AmericaNet Bank
Article Submitted By: BankMan
AmericaNet Bank is the online division of All America Bank, a small Oklahoma Bank with assets of $156 million. The bank offers a high yield checking and savings accounts as well as competitive certificates of deposit.
AmericaNet Bank is the online division of All America Bank, a small Oklahoma Bank with assets of $156 million. The bank offers a high yield checking and savings accounts as well as competitive certificates of deposit.
For small bank, it has a fairly sophisticated account opening process. Account opening can be done totally electronically without needing to send in signature cards. Deposits can also be electronically once funding account has been confirmed via two small test deposits. The entire account opening process takes between 1-5 days depending on how you fund it.
AmericaNet offers several different types of accounts.
- Rewards Checking. It pays a competitive rate in return for users doing 10 check card purchases and receiving electronic statments.
- Mega Money Market. A competitive money market account with no minimum balances or monthly fees. The minimum deposit is $1. The account comes with a debit card.
- You're Approved Checking. A checking account for those with bad credit or no credit at all.
AmericaNet's parent company, All America Bank has a 4 out of 5 star rating at Bauer Financial (Very Good) for its safety and soundness. It has been FDIC insured since 1969.
If you have any experience with AmericaNet Bank, please share it in the comments section below.
Comments
Sam, April 30, 2011
I have over a hundred thousand dollards in this bank collecting fat interest, thanks Americanet. screw that guy from the top post that says to stay away. lol @ u
pwb68, March 10, 2011
Amazing. Are you people doing this for agenda purposes? I never had any problems with this bank and I am getting the interest that they stipulated. Most of these comments are venomous and make no sense whatsoever.
Cody, January 28, 2011
I am an online rate shopper and was attracted to the 1.75% in April 2010. I opened the account online and moved $100 in to start. As soon as I was able to login to view my new account, I came across a statement that was available for me to view in the previous statements section of the website. Weird, because I had not had an account with AmericaNet Bank previously... I opened it up, and was very surprised to see another individuals past money market statements. I saw their name, address and balances on the statement and was also able to view the social security number. I immediately sent a 'secure message' to customer service letting them know. I received a response the next day, and was told that the account I saw was a test account, not a real account, that was included in my profile in error and that it had been removed. I logged in again, and the statement was still there. I grew suspicious of the explanation I was given and googled the persons name and address, which I found several entries and confirmed that this was indeed a real person. I sent yet another message letting them know that I could still see the account, and that it appeared to be real. They did not respond after 4 days, and I asked for the account to be closed. Hoping that my own SSN is not out there viewable to someone who would do harm... Stay away.
AmericaNet Bank client, January 19, 2011
They presently got issues with accurate display of transactions and have acknowledged that they're experiencing a system wide problem. Supposedly IT is on top of it. We'll see - I'm not happy.
SKA, November 29, 2010
I've opened a checking account with AmericaNet Bank also, but because I move slow on things like this, the wait time hasn't been a problem. I opened the account initially with a $1 deposit, and am now considering a larger deposit, but wanted to do my homework also. The website is a little hard to navigate, but seems like once you figure it out, should be fairly easy. I'll deal with a little hassle for the return...kind of expected these days.
Karo, November 22, 2010
I opened my account in October 2010 and I have had no problems. It is quite a process to open the account, but that is because of security measures, which I am glad!!! It does take about 5 days for the transfers to actually hit the account, but this is disclosed. I read all documents before opening including the fine print. I have had no surprises. I have dealt with customer service and they were great!!! I read all about the limits etc. If anything happens I will definitely post my comment. I recommend!!!
Andrea, September 25, 2010
Please keep me updated on your experience. Some of the complaints here seem a little dumb while others seem to have some weight. I am considering opening a checking & savings account with them but want to do my homework first. So far, it seems it's not a bad deal. Again, please keep us updated. =)
andrea, August 31, 2010
Well, I just took the plunge and opened a checking and MMMA with them b/c i can't stay at 1.20 with DSD when I can earn 4 or 2%. I'll see how it goes! Getting ready to transfer in a huge chunk of change in a few days. Yikes.
Alex, August 31, 2010
They do not tell you that a) They charge you 10 dollars for account inactivity past 6 months. b) You have to set it up online as a checking account for it to work c) You can do as many 2500 transfers in a day provided you need to transfer a large ammount of money. d) It takes 5 days for any transfer to be finished, they do not hold the money afterwards. e) Their Money Market account, which is basically a checking account as it has billpay does not do outbound wire transfers, and they do charge you for inbound wire transfers. f)You are limited to one account per customer, however go ahead and open another one... it works. The bank is okay. Their website has some gramatical errors which makes some people nervous. Their customer serive is not consistent as sometimes I get asked so many quesions regarding security, other times they dont. As of today, customer service has been friendly and helpful plus I dont have to wait. The way they pay interest is weird.
Pilm, May 06, 2010
This is for anyone using or considering AmericaNet Bank, be very very careful! I put $5000 in an AmericaNet Bank savings account because they offered a 2% rate. Every quarter I'd go online and check my account. Well, come to find, after my one year anniversary with AmericaNet Bank they began to charge a $10/month fee. AmericaNet Bank did not provide any notice whatsoever when they started helping themselves to my money. It wasn't until I logged on recently for my quarterly account review I found $20 missing. After invesitigation I found that after one year, if you don't add more money, your account is considered dormant, and AmericaNet Bank starts penalizing your account $10/month every month until you add more money. Almost seems like extortion to me! I've used at least a dozen online Savings accounts and have never had money drained from my account like AmericaNet Bank is doing! No bank has ever penalized me for leaving my money in their account! But AmericaNet Bank does! Beware, beware, beware! AmericaNet Bank is a sham and ripoff.
ToscaDiva, July 18, 2009
Bait and switch rates, terrible customer service. NOW I am trying to reach someone so I can have recalim my funds. BEWARE
adam, May 19, 2009
The rate is now 2% APY, which is not competitive any more. I closed the account and found out that the interest from the last month was forfeited. They have this info buried deep in fine prints. So, be aware and if you want to close the account do it right after the 3rd Wednesday of the month, when they close the monthly period.
Bob in Bham, May 08, 2009
Connie, try GMAC Bank. They're offering 2.25 APY for online savings, their website is easy to navigate, and transactions are fast. GMAC Bank is usually in the top ten best rates nationally.
Connie, May 07, 2009
I was about to open an account at AmericaNet, despite the rate drop. Anyone know of other banks offering higher rates? I'm sick of my 1.50% APY savings accounts..
Bob_in_Birmingham, April 29, 2009
The previous comment is correct. The high yield rates go down the toilet May 5th.
Jimbo, April 23, 2009
Don't waste your time. I recently opened accounts. I just got an email from them. The rates are dropping on May 5th. 4.00% APY on daily balances less than or equal to $10,000.00 Mega Money Market 2.00% APY on daily balances less than or equal to $35,000.00
MuSCLe, April 22, 2009
I called AmericaNet today to ask questions about their higher than normal yielding checking and savings accounts. The rep gave me the same info. as was on their website,however, after reading these reviews...I'm not confident in their services and therefore don't trust them to hold my money - whatever the rates. He did say AmericaNet is about 2 or 2.5 years old, maybe they will get the kinks worked out sometime soon. I'll check back at another time. I am interested in feedback about how the account set-up and funding problems are being worked out for the people above.
SoCal, April 16, 2009
My experience so far has been negative. Customer Service is poor: no response to email inquiries, lenghty waits before being able to speak with someone by phone (35 minutes today). The rep stated that some of the secure emails end up in their junk file! My first statement indicated an interest rate of 2.25% instead of the promised 3.10%.
prospective customer, April 03, 2009
Thanks for the reviews. I'll stick with another bank with a little lower rates since they have excellent customer service and a great website that is user friendly.
Dhani, March 25, 2009
I've also initiated the process to open the Mega Money Market account that generates a 3.1% return. I'm currently on the 3-day period for my money to show up on my account, which I do not yet have an Access ID# to access the account. Does the 30-day wait period apply only after the initial deposit? If I request a withdrawal on Sept.1, 2009, which is about 5 months after I open my account, will I have to wait 30 days for the withdrawal to reach me? I hope that's not the case. If anyone has any experience with that, let me know. I'll look into the Rewards Checking at 5.25% for the first $10,000 after I'm comfortable with the Mega Money Market account.
Ron, March 21, 2009
Wait 30 days and then move in a large amount? By then the rate will be .018 %.
Baxter, March 21, 2009
The 30 day wait is true; however, it only takes $1 to open an account. Deposit your $1, then wait 30 days to move in a large amount of money. No big deal.
A Joke, March 20, 2009
Your kidding, right? No access to your money from an out of state bank for 30 days. No way!
Baxter, March 18, 2009
I opened a Mega Money Market Account about 2wks ago. It took 5 days to be approved, then another 3 days for my inital deposit to show up in the account. They did not email my account #, so I had to call customer service to get this. I needed the # to register and manage my account on-line. Customer service was friendly and helpful, but I had to call 3 times to get a person instead of an answering machine. When I registered my account, I had to select "checking" instead of "savings" for it to work. This was confusing. It is true that the 3.1% rate is only for the first &35K. Also, you have to wait 30 days before any money can be transferred out of the account. Overall, there were a few minor issues, but the high rate should be worth it.
Sol Nasisi, March 18, 2009
@patrick These banks are all owned by the Huckabee family. Thus, while their banking entities are not affiliated, they are controlled by the same people. More: http://www.bestcashcow.com/savings_-_checking_-_cds/article/bankman/origins-of-the-redneck-bank-name Hope that helps.
collin, March 12, 2009
zelig: i read recently that they just changed the 5.25% limit from $25K to $10K in the last couple of days so you just caught them during the switch over in terms between the website being updated and the agent being notified of the changes. I'm not a customer of theirs, just reporting what I have read.
zelig, March 11, 2009
I just called AmericaNet and was greatly disappointed by their customer service. I had a few simple questions, which the representative could not easily answer. Their money market account has a 3.1% APY, but the agent said only up to $35,000. The agent did not know the APY for accounts over that amount. Their website doesn't even mention any limit for their money market account. Also, the website states that they offer 5.25% interest for their checking account up to $25,000, but the agent said it was only up to $10,000. This is false advertising. In addition, the agent had a very rude tone in her voice and I asked her why that was so. She stated because she was trying to enter in a new account while talking to me and she was really behind. I cannot trust my money with a company like this. Beware.
patrick, March 06, 2009
AmericaNet Bank is the internet banking division of All America Bank, Redneck Bank is the Internet Banking Division of Bank of the Wichitas, and Evantage Bank is an internet banking division of Southwest State Bank. Although they are all located in the same vicinity, Mustang, OK, they have no affilation with each other but must have decided to buy the same online banking software from the same vendor.
geo, February 27, 2009
Americanet, Redneck, Evantage banks all seem very much the same. What their affiliation with each other?? All are in Oklahoma and offer the same products their webpages seem the same. Anyone know or care?
