Great but perhaps not the Greatest
Written: Mar 05 '01
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Pros: Nice site, ATM rebates, free wire transfers, accessible customer service, bill pay
Cons: Not the best rates, seem to be cutting back on service and increasing fees
The Bottom Line: Solid online bank with good support and feature list, but better rates can be found elsewhere.
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| g_ilia's Full Review: CompuBank |
I've been a member of CompuBank for a long time in internet terms: since April 2000. I opened an account there because I traveled every few months and was tired of having no ATM to go to for free. I also liked much higher rates that CompuBank offered as well as 24/7 online access and free bill pay. All of those are important since I don't find much delight in banking (other than how easy and fast it all is with an internet bank.)
CompuBank is one of the oldest internet banks. I find its web site well designed and full of helpful information. They could perhaps be more thorough in explaining some bank terms (I got into some trouble because Direct Transfers are not the same as Wire Transfers even though they are explained to be the same.) It is a modest pain to have to login separately for bill payment, but not a huge deal.
I love the automated capabilities that only computerized accounts can offer. Pay your bill automatically. Transfer money between accounts automatically. Send wire transfers periodically...automatically. Receive e-mails whenever your account status reaches certain levels. Overdraft protection is automatic ($1 per use). The list of what you can do is impressive especially if you are moving from a brick and mortar bank.
You can do almost everything online. From ordering checks to printing deposit slips to doing transfers to seeing your transaction history and check images. The only times I had to call/email the bank and submit anything was when something went wrong (this didn't happen often and was usually partially my own fault) In all cases support was very helpful. I almost never had to endure waits on the phone and e-mail response was almost instant. This area seems to be changing for the worse a bit. My BankMails (CompuBank’s internal e-mail system) have sometimes gone un-responded for days which is an unwelcome change from good old CompuBank. The phone support is still excellent with 24/7 access, almost no wait times, and usually knowledgeable personnel. I had an instance or two when I wasn't impressed, but usually they have been extremely good. Unlike some other banks CompuBank still does not offer instant chat capabilities.
You do have to mail your deposit in along with a signature card. After that the only thing you'll need to mail will be the deposits in envelopes supplied by the bank.
A minor complaint about ATM rebates is that it is up to 4 transactions at up to $1.50 a transaction instead of just $6.00 a month as a few other banks do. This makes a difference to me since I often don't use all transactions but sometimes do get money out of ATMs that charge 2.00, 2.50 or conversely 0.75.
CompuBank has proven itself through the times. This is what separates it from most other online banks. Its interface has been refined and it has proven that it can last. Other features that stand out are completely free wire transfers...something almost no other bank offers. You can do almost everything you want without extra fees. However it seems that lately CompuBank has been forced to cut down a bit. Their checking account is no longer no minimum balance but requires a $250 average monthly balance to remain no fee. This is still a lot better than many banks, but it is an unwelcome change. They also got rid of their ClickRewards program (I never used it anyway and it seems that most people didn’t) and have been cutting interest rates although this can be easily explained by recent cuts made by the Fed.
Although I have been very happy with CompuBank and recommend it as a softer transition to an online bank, the recent rate and fee changes caused me to look at some other online banks. I am currently giving everbank.com a try because of its high rate checking account although it does not seem to be as established and polished a bank.
Recommended:
Yes
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Epinions.com ID:
g_ilia
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Location: Sacramento, CA
Reviews written: 4
Trusted by: 0 members
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