Update: Best Free Online Banking

Way back when I wrote about my favorite free banking which was WaMu. I also mentioned how JP Morgan Chase basically ripped me off with fees. I to this day hate them for so easily putting into practice a policy of ripping people off. So guess what happened since then? WaMu went bankrupt due to getting way overextended with NorthWest Mortgages, and guess who swooped in and bought them? JP Morgan Chase. I cried myself to sleep for weeks because I knew if Chase now had control over my WaMu account is was only a matter of time before they start charging me money to let others borrow my money.

Today something great and something horrible happened within 5 minutes of each other. I got a letter from Chase and opened it in front of my computer as i am always prepared for the worst when dealing with scum like that. So I quickly scanned the friendly letter and almost exploded, it was a very polite letter happily informing me that my 1.9% APR on my credit card originally gotten from WaMu is from now on going to be 29.99%. That is not a typo.

ally bank

One of the main reasons I wanted to share this on my blog is because take a look at that website! Someone sure knows how to make money, there is alot to admire about this site for you marketers and developers alike. But seriously, getting a money-market account with no minimums, no monthly fees, no direct-deposit requirements, and none of all those other made-up pirate words is pretty unheard of. If I was a journalist I would want to know who it is that is behind this. But knowing how the banking industry is it's probably their idea of a "lead-generating-tool" that they can later just buy outright and stick it to all the "leads". It's basically the same setup as PayPal and their optional money market account that I use, except unlike paypal you can send and receive money without them taking a big chunk. And who ever heard of such a thing as a no-penalty CD that doesn't have hidden costs?

Have you heard congress wants to make it legally required to inform your blog readers if you are getting paid to promote a product?
Well don't worry about me, I never have been paid and I literally just opened my account 20 minutes ago. I'm just particular about not having to pay a bank to let them lend it to others. ally vs Chase is the same thing as Open Source vs Microsoft.

Any other ideas?