Umbrella Bank

[twins0203]

Anyone had any experience w/ them? Good, bad, great?

They have great rates so I'm thinking about parking my money there for time being and just wanted some opinions on them.

Thank you!

[Ima saver]

Never heard of them

[twins0203]

Oops, forgot the link http://www.umbrellabank.com

They have 4.4% on Money Market Accounts which is .4% higher than my current Capital One acct

[twins0203]

Just an update for anyone that is interested.

Opening an account with them was very easy and the day after I got it opened they raised their rates to 4.6% on their MMA.

I am very satisfied and will be parking all my money and my borrowed BT money there

[Ima saver]

Great, I have been looking around for some place to put about $50,000, I am only getting 3.6 on it. Can I open an account by mail?
They were in the Jan. issue of money magazine but it showed a rate of 4.14%

[twins0203]

What I did is fill in the online application form and just mailed them a check for $1k to get the account open. Then I linked it up to my Capital One acct and just did an ACH push to Umbrella.

I've just requested the free ATM card and the free box of checks, so I'll post here to update how that goes through

[Ima saver]

Thanks for the info. I will call them Tuesday to see if I can open an account over the phone. I am a little nervous about doing things on a computer cause I know nothing about computers.

[Ima saver]

Well I forgot to call, but I did look them up on the computer. I will try tomorrow.

[twins0203]

I was just wondering how that went. Please keep us posted

I got my free checks and information packet today Should get the ATM card tomorrow.

[Ima saver]

I called, but you can only fill out an application on line. I am real new to computers. I have a printer but don't know how to use it or even have any paper in it.
I am sad that they won't take my application by mail. I guess they don't want my $50,000. How do you make withdrawals if you can only do it online?? At least ING will do it by mail.

[twins0203]

For withdrawals you could either initiate an ACH from another online bank, or just write a check out to yourself from your UmbrellaBank account.

[Ima saver]

Thanks twins, I did not think of that. I forgot that this is a money market and I will get checks to write on. But if they can mail me checks, why can't they mail me an application. Sorry, but what is an ACh? You are talking to someone who does not even know how to use an ATM.

[BTC]

Originally Posted by Ima saver

I called, but you can only fill out an application on line. I am real new to computers. I have a printer but don't know how to use it or even have any paper in it.
I am sad that they won't take my application by mail. I guess they don't want my $50,000. How do you make withdrawals if you can only do it online?? At least ING will do it by mail.

One reason banks are able to offer these rates is due to the fact that the internet allows them to eliminate various expenses associated with doing business in a more traditional sense. They don't need as many customer service reps, don't need as many physical locations, don't need as many pens or as much paper etc. That's why ING Direct "fires" customers that require a lot of personal attention. They cost too much.

Sounds like you have a choice to make. Things certainly aren't going to become any less computercentric. Using a computer isn't difficult, but it's probably intimidating for a lot of first time users. Maybe it's like riding a bike for the first time. You certainly don't seem to have problems utilizing this site. If it would make you more comfortable, is there anyone that could assist you? If not, books, training etc. is available. Good Luck.

[Ima saver]

No, I have no family and my husband does not know the first thing about computers.I understand why the banks do this, but ING did let me open an account by mail. How much time could it take to mail me an application?

[BTC]

Originally Posted by Ima saver

No, I have no family and my husband does not know the first thing about computers.I understand why the banks do this, but ING did let me open an account by mail. How much time could it take to mail me an application?

I can't answer your question, but I'm sure Umbrella Bank knows exactly how long it would take and exactly how much it would cost.

I would be glad to try and answer any computer related questions you might have.

[Ima saver]

Thank you.

[twins0203]

Now up to 5.1% APY on their Money Market acct.

[sweeps]

Minimum balance $1000.

How fast are their ACH transfers?

[twins0203]

I honestly cannot remember. I usually just set it up to transfer and forget about it. Next time I do a transfer though, I will watch and see how quick it is.