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Time Is Money, Money Is Money Too

Over the past almost 15 years, in my work as a paralegal, I have easily reviewed thousands of client’s bank statements. One thing that remains true, regardless of how high or low my client’s bank balances are, the banks and credit unions are making a lot of money off of the fees they charge.

For a long time now I have been looking for an exceptional financial institution, a bank or a credit union, to refer my clients to. I have come across three that I could recommend, but they were specific to either a person’s employment or geographical area.

So not everyone could utilize their services. Additionally, none of these institutions could really fill all of my client’s needs. They are generally limited in their online capabilities and still charged fees as well.

The Nerve of These Institutions

Then a few months ago, while working on a client’s case I came across something that pissed me off so bad I spent the rest of the month searching for the perfect bank.

I found an old savings account that had been left undisturbed for years that belonged to one of our vulnerable clients. This precious client is basically invalid and confined to a nursing home. It only had about $5,000 in it.

When I researched a little further, I saw that years ago the balance was over $6,000. However, since my client became ill and stopped using it, eventually odd little fees started chipping away at this balance.

GOONS & Goblins

Not only were these fees gobbling up the pennies he was earning in interest, but by the time I discovered the account the credit union was able to take almost $1,000 of my disabled client’s money in ridiculous, menial fees.

This upsetting moment led me to find a bank that would have had him earn over $230 and not had taken a dime of his money during this same time frame. My poor client only garnered something like $30 in interest over the three years his money was in that savings account.

A Bank with No Fees!!

So I found him, and the rest of my clients, AXOS bank. AXOS is the bank for the people! They get it. No fees. No NSF fees. No maintenance fee. No BS fees like they were charging my client – Bad Address Fee??? No Inactivity Fee None.

When we said no fees, I meant pretty much no fees. Use any ATM under the sun and you can count on AXOS to reimburse the fee. The reimbursements are unlimited.

They don’t even charge for all domestic wire transfers, in our out, you will never pay a fee. They do have have few oddball fees that are totally reasonable and understandable.

Here they are:

Visa Debit Card foreign currency conversion rate: 1%
IRA closing or transfer fee: $35
International wire fees: free for incoming, $45 for outgoing
Deposited checks returned: $10
Excess transaction or withdrawal fee: $10 (This is that fee that all banks charge on savings accounts with too many withdrawals.)
Stop payment fee: $10 if requested online, $35 with live assistance

Earn up to 1.25% APY.
No maintenance fees.
No non-sufficient fund fees.
No minimum balance requirements.
PLUS Unlimited Domestic ATM fee reimbursements.
Open today with no deposit.
Deposit today, compound tomorrow.

Make Your Money Make Money

Not only would his money have been much safer in an AXOS savings account, but their checking account alone earns MUCH more in interest than the account he had his money in.

The financial institution guilty of these ridiculous fees charged against my client’s account is a credit union. It is a really crappy credit union that even had to change their name about a year ago because they are so crappy. But really, they are no different than the vast majority of banks and credit unions out there.

To finally find a bank that is not just equitable to their customers, but also allows the average account holder to earn interest on their checking and savings account balances, feels like the consumers have finally been heard.

AXOS Is Legit

I did further research to see they have been around for almost 20 years now. Bankrate gives them a 4.3 and Nerdwallet gives them a 4 out of 5 stars. They have been winning awards in the banking industry since 2012. Of course, I would not even be working with AXOS if they weren’t fully FDIC insured. Their security is top of the line. Your money is completely safe with them.

They Support Paralegal Power, Really!

They support small businesses. Paralegal Power reached out to AXOS to learn how we can spread the word about this bank that TIME.com calls the best stand-alone checking, and they agreed to work with us on an affiliate basis. This means, when you open and fund an AXOS bank account, you are also supporting the Paralegal Power Blog.

Savings Accounts

The current rate that your savings account balance will earn as of the date of this publication is 1.30% APY. And it actually just slightly went up so now is the time to open your account. You get to earn their max interest rate on your savings account balance just for having a savings account with them. They call it banking evolved, we call it banking for the people.

Daily Compounding Interest

Yes, the good interest. The kind that compounds. The kind that compounds daily. Yes, the good-good. I am telling you, this is the best banking institution.

Earn Interest, No Minimum Balance

Usually, when banks give you the option to earn interest on your balance, you have to have a minimum balance in that account. Not AXOS.

You get to earn the great interest rates that they offer on whatever balance you have at the time. In fact, for full clarification, it caps at $150,000 per account.

Checking Accounts

You get to earn their max interest rate on your checking account balance just by doing the following:

One Direct Deposit of at least $1,000

Use your debit card at least 15 times a month for $3+ purchases

But even if you don’t meet all of those requirements every month, you could still earn a percentage of interest on your balance by just using your debit card at least 10 times a month on any purchases of at least $3.

High Balance Holder?

But if you regularly keep a higher balance in your checking account, they have perks for you too. Like 1% cashback on eligible purchases. You can earn up to $2,000 a month.

Deposit Checks Anytime

The biggest question I have been getting from my friends who want to know more about opening their AXOS account is how will they deposit their checks. This is one of the best parts. You can deposit your check anytime using your computer or mobile device.

Never spend another Friday afternoon in line at the bank. Just snap a pic of it from your phone and keep it moving.

AXOS is based in San Diego, California, where it has a physical branch. It also has a physical branch in Columbus, OH and Las Vegas, baby.

Teen Accounts

You know I got all my kids a teen account right away. This is the kind of account that our young people need. Especially when you are the one co-signing.

If you know me, you know I have a lot of sons and daughters. As such, I have had to feel the pain of learning about subscription accounts and NSF fees and an extra just because you are overdrawn fee over and over again for almost each and every one of my children.

Just like why the government is allowed to take taxes out of their paychecks, they stubbornly begin to learn what adulting is.

But like so many things in my life any more, I am not doing it any longer. I have AXOS accounts for me and the only accounts I will cosign to for my kids are AXOS accounts.

I no longer have to worry about one hundred dollars in fees because a kid incidentally signed up form three random $1 – $10 subscriptions. Never again.

Mortgages, Auto Loans, Personal Loans, Everything

AXOS offers all of the same products that you need from your bank. The only thing it doesn’t offer is a credit card. But that’s no reason to pass up great banking that cares about consumers.

Perfect for Small Businesses

We highly recommend their small business banking as well.

They have everything for small businesses that you could expect from a big bank:

Checking Accounts
Money Markets
Savings Accounts
Loans
CDs

They grow with you too. Their Commercial Banking gets you:

Analyze Business Checking
Treasury Management
Third-Party Payment Processors
Merchant Services
And More

Axos Bank also offers:

Commercial Lines of Credit
Commercial Term Loans
Equipment Financing
Factoring
Commercial Real Estate & Bridge Loans
Lender Finance Agreements

No Deposit Required

You don’t even need to have money to deposit today to open a savings account. You can open a savings account and deposit money when you get it.

Easy Transfer Process

You don’t have to give up your current bank if you don’t want to. But once you realize how nice it is to have an account that earns so much interest and doesn’t have any fees, you are going to want to get your finances moved to your AXOS accounts. AXOS makes it easy to switch banks with a No-Hassle Switch Kit.

What you need to apply:

A Social Security Number
Your US Drivers License or State ID
A Valid Home Address (No P.O. Boxes)

If you want to open a checking account, you need a $50 deposit. You must be a US Citizen Status or Resident Alien to open an account.

The only other thing you need is approximately 10 minutes of your time. Please consider supporting the Paralegal Power Blog by clicking on any of the AXOS ads in our blog or clicking here to start banking with a bank that really understands the needs of its customers.

We know this info will help you and your clients. Scroll down to find more of our blog posts.

This post was proofread by Grammarly.

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