This review is for: Variable Rate Savings
If you need fast and easy access to your money. Centennial Bank is NOT for you.
Their rates are good, and they looked like a relatively stable bank, so I wanted to get some more details, but when I called up and got one of their reps on the phone, I was a little surprised at what I found.
First, they don't have an ACH system...AND they don't allow (or simply can't handle) any external ACHs either. Being an almost entirely online banking guy, I was perplexed. Then how do you move money in and out of the bank? The answer is either by wire transfers or bank checks - both of which need to be initiated via fax or mail - NO PHONE - because apparently they need a signature.
These guys make no bones about it - they are not the future of banking.
Posted by cashisking -- March 15, 2009
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