Those of you with Redneck accounts?

**creditcardfree** · 04-04-2009, 07:12 AM

Hmmm...not sure. I don't have the account, but I did look at their website recently. They weren't taking new applications because they have been overwhelmed with new accounts. So, I'm guessing they are having some glitches because of the number of people using the site.

They are a legit bank from what I read, so I think patience may be in order here. Good luck.

**jeffmem** · 04-12-2009, 12:08 PM

Jimmy I had some similar issues. Their layout is horrible and very confusing. You have to sign up for the bill pay system, then you need to reverify your deposits again and then you can do other things. I had spoken with them about 4 times to get everything right. Give them a call if you do not understnad what I mean.

BEWARE!!!! You can only deposit and withdraw 1500 a day! Unless you use your other checking account to send them the amount you want deposited, I have bill pay with my checking so I can do that, but if you want to take out more than 1500 at at a time you have to get their checks, which means you have to write yourself a check and then go deposit it in a bank. It is a really big pain in the you know what. Why their limit is so low I will never understand and even though they have it on their list to change, it could be a very long time before that amount is increased.

You can check out my cross post here: http://www.savingadvice.com/forums/i...-rates-30.html more details.

**Adirondak** · 04-15-2009, 10:06 AM

I have the exact same problem. And ever since my account was approved, it says there is a problem with their bill pay system, so I can't transfer any more funds other than the initial $5 I used to start the account. I have been waiting to transfer a few grand over there, but can't.

**kork13** · 04-15-2009, 01:12 PM

I started one of these accounts just to try it, and although the website is a bit shoddy/awkward at best, I find that doing ACH transfers from my other (primary) bank works just fine--I've not been able to get their site's transfer page to work for me properly. I have been able to make some experimental transfers in/out without issue, which is what I'll probably continue doing. I'm working on moving some more money in there right now (it's in the magic land of ACH right now). As for time, nothing processes over the weekend, but my transfers in/out are all going through within about 3 business days.

Just to comment on the quality of the website itself.... It's worth noting that the bank is a locally-owned bank out of Mustang, OK (small-ish city west of Oklahoma City). It's not a national corporation with highly-paid web designers. Honestly, until a couple months ago, my credit union's site was almost as bad (they just recently made MAJOR improvements). So given that the website's ease of use is lacking is my chief complaint right now, and that I'm able to work around the trouble spots very easily, I'm not overly concerned with it.

**Adirondak** · 04-16-2009, 10:23 AM

I didn't even think of doing it from my other bank. Excellent idea.

**red92s** · 04-16-2009, 10:48 AM

Any idea when they might start allowing new accounts again?

**jimmycolorado** · 04-21-2009, 02:39 PM

Thanks for the responses, all. So in order to get around this malfunctioning transfer nonsense, you're able to, for example, go to another online account you have and transfer funds to and from the Redneck bank that way?

I've signed up for Bill Pay, which takes me to a completely different website, and it appears like I'm in the "trial deposit" waiting game again. Fine. In the mean time, I'm going to try and track down both Redneck Bank's and my old ING account's routing numbers in an attempt to get money in and out of the Redneck account. This is like pulling teeth.

**kork13** · 04-21-2009, 03:08 PM

Perhaps I can save you the trouble of finding them... I've got both RNB and ING tied to my primary bank--here are their routing numbers. ING: 031176110; RNB: 103113182 (this one is a bugger to find--wasn't anywhere on their site, I had to google it)

I've gone in/out with both numbers, so they should work for you.

**jimmycolorado** · 04-23-2009, 02:38 PM

And in a classic “of course” moment, Redneck bank has lowered their Mega Money Market interest rate from 3.10% down to 2.00%. And I had just gotten the trial deposits from my linked accounts all squared away, too. It’s times like this you just throw your hands up and say, “of course”. That’s how they get you!

EDIT: Before I forget myself, thanks again everyone who helped me out. At least I can now easily move the funds I already have in the Redneck account out!

**kork13** · 04-23-2009, 03:28 PM

Originally posted by jimmycolorado View Post

And in a classic “of course” moment, Redneck bank has lowered their Mega Money Market interest rate from 3.10% down to 2.00%. And I had just gotten the trial deposits from my linked accounts all squared away, too. It’s times like this you just throw your hands up and say, “of course”. That’s how they get you!

Allow me to respectfully disagree... A couple points:

a) 2.0% is still pretty good, and very much the "average" for online savings accounts right now (see here).

b) 2.0% is still the highest rate of any account I have, and I have little interest in trying to hop around. I wanted to try these guys out, and I'm going to continue to give them a shot. Also, it's highly likely I'm moving to Oklahoma City in December, and since they're based out of Mustang, OK (right outside of OKC), it might be worthwhile for me personally.

c) They maintained 3.1% for a very long time, in the face of abysmally low rates otherwise. Combined with the knowledge that this (and it's parent, The Bank of the Wichitas) is very much a small-time regional bank, it would appear to me that they do have some concern for the customer, in trying to provide a good rate as long as possible. However, people (you and I included) overloaded them, and they simply don't have need of so many deposits. They're doing what makes business sense.

long story short... I'm not going to rush to abandon it and move on. I went to them for a better rate than I had elsewhere (basically, from my primary bank and ING). They still provide that, and therefore, I'll stay with them.

Last note... technically, the 3.1% rate is still in place until 5 May--that's when the rate is actually going to change. They simply gave their customers warning of the coming drop. ....hmm, that's funny, I've never been notified in advance by any of my other banks that they were going to cut interest rates--they just did it, and didn't even mention it when they did. As I said, these guys seem to value customers, so I'm going to give them a shot.

**jeffmem** · 04-23-2009, 07:53 PM

I will have to disagree with you kork, they single handedly lowered their interest rate 1.1%, I don't care how long it was 3.1%, they have lowered it to the middle stream of MMAs. They suck you in and then change the rate, their policies about withdrawal means that people who transfered a load of money to them and now want to change banks would have to spend a week or more pulling out all their money. Remember their withdrawls per day is only $1500. In my opinion they are not being very honest to their customers. I have send their president a letter about this. I realize it is their right to do it and they have their own policies, but 1.1% all at once is very odd. They have choosen the path of not offering a decent rate again. Until they change their policies on withdrawl limits and learn not to drop their rates so fast I will not be putting any money in my account. There are too many other decent banks out there.

Yes they did give their customers warning, which is appreciated, but still the amount of the drop is very high. Regardless if they are doing this because of the influx of customers, wow you know they have so much cash on hand to loan out it doesn't made sense that they would need to drop their rates. It doesnt make good business sense to me at all.

See my cross post at: http://www.savingadvice.com/forums/i...-rates-60.html

Those of you with Redneck accounts?