Incredible Bank is a teeny tiny division of a teeny tiny bank in Wisconsin, that has consistently offered very attractive interest rates on deposit accounts.
Last year, they were offering a checking account that paid 1.35% with “no pain.”
They even reimburse ATM fees nationally and offer free bill pay.
However, like most banks, they have some fees. And they warn that some fees might reduce earnings.
Just how painful are the fees?
They charge $20 per check? On a checking account? That’s pretty painful. Their explanation is that they offer free ATM withdrawals and free bill payments, so to keep costs low, they want to discourage the use of checks. So why is it called a checking account? A bank representative said it was because you could get checks printed on your own and use them with this account, thus providing a means of paying others.