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500 miles for opening Internet Interest Checking Acct.

500 miles for opening Internet Interest Checking Acct.

Old Apr 27, 99, 10:03 am
  #1  
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Join Date: Apr 1999
Location: Cambridge, MA 02138
Posts: 2,102
500 miles for opening Internet Interest Checking Acct.

To all:

I have been using this internet bank for a few years now, and they just came out with an excellent deal, and I thought that I would share it with you.

Just open up an Internet Interest Checking account and use your Visa/MC wich earns Freq. Flyer miles (like Chase's Continental, or Citibank's American, or Nation's Bank USAirways, etc) to make your initial deposit. They allow up to $500 to be charged, and it is NOT charged as a cash advance - just as a regular purchase. So, I earned 500 miles. (They also have their own miles program with their own credit card, see below)

In addition, the account has the following features:

High interest checking with no minimum balance and no monthly fee.
- 6% annual percentage yield!
- 35 electronic bill payments free each month!
- Online images of your cleared checks!
- Free checks and unlimited check-writing!
- Toll-free telephone banking available!
- And access from any web browser!

For more info see: http://www.sfnb.com/infodesk/interest_checking_info.html

They are FDIC insured as well: http://www.sfnb.com/infodesk/bankinfo_fdic.html

For information on their SecureMiles program with their credit card (which is seperate from the above) see:
http://www.sfnb.com/infodesk/miles_info.html

p.s. - I am not affiliated with this bank - just a long time, very satisified customer of the "World's First Internet Bank". You would think that there is a catch - there isn't! They even sent me pre-stamped deposit envelopes to send in any deposits that aren't direct deposits. It literally is free.

[This message has been edited by steve100 (edited 04-27-99).]
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Old Apr 27, 99, 10:06 am
  #2  
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Join Date: May 1998
Location: Reno, NV (RNO)
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6% yield on a checking account with no minimum balance? Free checks and electronic bill payments? Plus miles? If it sounds too good to be true... (but I will check into this further).
MileKing is offline  
Old Apr 27, 99, 10:39 am
  #3  
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Join Date: May 1998
Location: Guam, USA
Posts: 98
I went to the site but did not see any info about bonus miles. It also states that the low interest rate is limited to the first 10,000 customers. How do I know if I am one of them?

Sounds like another scam but I am glad that you have had good luck with it steve100.
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Old Apr 27, 99, 10:51 am
  #4  
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Join Date: Apr 1999
Location: Cambridge, MA 02138
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You are right Diver - the miles have nothing to do with this program. I just found a loop hole. Since they allow the initial deposit to be on a credit card, and since my credit card is one that earns freq. flyer miles for being charged - I therefore get the miles (note: charged as a purchase, not cash advance). Hopefully that clears up what I was trying to say in my first post.

Regarding first 10,000 users: I called them on this and they said that it will probably take about 12 weeks to get that many and then they will re-evaulate as to whether to extend or not. The new 6% program just started, so you have some time.

Also, here is another link on this to check them out (believe me, I was sceptical at first as well). Gomez Advisors has rated most Internet Banks, and SFNB came out #1. Numbers 2 and 3 were Wells Fargo and Citibank. Here is the link:

http://www.gomez.com/Finance/Banks/Scorecard/index.cfm?cat=1

And, here is a review by Bank Rate Monitor:
http://www.bankrate.com/qfn/news/rev/webrevt29.asp

And, lastly - give them a call at 800-SFNB-321 (24 hours a day)

Yes, as you can tell, I think that they are pretty incredible.

[This message has been edited by steve100 (edited 04-27-99).]
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Old Apr 27, 99, 3:07 pm
  #5  
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As long as the account is FDIC insured, you can't really lose much ... the question is how do you know *for sure* that it is in fact insured ...

That deal does look too good to be true, but I'm sure folks said the same thing about Amazon.com when it first opened

The Internet makes for some crazy business models ...
Beckles is offline  
Old Apr 27, 99, 3:59 pm
  #6  
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Beckles-
Well, one way to find out if a bank is really FDIC insured, is to go over to the FDIC's web site and do a check.

Just go to this URL for the FDIC and in the 'Institution Name' field, enter 'Security First Network Bank' and hit 'Run Report'.

http://www2.fdic.gov/sod/
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Old Apr 27, 99, 5:16 pm
  #7  
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I'll save people a trip. A search through FDIC also confirms that SFNB is insured (CERT # 29162) and has $57m in deposits.

So how do they make money? Internet business model = money-losing bank?

BTW: Works with Quicken (TM) too!
kyklin is offline  
Old May 3, 99, 9:59 am
  #8  
 
Join Date: May 1999
Posts: 1
I opened an account with them after reading this post, and so far, everything seems to be as stated.

So far, so good....
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Old Jan 21, 00, 11:08 pm
  #9  
 
Join Date: Aug 1999
Location: 1K from SMF (Home of the Kings)
Posts: 314
Steve100:

In carefully checking out the current material being sent out by SNFB, I noticed the following phrase in the benefits section:

"First checks free and unlimited check-writing!"

This is slightly different from the benefit of free checks stated in your post way back in April 99.

I just got off the phone with them and was told that "The first THREE checks were free. Any checks beyond that would incur a 2% charge." The gent did not explain whether that was each month or forever.

Is this something new? I'm sure you would have noticed a 2% trimming on your check writing, wouldn't you? I'll give them a call again on a different shift and see what the next CSR says, but I would like to know if you and any other SNFB customers are getting nicked without noticing it.

[This message has been edited by papachuck (edited 01-21-2000).]
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Old Jan 22, 00, 5:55 pm
  #10  
 
Join Date: Dec 1999
Location: WN CP, DL Plat
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I've heard of this bank before and well aware of it. I work for WFB and we compete against them for internet business. If miles is what your looking for you may want to also check compubank.
Miles Man is offline  
Old Jan 22, 00, 5:56 pm
  #11  
 
Join Date: Dec 1999
Location: WN CP, DL Plat
Posts: 710
I just noticed that you can earn one free month of AOL if you enter your screen name! 500 miles, plus one month free, this is a good deal!

[This message has been edited by Miles Man (edited 01-23-2000).]
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Old Jan 22, 00, 7:49 pm
  #12  
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i've used sfnb for several years now and have largely been satisfied.

their online bill pay is great. in a few instances, there have been glitches. (payments not received, delayed, etc.) in all cases, sfnb has made up for late fees with minimal hassle.

note that the 6% offer is a promo that expires april 15.
rocky is offline  
Old Jan 23, 00, 3:07 am
  #13  
 
Join Date: Dec 1999
Location: Oxford, UK CO Gold, AS MVP, KL RW and AZ nothing, plus Airmiles collector !! With the AZ / KL split now who knows ?
Posts: 163
FYI - Security First Network Bank is a subsidiary of Royal Bank of Canada -which is one of the largest financial instutions in the world...
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Old Jan 25, 00, 11:27 pm
  #14  
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Gee, 500 miles seems pretty measly - I got 5,000 Mileage Plus miles at E-Trade, and 5,000 AAdvantage at CitiFi, both for opening a $1,000 account.
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Old Jan 29, 00, 11:20 am
  #15  
 
Join Date: Jan 2000
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Their mileage-based credit card is not a very good deal (though it is very similar to that offered by many other institutions). While they call them "miles", you actually get points which can be turned into paid coach tickets. You cannot move the points to miles in other programs and the advance purchase requirements are tough:

25,000 A round-trip, coach ticket on any U.S. airline carrier for travel between and within any of the 48 continental states (all travel must originate in the U.S.). Airline tickets must be booked by the account holder at least 21 days in advance and must include a Saturday night stay. Tickets may be purchased in any individual's name designated. Ticket will be non-refundable and will be for no more than $500. Interim stops of over 4 hours are not allowed.
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