This review is for: Premium Money Market
I recently heard about Excel National Bank and was intrigued by the rates on their Premium Money Market so I gave them a call to get a little more information.
After talking with the customer service person for about 15 minutes, it became clear that this wasn't the bank for me.
The guy I spoke with was trying really hard to be helpful, but after asking the question a few different times, it's still unclear to me whether or not they have an ACH system and what their policy is on external ACH pulls. I asked about the lack of an online application and he confirmed that yes, the only way to apply for the account is via mail or fax, and they require a copy of a primary as well as secondary ID (credit card, bank card) in the application. He did volunteer that they refund up to $10 in ATM surcharges per month if I went with the optional ATM card, but that didn't do much to alleviate my earlier concerns.
I got off the phone and checked out the website again, and my best guess is that Excel is focused much more on commercial banking in the Beverly Hills, CA area, and less on personal banking. I personally don't want to be a secondary concern at my bank - so I don't think Excel is going to make the cut.
Posted by numbersman -- March 17, 2009
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