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It may sound a bit like a bad joke, but Redneck Bank is making waves in the online banking business. With roots dating back to 1927, the financial institution is a growing division of All America Bank based out of Oklahoma.
Redneck Bank’s mission is to provide the basic fundamentals of banking to customers looking for a traditional bank alternative, all with the peace of mind of FDIC insurance. Customers of Redneck Bank have the opportunity to utilize several different types of accounts and products online while having a little fun in the process.
This Redneck Bank review will check out what this bank has to offer.
Products Offered by Redneck Bank
Redneck Bank is most widely known for its Redneck Rewards Checking – a personal checking account that offers interest of up to 2 percent annually. With a Redneck Rewards Checking account, customers have no minimum balance requirements or transaction limits, and a Redneck Bank Visa debit card can be requested to access funds debit transactions or ATM withdrawals. The bank created the rewards checking account to provide an alternative to those who wanted to earn interest on their funds while enjoying all the extra benefits the account has to offer, including:
- No cost online banking
- Free Redneck Visa debit card
- No cost monthly statements
- Free customer service
- Daily email notification for overdrawn accounts, at no cost
- No ATM transaction charges
- No minimum balance to keep the account open
To get the most out of a Redneck Rewards Checking account, customers must post and clear at least ten debit card sales transactions per month and opt for electronic delivery of statements. Once the minimum transaction number is met, ATM fees are refunded, up to $25 per month. Interest accrues on the account balance once the minimum transaction number is reached. Between $50 and $10,000 earns a 2 percent APY, while accounts that hold over $10,000 earn 0.50 percent. If the minimum number of transactions is not met, account balances earn 0.25 percent interest.
In addition to the Redneck Rewards Checking account, the bank also offers a Mega Money Market account that offers several features and benefits. The Mega Money Market account has no monthly maintenance fee, and customers are not forced to have a minimum account balance each month. Any money market account with up to $35,000 earns 1.50 percent interest annually, while accounts with more than $35,000 earn 0.50 percent. Like all money market accounts, the Mega Money Market through Redneck Bank is limited to six withdrawals per month. However, customers do receive a free Visa debit card when establishing an account, as well as online banking and monthly electronic statements at no cost.
Redneck Bank has focused its energy not only on providing online bank accounts that have the potential to earn higher interest than traditional banks but also in giving customers access to several benefits and account perks. First, Redneck Bank’s online banking system allows account holders to manage their money online, including monitoring balances, deposits, cleared checks, and any other transactions. Through online banking, funds can be easily transferred between accounts, checks can be ordered, bills may be paid, and bank to bank transfers can be initiated. Redneck Bank also offers mobile and text banking that provides an always-on solution for customers who can’t get to their desktop computer. Mobile and text banking is available through both iTunes and Google Play.
Redneck Bank also offers account protection features to accountholders, including overdraft privilege. With this perk, customers have the opportunity to opt into overdraft privileges when establishing an account, and it provides protection against overdrafts on qualified checking accounts. Instead of charging for insufficient funds, Redneck Bank covers the negative balance in a checking account for up to $500. Fees may apply if there are multiple transactions over the account balance in a single day.
The online bank also provides a high level of security to its accountholders. The login process includes added layers of protection to ensure users are who they say they are, and identity theft education is provided on the bank’s website. Redneck Bank also offers “Verified by Visa” services on its debit cards which helps prevent any unauthorized use of a debit card. The bank is also FDIC insured, meaning accountholders have up to $250,000 covered.
Finally, Redneck Bank offers several resources to give its customers a strong foundation of financial education. An FDIC-backed program, Money Smart, is linked directly on the Redneck Bank website, and this resource provides financial literacy education to the masses. Also, Redneck Bank has a link to several online financial calculators and an online banking school that is both interactive and educational.
How to Start Banking With Redneck
Making the switch to Redneck Bank for either checking or money market transactions is made relatively easy online. First, customers need to select which type of account they wish to open: Redneck Rewards checking or the Mega Money Market account. From there, the bank walks new customers through a series of identifying questions, including name, date of birth, social security number, and home address. A government-issued photo ID is also required as part of the application process. Once these details are provided, new customers select how they will fund their new account and the amount they wish to deposit. Establishing a new account with Redneck Bank is wholly online, so there is no need to mail or fax any paperwork.
Switching from another bank to Redneck is beneficial to those who prefer a simple banking experience with accounts that have the potential to earn more interest than comparable checking or money market accounts. Those who utilize a debit card for the majority of their monthly transactions but typically have a balance of less than $10,000 in checking may find Redneck Bank to be a good fit. Redneck Bank may not be for people who prefer a more robust lineup of account types or in-person customer service.
Author: Jeff Gitlen