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Woodforest National Bank - $1 Accounts.
 

Hello,
I was in Walmart today and I noticed Woodforest National bank had a sign up that said $1 accounts. .

I'm not sure if this is a local thing, or a National thing. But hey, a bank account for $1 is a deal. And you know, you will probably be able to get a savings account attached as well.

I'm heading back to walmart with a $5 bill and 2 forms of ID, I'll post back and let you know if I was able to open a new account.

Keep us posted...I would really be interested too.

Alright, I just got back.

There are 2 options.

1) If you have a positive bank history you will be able to get the FREE account with no setup fee, no monthly payment, etc.

2) If you have Bad banking credit (like a bad account out there somewhere) then you will have to get the "Choice" or something like that, $21 setup fee and $7.95/month fee

Both accounts are available for $1 opening.

Fortunately I was able to get the free one, either way... it's still a good deal.

That being said, I was able to get my routing number and bank account number today.

I tried to plug it into paypals system, the good news is they do instant verification like BOA does if you are using online banking, the bad news is it takes 24 hours to do online banking so I will have to wait until tomorrow.


I picked up a Tracfone while I was at it, I'll create a new paypal and ebay setup for future use.

So, moral of the story, if you have a wood forest national bank in your area, check to see if they are offering the $1 / account special.

Hitch

^^^OK sounds fine. We will need to know if it accepts those deposits and paypal does no reversal in several days time

With the instant confirmation, paypal won't require 2 deposits to be made.:thumb:

but could you withdraw without reversing
 

but could you withdraw without reversing????

Just checked their website and it looks like they have a lot of locations more than 50....I will give them a try as well later this week and see how it goes.

I'll let you know when I make a test withdraw... I highly doubt it will be reversed though.

It's a legitimate US bank with "Bricks and Mortar" locations.. not some online bank that paypal will think is here tonight gone tomorrow type of thing.

i wonder if by donig the instant confirmation, would paypal be able to see your real info? name/address?

i am always paranoid about stuff like that

Well, the annoying thing about WFNB is that they require like 8 different security questions lol, and I failed one of them during the instant confirmation so I had to do it manually anyway.

That being said, I've never had a problem with my BOA instant confirmations and them finding my real information. Banks are not allowed to give that information away without a court order, IIRC

Personally i think they can. Because you put that info in. I had 3 paypal accounts suddenly linked with BOA instant verification. There is no other possible explanation.

^^ How do you know that is what linked you? What did Paypal say? I'm asking because there's a thread that says you cannot be linked by instant verification and that's it's safe.

i understand, but when you give paypal your account name and password during the instant verification, couldn't they use it to see your account name?

woodforest is great, no problems with them so far , works fine with PP

So far, I've confirmed my Wood Forest account via the micro deposits. And I sent money to the account from another account to test the withdraw capability. I should get that withdraw tomorrow, I'll let you know.


All of my BOA Accounts are linked via instant verification and none of the Paypal accounts have the same name as my BOA account. Instant verification works fine.

Well, I got my test withdraw today .. this account looks like it will be a keeper :) Now I need to build up another ebay account to use with this account so I don't get the limitation BS.

hi, you can find all US bank locations, addresses, telephone numbers and more details here. Check out the below link

US Bank Locations

Everytime I do the instant verification I quickly change the username and password afterwords so i make sure they can't log-in back into my bank account!

Yes, best thing to do.

will this bank be useful for stealth accounts? does it accept deposits in other names?

Is there any way to open it online? Do they require SSN?

I have an account at Woodforest. I was also attracted to it by the $1 account thing.

After I lost my job, but before I got back to selling online, I was living on unemployment, my 401k and money from my brokerage account.

So, I took $3k from my 401K, they sent a check. This was from Fidelity, a HUGE firm.

Deposited it in the bank, but the manager told me that since the account was new, and the amount of the deposit was over $2,000 there would be a 7 day hold on the money. Turned out to be 7 BUSINESS days, which actually means an 11 day hold. But OK... Whatever...

Two months later, I did the same thing with a $2,000 deposit. This time, they told me the hold was "discretionary". I then received a letter from them informing me they were holding the money because they did not believe that Fidelity would pay them. GGGRRR!!!!

Last month, I needed a new roof. I had most of the money, but I transferred $1k from my brokerage account - ELECTRONICALLY this time. And guess what? ANOTHER FU**ING HOLD!!! For an electronic funds transfer!

I am a homeowner without a SINGLE LATE PAYMENT on my credit report. I have never used more than 10% of my available credit. My FICO score is over 800. So it is not like I have bad credit or anything. This is one ANAL bank, or at least one anal branch.

So I never thought of using them for stealth, as the way the were acting led me to believe that any deposits would be rejected, even if the entire name was off by only one letter, much less using a stealth name.

But if I'm wrong, they could be a nice resource, since they are local to me.

My question is: Has anyone successfully reecived funds into a Woodforest account when the names do not match?