This review is for: Zions Bank
I have been with Zions Bank for 15 months - checking, savings, and money market. The Bill Pay works great. I get monthly statements for each account, that are hole-punched for filing. I've done a couple of wire transfers out, and it worked flawlessly. I have direct deposit(s) going in, and I have transferred money in from another bank. The rates are competitive. Each time I've called Customer Service, I've received good service. Overall, I am very satisified with Zions Bank.
Posted by sctohahoa -- Oct. 27, 2009
This review is for: Internet Money Market
I opened this account in July 09. Originally I chose this account because the advertised APR (1.87%) was one of the best I could find.
Unfortunately within 5 days of funding my account the APR was lowered to 1.5%. I called customer service to complain but they did not provide any satisfactory explanations. They just told me they keep adjusting their rates with the market (but in the same week other MMA I was looking at increased their rates) or when the Fed lowers their rates (which did not happen in the first week of July). When I asked them to close my account, they told me I would have to keep it open for 6 months or incur a fee. Needless to say I was very disappointed.
I have thus kept the account opened to avoid the closing fees. Since then I have received my ATM card and my free checks. There were only 5-6 free checks which is much less than most other banks.
I have also noticed reading the fine print of my agreement that the ACH transfers are limited to $10,000. Reading the rest of the agreement, it seems one can only do 3 ACH withdrawals per months without incurring a fee. This really means that you can only withdraw $30,000 per months with paying to get to your money! I guess I should have read the details before opening this account.
Bottom line: I will close this account in 6 months.
Posted by jereqwerty -- July 17, 2009
This review is for: Internet Money Market
I've spent the past 15 minutes evaluating both the Zion's Money Market and the Zion's Internet Savings account, unfortunately I'm not going to get either, but I figured I'd share what I found here.
The only two differences I can find between the two accounts are the following:
1. The Money Market requires at least $2,500 to get the advertised rate, the Savings account, only $1,000.
2. The Money Market allows for checks and a debit card - although only 3 total per month.
For me, the deposit requirements would not be a problem, and although I'd use them very infrequently, I like the flexibility of having the paper checks available, just in case. So I focused on the Money Market.
As for the details of the account, Zions appears to have a great rate, certainly comparable to other major online banks such as HSBC, ING, GMAC and Discover, and they've been around for a while. They also appear to be relatively stable right now, which is a major plus in this market.
The one major concern that I had with the account is the transfer limits of their ACH system, which are really low at $10k/day either way. They do allow for external banks to make transfers, but I'd rather not have to rely on an outside bank to be able to access my money. That's enough of a problem for me to write this off. I need to know that I'll have easy access to all of my money whenever I need it, unfortunately I don't think that would be the case at Zions.
Posted by jmac -- March 27, 2009
This review is for: Internet Savings
In preparation for switching banks - once the world settles down a bit - I've been watching Zions Bank as a contender for my next account. I spoke with a CSR a few weeks ago about the account, when the rate was still at 2.28%, and heard a bunch of things that I liked about the account. For instance, there is no limit to the # of linked accounts that can be set-up. Additionally, they have a full ACH system, and don't place any restrictions on outside banks trying to initiate deposits or withdrawals. No limits on the number of beneficiaries on the account, and only a soft credit check during the online application process, after which only a signature card is required to complete the process.
There are however pretty serious limitations to their ACH system - only $10k/day coming in or out - thankfully they do allow for outside banks to initiate the transfers because those limits would otherwise be non-starters. Other than that, my only gripe was with the customer service rep that I spoke with. I understand that people have bad days, but this person should have just been sent home, and prevented from answering any more phone calls.
Zions has since had a sizable rate drop, but it still remains competitive - I'm not quite ready to switch, but they're still in the running and I hope next time I call my customer rep will be having a better day.
Posted by donovanmustgo -- March 19, 2009
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