Redneck Bank Review – RedneckBank.com
April 12, 2009 by Stephen Kersey
Filed under Business
Redneck Bank is unlike any bank you’ve ever seen. See for yourself at RedneckBank.com. At first glance the website looks like it may be a joke but it’s actually very real. In fact, it’s generous rates have people flocking to this startup online bank.
Redneck Bank (Image: Screen Capture)
Redneck Bank is basically a branded website that is actually a part of the Bank of the Wichitas, a bank that has been around for more than 95 years. Technically, it’s the company’s Internet Banking Division.
With so many online banks battling for business, the company obviously decided to use a gimmick to attract customers. And as you’d see on the website, the gimmick is done amazingly well. As their motto states, RedneckBank.com is “where bankin’s funner”.
The lesson to learn from Redneck Bank is that gimmicks do work. If you have a startup business that is entering a competitive niche, having a gimmick that allows your business to stand out can be a very good business plan.
We’ll try to contact someone with Redneck Bank to see if we can get an interview and learn more about the planning that went behind the website’s creation.
STAY AWAY FROM REDNECK BANK. THEY ARE NOT CAPABLE IOF RUNNING AN ONLINE BANK . I DEPOSITED MONEY WITH THEM ON MARCH 23 AN DHAVE YET TO BE ABLE TO FUND THE ACCOUNT DUE TO ALL THEIR RED TAPE AND POOR EXPLANATION OF HOW TO FUND THE ACCOUNT. THEY TELL YOU TO WAIT FOR A DEBIT CARD, WHICH IN FAC TYOU DONT NEED, THEN THERE ARE POOR ONLINE INSTRUCTIONS FOR LINKING TO AN OUTSIDE ACCOUNT, BUT THEN HTYE FAIL TO MAKE THE DEPOSITS INTO THE OTHER ACCOUNT AFTER SEVERAL DAYS. THEY ALSO DO NOT CORRECTLY REFLECT THE TRIAL DEPOSITS MADE BY AN OUTSIDE BANK DO YOU CAN TRANSFER FROM YOUR OWN BANK. yESTERDAY, I RECEIVED AN EMAIL SAYING THAT DUE TO THE VOLUME OF BUSINESS THEY ARE CUTTIGN THEIR MEGA MONEY MARKET RATE TO 2% – THE SAME OR LESS THAN OTRHER ONLINE BANKS. THIS AM I TRYING TO WITHDRAW MY 1000! WHAT A WASTE OF TIME. THEIR CUSTOMER SERVICE VIA EMAIL DOESNT EXIST AS THEY DONT RESPOND AN DGOOD LUCK WITH THE PHONE OR ONLINE CHAT. VERY BAD EXPERIENCE!
I’d recommend staying away from these people. It took over 3 weeks to open my account (site says 4-6 business days. Then another week or so to be able to fund it. They had to verify my account. (Emigrant verified my account in one day.
Once I got all the accounts up and somewhat usable I find that I can not transfer money back to myself, I can not bill pay myself I’m just stuck and can not access my money period. I can’t transfer funds back to my account because it’s not verified, although this is the SAME account I had to verify in order to fund my account.
Oh yeah, that 3.10% rate, they cut that to 2% May 5. Bait and switch comes to mind.
Banking has not been “funner” for me, if you think nightmares are fun maybe this is the bank for you :-).
Tony
Agree with the other posts. Took over a month to set up and fund the account, only to find that there was no good way to access it. The transfer link on their site is constantly broken and they do not provide you with the basic info you need to originate the transfer from your other account. Customer service simply does not exist for this bank.
I would encourage people to avoid this bank entirely; at the very least only make a tiny opening deposit until you see how it is going to be to do business with them. The rates they offer aren’t worth the aggravation.
AVOID!
I didn’t have problems funding the account but the problems I’ve had:
1) The website does not reflect current account activity–it’s 1-2 days behind.
2) It is not clear how to set up an outgoing transfer from the bank using the website. The bank-to-bank transfer service is run by a vendor out of Texas and is slow (takes several days per transfer).
3) The customer service people are not articulate and offer little help in navigating their systems or processes.
The rate isn’t that competitive and once you have money on deposit it takes several attempts and multiple hoops to get it out.