This review is for: Wise-Choice Savings
Venture Bank has a pretty solid APY for their Wise-Choice Savings account, so I was interested to find out more about the bank - unfortunately, after a bit of research, I found a few problems - mainly with their fees.
So most (every?) savings account is subject to Regulation D, which limits the # of withdrawals from the account to 6/month (this is a simplified version). Well, Venture Bank direct only gives you 3 of those withdrawals for free - then they charge you $1/transaction. Yes, this is small money, but it's money none-the-less, and it's very rare amongst serious savings accounts.
They also charge $1.50 for each ATM withdrawal. In today's banking world, I expect to be charged by the owner of the ATM, but not by my own bank.
Finally, there's a $10/month "inactive account" fee after 12 months of inactivity - why do you need to charge me for leaving a pile of money with you and never touching it? Don't you make money from that? Just doesn't make any sense.
So in this age of "no fee" internet banks, Venture Bank has decided to go the other direction. And I think I would too (ahh...go the other direction from Venture Bank that is...)
Posted by Watchman -- March 17, 2009
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