Etrade Personal Checking Fees
We have been a customer with E-Trade Bank for the past several years. Although they are primarily set up as an online bank rather than the traditional brick and
mortar type, we’ve found their wide array of products and services to be extremely helpful in meeting our banking needs. From their low opening deposit for a
checking account ($100), to their minimal monthly fees and easy to use website, E-Trade Bank provides a number of convenient and cost effective options for
their customers.
Etrade Checking Pros
One of the things we like most about using E-Trade Bank is their Fee Waiver and Refund feature. If your account meets the $5,000 monthly balance requirement
or is simply linked with your E-Trade brokerage account for a combined balance of $50,000, the bank will waive their $15 monthly service fee. In addition, you
will receive a refund on all charges for withdrawing funds at any ATM nationwide. Since, we frequently withdraw cash from the account, this has allowed us to
save quite a bit of money over the years. This is a perk we have not frequently seen being offered by other banks just for meeting account minimums.
Having our bank account linked with our brokerage account has also allowed us to invest money into the stock market quickly, as our checking account balance is not held
separately and does not require to be moved. As investors, it’s nice to know we have our funds ready and available when we need them. This is important not only
when we want to purchase a stock, but also when we need to sell a stock and be able to use the money immediately via a debit card. This particular set up has
helped save us quite a bit of time in having access to our funds compared to our experience with other banks and brokerages we’ve used in the past.
Another important feature we have taken advantage of is the quick transfer function. This has allowed us to send or receive funds to our other bank or brokerage
accounts with just a few clicks of the mouse. Not only is this convenient, but it can be completed through the E-Trade website during any time
of day. Processing times are reasonable, as transfers are typically done within 3 business days and there is no charge to move money electronically.
Customers also have the option to wire money in or out, which we have done on occasion as well. The bank provides clear instructions on their site
how to do this and charges a $25 wiring fee to send money to another institution.
Etrade Bank Direct Deposit and Online Bill pay
There are also a number of other features we have found to be helpful while banking with E-Trade, including both direct deposit and the free online bill pay option.
These were very simple to set up and certainly made our life a little easier. With direct deposit, we provided a copy of a voided check from our
account and processing went through without a hitch. As for online bill pay, we’ve found this to be quite useful and very convenient. One of the nice things about using this service is the detailed monthly
reports that we have access too.
Etrade Checking Cons
All in all our experience with E-Trade Bank has been a good one. As a matter of fact, one of the very few drawbacks is that we’ve had with this type of banking
is not being able to walk into a branch and deposit or withdraw cash. Banking is primarily done online
and through the use of your debit card and checks. If you need to deposit cash rather quickly, having to wire funds is not always convenient or
cost effective. This is something to take into consideration for someone that is looking to do more traditional type banking.
For customers that don’t mind this limitation, however, E-Trade Bank offers some attractive features and low cost options to help make your day
to day banking needs a little more manageable.
Etrade Checking Review Summary
We definitely recommend E-Trade Bank as either a primary or secondary bank account for the number of benefits that they can provide.
This is one of the best checking accounts out there.
E-trade brokerage promotion link could be used to get a nice cash bonus for opening brokerage account and after it's done to open linked E-trade
bank account.
Etrade Business Checking Accounts
You can now get all the features and flexibility of Etrade's old business branded individual checking accounts through their individual and business brokerage accounts. Etrade has included $500,000 in coverage through the Security Investors Protection Corporation (SIPC) to offset brokerage accounts not being eligible for FDIC coverage. You can still get access to your business account with business checks or a VISA debit card.
Etrade Business Checking Requirements
Applying for a business checking account with Etrade is relatively easy. Business accounts require a minimum $500 initial deposit to open and if you want to use their mobile app for iPhone or Android, you need to start with a minimum balance of $1,000. These are only opening balances and do not need to be maintained to keep the account open or use the app. All the forms are available online and you can set up business accounts for sole proprietorships, LLCs, corporations, partnerships and even non-profits. The mobile app isn't available for non-profits or foreign corporations but the bulk of their business clients have access to all their regular online tools as well as some special app features through their smartphone.
Additional Services
Over the years Etrade has led the way by being the first to introduce many of the online banking tools that we now take for granted. They perennially top Kiplinger's
list of best online brokers. In this review we won't go into their trading platform, selection of Bonds, ETFs and
foreign exchange. We will stick to just looking at the features you would typically use in a business checking account.
As well as checks and debit cards, their business brokerage accounts provide tools for setting balance alerts, classifying deposits and withdrawals, and running reports. You can get
email notification to your smart phone by setting alerts to send you an email when the balance falls below a certain amount. You can have it sent to just your primary email address
or add extra email addresses that you reserve just for your smartphone. If you're waiting for a big check to clear you can also set an alert to trigger when the balance goes over
a certain level. You know the second the check has cleared.
To help you generate reports, you can categorize your transfers under dozens of different income, expense and tax status categories. With everything tagged, you can generate
fast, easy reports for tax filing or internal use.
Etrade Business Checking Mobile App
The mobile app for iPhone or Android comes with the very handy Mobile Check Deposit (MCD) feature, that lets you endorse the check, snap a picture and send the deposit to your account.
With only 26 physical branches across the country it's extremely unlikely you're going to be able to run a check over to make a deposit. MCD was pioneered by
USAA bank, who serves over 7 million, mostly military members worldwide from just one branch in San Antonio, Texas.
Etrade has brought MCD to the masses. While only 60% of USAA customers met their requirements to use MDC, Etrade simply requires you start your account out with $1,000. Business and individual account holders are limited to depositing $10,000 or 50 checks per day using MCD. Checks still have a 1-2 day float and then normal holding periods apply. Treasury, cashier and certified checks, clear $5,000 the next business day and personal checks clear $200 the next business day. The remainder up to $5,000 clears on the second business day and any balance for checks over $5,000 clears on the fourth business day.
The mobile app can also send you alerts on the progress of your MCD and let you know when funds are released. If you don't want to have your inbox clogged with messages you can also sign into their website where all your MCDs are tabbed and you can quickly flip through any that you are waiting on, to see the status.
ATM Rebates
Finally, one of the biggest bonuses for having an account with Etrade is their VISA debit cards automatic ATM fee refund. There are many other banks
that claim to offer something like this service but there is almost always a catch. Monthly limits and hefty minimum balances always seem to make you the exception.
Many banks only credit your ATM fees monthly. With Etrade, every bank is your bank. Etrade credits your ATM fee within a few minutes and there are no minimum
balances or monthly ATM withdrawal limits. If you are roaming the globe you will incur a 1% fee for withdrawals in a foreign currency, but you always have fast,
easy, cost effective access to your business accounts.
Etrade Business Checking Review Summary
Etrade Bank' business checking account offers a number of benefits that makes it attractive to many customers.
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