I hope they run Red Hat on the back end.
For those who never installed Red Hat in the late '90s and so probably have no idea what I'm talking about, see this [1].
Redneck Bank
21–30 of 47 posts
Re: Redneck Bank
#22Nice 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.
Inflation is 2.3%.
Re: Redneck Bank
#23While I recognize that this is (probably) a real bank, very high on my list of things that I definitely do not want from a banking website is "make me feel like you're not serious".
Re: Redneck Bank
#24Is 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.
Wait, you actually use this bank?
Re: Redneck Bank
#25It's nice when companies don't take themselves too seriously.
This case, it reminds me of a convenience store chain in West Virginia in the 90's that came out with a line of flat potato chips under the brand "Carl's Roadkill Cafe." It was successful enough to spawn companion products like Dust Cutter So-dee-pop.
Re: Redneck Bank
#26Is 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.
So is this a strategy that Apple could use with Goldman Sachs to turn Apple Card into Apple Bank?
Re: Redneck Bank
#27Apparently rednecks have bandwidth and time to burn.
Home page load: * 48 requests * 5.68 / 5.69 MB transferred * Finish: 42.53s * DomContentLoaded: 1.67s
Re: Redneck Bank
#28From someone who actually banks with them (as All America Bank), here are the attractions:
- decent interest rate on savings, used to be 2.5% not that long ago, but now is 1.75%. I don't blame them, I blame the Fed.
- Push/Pull ACH with moderate restrictions and no fees.
- No incoming wire fees.
- No foreign transaction charges (but 75 cent fee for OS ATM useage).
- No fees for the first 10 BillPay transactions, which is full featured. This is fine because you can pay credit cards and the like with ACH.
- Generally low or no fees (but there is an overdraw fee).
- Functional, reasonably snappy online banking without being needlessly complicated.
- You can link someone else's account to yours so it appears like one of your accounts, with instant transfers.
- Reasonable security without being too annoying.
- If you ring them someone in the office will pick up the phone after a few rings, no call center, no stupid pointless IVRs. Sure sometimes they sound really hung over from the night before, but generally they're very nice.
- Online secure messages are responded to promptly and you can do most things on it, none of this "please ring..." nonsense.
- You can fully avoid the "Redneck Bank" marketing identity if you so choose. There is no mention on statements or online banking.
I've been with them for a few years and I have no plans to go elsewhere.
Re: Redneck Bank
#29While I recognize that this is (probably) a real bank, very high on my list of things that I definitely do not want from a banking website is "make me feel like you're not serious".
But ya see, with Redneck Bank, the sheriff's gonna understand if, when they lose yer money, ya just shoot them banker fellers. That tends ta make 'em real serious 'bout what counts in bankin'. Ya know, not losin' peoples' money.
Re: Redneck Bank
#30Nice 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.
The credit union I use has the same 10 transaction requirement to get rewards checking, but it might be a better deal because there's no balance cap on the interest rate (although, the rate isn't as nice), and you can use their rewards visa (credit, 1% back) to make the transactions.
I try to put my low dollar recurring charges on it, cell phone, personal hosting, isp, etc, which gets most of the way, and some out and around small spending gets me over the hump. I'd rather not have to jump through this dumb hoop, but it means less transfers back and forth between checking and saving and less worrying about timing on big payments.