Updated 3 months ago on . Most recent reply
Thoughts on Baselane's new transfer fee and other changes
I was in the process of setting up all of my business accounts in Baselane but saw that they are now going to start charging a $15 fee applied to all future wire transfers. They are also no longer offering 1% cashback on purchases made with the Baselane VISA Business Debit Card. I make a lot of transfers out of my business accounts so the cost to me would be very high and may out way the potential interest gained especially since they are getting rid of the of the cash back program and have been lowering the APY%. They have been making a lot of other negative changes and I'm starting to wonder if I should just avoid them as they don't seem to be very consistent or reliable for banking.
I'm thinking about just leaving Baselane and setting up my business accounts with either M1, Sofi, Wealthfront, Betterment, EverBank, UFB Direct, Bask Bank, Barclays, Ally, Capital One 360 and etc.
The banking in Baselane just doesn't seem very appealing anymore compared to a lot of these more well known banks.