RV Select Review: 1st Quarter Edition

RVBank.com offers banking customized to the needs of RVers

Launched as a virtual branch of Bank of Internet USA in July 2006, it continues to expand its customized services.

In addition to the FDIC insured checking, savings and CD accounts they currently offer, RVers will soon be able to rely on RVBank.com for RV and home loans.

Gary Evans, president and CEO of Bank of Internet USA, said that online banking allows them to open branches that are tailored to the needs of specific groups and communities.

“When people are traveling, Internet banking is ideal,” he said. “The RV lifestyle and Internet banking go together very well.”

With RVBank.com RVers no longer have to worry about racking up ATM fees while traveling, Evans said. This is because the bank charges no ATM fees and will reimburse customers for fees charged by other banks up to $10 per month.

There is also no need to worry about finding a bank to make a deposit because deposit envelopes with prepaid postage are provided, he said. If you run out while on the road just let them know where you are going next and they will be mailed to you at no charge.

Evans was at the forefront of online banking when he helped start Bank of Internet USA in 2000. Since then it has grown to be one of the biggest banks in the country with over $800 million in assets, he said.

“When I started banking in 1971 everyone had to go to the bank on Thursday or Friday to cash their check. There were no alternatives,” Evans said, “but we came out with credit cards, check cards, ATMs and direct deposit. We really changed the model that people live under for banking. It was just a natural part of that evolution for us to go with Internet banking.”

Nowadays, pretty much every bank has a website, but since RVBank.com focuses one hundred percent on online banking they are able to cut costs and pass those savings on to consumers through better rates and lower fees.

Opening an account can be done with as little as $50 and there is no monthly account fee. Checking accounts currently pay 3.59 percent interest with no minimum balance. Thats more than some banks pay for high rate CDs or savings, Evans said.

Customers can go back and view activity on their account for the previous 4 years and soon will be able to view information for the whole life of the account. They can access this information 24 hours a day online or over the phone.

Though they don't have physical branches, good customer service is still made a top priority, he said.

Customer support is available from 7:30 am to 6 pm PST Monday through Friday. If they prefer, customers can send secure e-mails at anytime. Those are usually responded to within a few hours, but will always be responded to within 24 hours.

RVBank.com is also able to leverage the Internet to bring community back into banking.

“It used to be you were one of only three banks in a community,” he said. “People knew the bank and they knew what was happening and the banker knew all the names because everyone had to come in every week.

“What we're doing is creating that community feel. Where people are a part of it.”

To create that community RVBank.com has a blog that follows a family as it travels across the country and specialized links for RVers. That is just the beginning of their efforts, Evans said.

As they continue to expand the site they plan on rolling out new affiliations, exclusive discounts and user generated content.

Evans said that customers who try the service come away impressed. He said that 6 percent to 9 percent of new accounts are referrals from current customers, a very high rate for the banking industry.

“Give it a try, it doesn't cost anything to try,” he said. “See how it works and see if you like it.”