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my personal experience with mybankingdirect
Stay away from this online bank.
Interest is paid on average monthly balance which means if you open account with minimum opening of say 5K and add to it during month only half or so of what you add earns interest for month.
Interest is not necessarily paid at end of month. Sometimes it is paid on 23rd as in my case.
To close account you have to send a letter by fax or mail requesting account be closed. One can only imagine how many days it will take to receive check without additional interest while it tavels by USPS.
there is account closing fee of $20.00 if account is closed in less than 180 days.
Try calling and getting through in less than 10 minutes.
and forget about closing account before interest is posted.
You lose entire months worth. And if you withdraw money before end of cycle see above for how they compute average balance.
Your money deserves better.
Stay away from this online bank.
Interest is paid on average monthly balance which means if you open account with minimum opening of say 5K and add to it during month only half or so of what you add earns interest for month.
Interest is not necessarily paid at end of month. Sometimes it is paid on 23rd as in my case.
To close account you have to send a letter by fax or mail requesting account be closed. One can only imagine how many days it will take to receive check without additional interest while it tavels by USPS.
there is account closing fee of $20.00 if account is closed in less than 180 days.
Try calling and getting through in less than 10 minutes.
and forget about closing account before interest is posted.
You lose entire months worth. And if you withdraw money before end of cycle see above for how they compute average balance.
Your money deserves better.
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