Shortly after giving blood a week ago, I availed myself of the blood center’s free cookies and magazines. I flipped to an article about banking in poor, mostly black areas of the rural south:
…the national banks discourage poorer—and less profitable—clients through minimum-balance requirements and fees. And in many small towns around the Delta, good luck even finding a big traditional lender. From 2012 to 2017, low-income rural communities lost 14% of their bank branches, according to a Federal Reserve study.
This struck me as very sad, since I don’t deal with any of those problems. Ever.
What if you could get an account with a bank that’s entirely online, meaning you don’t need to worry if you live in a rural area? And what if that bank had accounts with no minimum balance and even free checks to boot?
Well, that’s the kind of account I have. And as I read that article, I thought about several friends who’ve had struggles with their banks and asked me the same question: what bank do you use?
I’ve used Ally Bank for about four years, and I do love it so! Here are some of the benefits:
- No minimum balance
- Free checks
- Reimbursement of ATM fees up to $10/month, which is usually plenty for me
- Tons of fee free ATM’s, including at every Walgreens and CVS
- Every service is online, no branch to go to, wait in line, and catch COVID at
- Wait time of 1-2 minutes at most to get a human on the phone, 24/7/365
- Some of the highest interest rates for savings accounts in the nation, probably because they don’t have to pay for branches and tellers
A friend of mine recently had his bank account frozen due to fraud protection. Naturally, it conveniently happened on a Saturday afternoon, after the branches and phone lines were closed! With Ally’s 24/7 support, this would never have been an issue.
In fact, in four years, I’ve never had one problem with my Ally account.
As a professional investor, deciding where to put money is my entire job. So, I put a good bit of thought into this decision, and it’s worked out well for me.
I’d love to see people of more modest means, people in remote rural areas, and disadvantaged minorities get the same good service as a very fortunate urban white guy like myself. So that’s why I wrote this post!
I have no affiliation with them and won’t get a dime if you sign up. But if you do decide to, the link is here.
Have a great weekend everyone!
For more on saving money and financial issues, check out these posts:
- How I Eat Delicious Organic Produce for Next to Nothing: Introducing Misfits Market
- My View on Markets in 2021
- This One Trend is Driving Every Financial Market
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Photo: Me and some random person’s car. 🙂