This review is for: Anniversary Savings
It only takes one visit to Broadway Federal's website to realize they're a small bank. When I clicked through to their online accounts page (to chase down the 3.05% APY on their Anniversary Savings account!) I was greeted by a little gold man pushing a wheelbarrow fulls of dollar signs. Now, would I like to be that gold-plated midas, with the wheelbarrow full of cash? Sure, but that imagery should stay in my head, not on my banks website.
I gave Broadway a call to see just how small they were. When I spoke with the operator and let her know that I wanted to get some more details on the anniversary savings account, she very politely offered to see if "she was in." Luckily for me, she was and I was connected to Latorya.
Overall, Latorya was extremely helpful and knowledgeable about the account - but it seemed like she was the only one at the bank who handled this account (and based on a follow up call where I was connected to Latorya again, this seems to be the case). So what happens when Latorya is out? Or 2 people call at the same time? Those types of situations get me a little worried, because although rare, if I'm calling it's usually for a really good reason.
Size aside, Latorya filled me in on the details of the account. Not surprisingly, they don't have their own ACH system for transferring money, but they do accept all externally initiated ACH transfers. The application can be submitted online or via mail, but either way I'd need to send in a copy of my drivers license. And although a joint account can be set-up during the application process, beneficiaries must be added after the fact via mail.
So in general, Broadway Federal is a small, community bank taking a swing at the online banking game - by no means are they competing with the big boys in terms of features and tools, but as long as I have an external bank with a great ACH system, Broadway Federal might be worth adding to my banking portfolio.
Posted by numbersman -- March 16, 2009
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