This review is for: SavingsLink
Countrywide is a massive bank - and usually I stay away from massive corporations as I feel that you're really just a number to them. I'd much rather bank with an organization that is trying to climb up that ladder, and needs to do so by providing great customer service, and attractive interest rates.
All that said - I've heard some good things about Countrywide - in the customer service department, but especially in regards to the speed of their ACH system - enough that I decided to give them a call.
The CSR that I spoke with was very helpful and knowledgeable - not at all what I would expect from a company the size of Countrywide - and at least as far as he was concerned, rumor #1 was confirmed. He then proceeded to explain the ACH system to me - withdrawal limit of $105k/day, and deposit limit of $500k/day - I asked about transfer times, he gave me the standard 2-3 days response, but when pressed, he admitted "off the record" that a significant number of transfers happen next day - rumor #2 confirmed.
He also mentioned that I could apply entirely online, and have an unlimited number of beneficiaries - and although I could get my statements online, at this point in time, they couldn't "turn off" the paper statements - so they were coming whether I wanted them or not.
Now despite how great their ACH system/customer service might be - there's the minor detail of Countrywide's near collapse this past year, and their acquisition by Bank of America. There's no telling exactly what will happen in the next year, but I imagine that interest rates may take a hit, at least in the near term, and I think that's already starting to play out. But I do believe that BofA has successfully acquired their way up to a "too big to fail" size - so the chance of Countrywide/BofA going away at this point is pretty slim, and I'd feel reasonably safe with my money there.
Posted by safemoney -- March 16, 2009
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