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].
The FDIC says [1] Redneck bank is another name for All America Bank, which has been insured since December 22, 1969.
There are at least two populations that would like this, IMO: a hipster crowd who are not in any way like rednecks, and the country crowd who look like rednecks to outsiders and call themselves rednecks, but who insist, if you ask them about it, that they're being tongue-in-cheek about it. In my experience, the latter group is having more fun.
[1] https://research2.fdic.gov/bankfind/detail.html?bank=20093&n...
Those are hipsters.
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!
- 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.
Heh...that's quite a bit, considering the opportunity cost of each debit swipe is 2% cash back from credit.
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.
https://www.linkedin.com/in/redneck-bank-352214aa/
Edits (in chronological order):
- This is the bank responsible: https://www.bankonitusa.com/
And the CEO, Shawn Braden (evidently the founders granddaughter) - has a rather thin profile.
Unusual for a savvy FinTech-ish firm > https://www.linkedin.com/in/shawn-braden-8a4467120/
Still, good on you Mustang, Oklahoma!
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?
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.
Basically, if they allow the same strong passwords as eg GMail, I take that as a good sign. If they have silly restrictions like lots of banks, that would weight much higher in my estimate of them as an online bank than the silly copy.
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.
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.
Home page load: * 48 requests * 5.68 / 5.69 MB transferred * Finish: 42.53s * DomContentLoaded: 1.67s
