River Valley Bank’s Internet arm, Incredible Bank, offers a purely online banking experience for customers to save and keep their money safe. They offer one of the best checking accounts which promise high-yields for their patrons. Wary depositors need not be alarmed as this service does not come with a catch. No debit card minimum usage per month or monthly deposit averages. Customers can get the yield levels of best savings accounts in the market. Any use of the checking account from Incredible Bank is considered a paperless transaction and can be accessed online only. Bills can either be debited from a debit card or paid for online through the account. Active services for the account include:
• For accounts with $250,000 and under, the Annual Percentage Yield is 1.74%. Accounts above $250,000 have an APY of 1.00%.
• APY rates can change at anytime unannounced.
• Customers need to deposit a minimum of $1,000 initially.
• No maintaining savings requirements.
• Paperless checking.
• Checking account inclusive of free mobile banking and bill payments.
• Customers can avail of cards for their paperless checks.
• A 5% charge for incoming wire transfers and $20 for local outgoing ones.
• Automatic refunds of incurred ATM charges.
• In case of unforeseen circumstances, depositor can name beneficiaries when applying online. There are no custodial or trust accounts in current roster of services.
• Same day availability for funds on the date the bank receives direct deposit of the amount.
• Account funds can be replenished by Automatic Clearing House (ACH) transfers or check deposits.
• E-statements are available monthly.
• Details for ACH related transfers. $200,000 inbound and $10,000 outbound reader initiated transfers. No limits apply if transfers are initiated from third-party accounts. There is a limit of only three third-party account links. Customers will need to wait for 1 day for the transfers to take effect.
• ACH transfers for withdrawals or deposits can be initiated at other banks.
• Application may involve an in-depth credit inquiry commonly termed as a hard pull credit inquiry. Transunion initiates the credit inquiries and Equifax performs a second one. The bank does not use Chexsystem.
• Customers need to activate e-statements to save on monthly banking fees.
• Routing Code for the institution: 075911742
Newly opened Internet-based banks, like Incredible Bank, offer excellent rates during start-up until deposit targets are met. Incredible Bank has a modest investment of 740$ million but since it uses Internet-based banking services, its reach is countrywide. Nationwide banking services tend to close the gap in a few months.
The common practice of banks after establishing themselves is to lower yield and limit customer applications. Should this establishment maintain its quality interest rate, Incredible Bank can very well be one of the best checking accounts out there with enough flexibility to allow bill payments and remove withdrawal limitations.
Checking accounts that do not require the terms reward checking accounts do are expensive services to maintain. Offering rates that rival those of the best savings accounts in the market are an added cost very much like the addition of online billing platforms. The government mandates that a bank should have a lot more reserves for checking accounts and thus increases the strain on the banks for their checking services.
Incredible Bank possesses several advantages that will allow them to maintain their aforementioned rates. Paperless transactions limit the expenses the bank will encounter in its operations while debit card services can generate finances.
Incredible Bank maintains autonomy from River Valley Bank, at least by name, in order to bring new depositors. A bank’s solid market does not get improved upon when being advertised to for a new product.
The main base of operations for River Valley Bank can be found in Wausau, Wisconsin and is the umbrella for 18 other branches peppered throughout the same state and Michigan. The institution is worth 921$ million with $740 million in deposits all in all as seen in June, 2009 FDIC stats.
River Valley joined the FDIC in 1967 with a certificate number of 19772.
BauerFinancial and Bankrate.com rates River Valley 4 stars for security and dependability.