Online Banking for Miles
 

Now that Netbank is offering United (www.netbank.com/united) and Delta (www.netbank.com/delta) miles for online banking, does anyone have any comments on Netbank? Or comments on other online banks and whether those compare favorably?

The online thread I've found on Netbank is
http://www.flyertalk.com/forum/Forum1/HTML/008285.html

That was when they were only giving Priority Club points.

Basically, I'm looking for an online checking account with ATM access. Netbank appears to waive ATM surcharges but most ATMs themselves will charge a surcharge.. so most ATM withdrawals look like they'll cost ~ $2.

They have free online bill pay but they charge if you DON'T use it. (weird)

The first check order is free.

Up to 4500 miles for opening the checking account, 2500 miles for a money market.

So.. 4500 miles isn't alot if I'm giving up something. But I want to move my checking account anyway, so I just need to decide where to move it.

I'd sign up right now if there were ongoing incentives -- but the only incentive appears to be for OPENING the account, not for keeping it open or for keeping balances.

Thoughts?

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View from the Wing: A blog about Free Miles and Free Markets

Most online banks offer ATM fee rebates. I looked through the Netbank site and could not find anything so I'm surprised that they don't do that. For instance, I use State Farm Bank and they give me up to $5/month in ATM rebates.

There is a current thread on Internet only banks at Fat Wallet with some comments about Netbank.

Many Credit Unions do not charge to use their ATM machines as a visitor. Also, in Florida (at least last time I was there) Publix did not charge to use their ATM machine.

Additionally, if you use your ATM card to pay for groceries or in Walmart or stores who offer cash back, there is normally not an extra fee to use the card to pay or get cash back.

I used NetBank in the past (way back) but after I got all set up and used them for two months, they cancelled giving airline miles. So, concern would be they could cancel this program without notice at any time and may do that.

I don't know about NetBank, but I'm looking into Bank Direct right now. They offer AA miles, 1000 miles to start, and various miles for checking, MM, CDs, bill pay, etc. I think they pay .5% less interest on their mileage accounts.

http://www.bankdirect.com/frames_01....aadvantage.asp

I signed up for a NetBank Money Market account a few months ago and received the 10,000 Holiday Inn Priority Club bonus points. (That offer may be over now, I'm not sure). It was a great deal in my view for only a $250 deposit. In addition, the Money Market account has no fees associated with it as long as you maintain the $250 minimum and choose on-line statements. You can close the account after 6 months. The account doesn't have bill pay or an ATM card associated with it (so no fees there), but yields are close to 2% right now which is excellent. You do get free checks, but are limited to using 3 (?) per month. No inactivity fees on the money market account either.

The checking account doesn't appear to be as good a deal unless you plan on making it your primary checking account.

BankDirect will rebate ATM fees (up to 4 times a month @ $2.50ea). Netbank will not.

BankDirect has a $15/mo fee on accounts with < $2500. Netbank doesn't (although NetBank has it's own funky fees, like if you sign up for their free bill pay service but don't use it.)

Bankdirect gives miles on an ongoing basis, Netbank does not.

Frustrating.

If NetBank would rebate ATM fees, I'd sign up.

If Bankdirect didn't require $2500 balance in checking to avoid fees, I'd sign up.

Frustrating.



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View from the Wing: A blog about Free Miles and Free Markets

NetBank is pretty awesome. I joined myself a couple weeks ago.

Interest Rates are the highest. You get miles for DirectDeposit/Billpay/ect. It is partnered with Ameritrade (more miles!). You can go to Walmart/Eckerds and get cashback for free. And the CS there is great.


This is my first post!

I really like this website. I am loooking for some ways to earn some miles and go traveling.

Oh yeah, and there is also a $50 sign-up bonus for Netbank. I wonder if you could combine that with the FF miles offer? Doubt it.

Paul

Welcome to FT, Beck446 - or should I say NetbankEmployee446 ? http://www.flyertalk.com/forum/biggrin.gif

I used Netbank for almost two years. Honestly, the ATM fee thing is a non-issue, because they usually pay you enough in interest to offset a good protion of what you pay in fees. Their online interface is easy, and support easy to get.

I would recommend them to anyone.

I just signed up with them. Their site says if you have direct deposit, there's no monthly fee. Easy enough. I already do that.

I use Netbank to pay all my utility and credit card bills. It's a lot easier (and slightly cheaper) than writing out and mailing checks! I barely buy stamps anymore. Also, I noticed many of the bills were received by the companies the next day.

I just started a bankdirect account and since they give ongoing mileage for balances, I will most likely close my netbank and transfer everything to bankdirect.

As other people have mentioned already, I barely run into this problem. I usually get cash on my weekly/biweekly run to the grocery store, or Washington Mutual where their ATMs don't charge fees.

The interest rate difference between netbank and bankdirect are so insignifant to me (unless my balance was like a million dollars!).

My experience with Netbank has not been bad at all and i would say average. Everything is done by mail or internet, which is ok. They have an 800 number to call if you do need personal assistance which I have used and they were very friendly.

I've used Netbank for nearly 2 years (first I had an account with Compubank and then Netbank bought them) and haven't had a single problem. Decent website, excellent customer support.

To be honest, I was with Netbank for about a year (2001) and I thought they were horrible. I had an account with compubank (which was great!), and then they were bought out by Netbank. I had mainly three issues with Netbank. First, they were very slow depositing checks into my account (at least 10 days from when I sent them in). Second, there interest rates were very low at the time relative to other online checking accounts (not sure about this now). Third, they don't pay for your ATM withdrawals. Both Compubank and First Internet Bank of Indiana (who I'm with now) pay up to $6/month in ATM fees. From my experience there are better online banking products that are also less costly than Netbank.

I can't find that on the BankDirect site. That plus the AA miles would tip me... could you point me to it?

Thanks!

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View from the Wing: A blog about Free Miles and Free Markets

As far as I know you can get 5K AA miles for signing up for payroll direct deposit into a Mileage Checking Account and another 2K miles for using BankDirect's bill pay service for 12 months

If somebody wants to be referred to BankDirect so both of us could get an extra 1K AA miles - just let me know


[This message has been edited by palex (edited 07-04-2003).]

What I was referring to.. I don't see the $15/mo fee for accounts with less than $2500 waived if you do direct deposit.

I see the MILES for direct deposit... but not that it waives fees.

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View from the Wing: A blog about Free Miles and Free Markets

I was like several others here in that I had a Compubank acct that was bought out by NetBank.

I no longer have that acct due to poor service of Netbank. As long as everything is fine and easy...you wont have any problems w/ NetBank. But isn't that true w/ any company? Sometimes I talked to supervisors that were down right rude. They made me mad a couple of times. The front line csr's weren't like that but they also didn't have any authority. The supervisors are into cya...big time!