of each debit swipe is 2% cash back from credit.

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