Matt Hoffman was frustrated with his bank.
A self-employed biotech engineering consultant, Hoffman travels all over the globe to work with clients.
But his checking account at Citizens Bank, a big national U.S. bank, simply couldnt handle it.
With Radius Bank, Matt Hoffman has used ATMs in Indonesia, Panama and Mexico without incurring fees. Peggy Peattie for The Penny Hoarder
The money wouldnt appear in his account.
Scouting around for better options, he opened an account with an outfit calledRadius Bank.
He was attracted to the higher-than-average interest rates it pays on its savings accounts.
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And his problem with the international wire transfers?
Radius was able to just handle that with no issues, he says.
That was nearly a decade ago.
Hoffman stayed with his new bank and never looked back.
Existing mostly online, Radius has exactly one physical bank branch at its headquarters in Boston.
Hoffman lived in Boston when he first started banking with Radius.
Later, he moved across the country to San Diego, but he found it didnt matter.
Radius is part of the NYCE ATM web connection, which is connected to500,000 ATMsworldwide.
Hoffman can withdraw cash or make a deposit at those without paying those annoying ATM usage fees.
And if he has to pay an ATM fee anywhere, he gets reimbursed for it.
No muss, no fuss, no problem.
I travel around the world quite a bit, says Hoffman.
Ive used ATMs in Indonesia, Panama and Mexico, and Ive never had a problem.
If he needs to send someone a check, thats easy, too.
He does it online, on his checking accounts Bill Pay function.
He types in who the check is for, the amount of money and the date.
Radius mails a certified check to the recipient.
The savings account is especially appealing to Hoffman, because hes an independent contractor.
Because hes a freelance consultant, income taxes arent withheld from his paychecks.
Instead, clients just pay him and send him 1099 tax forms showing how much they paid him.
Then he sends his income taxes to Uncle Sam in a lump-sum payment once a year.
To pay his taxes, he sets aside money from his earnings in a high-yield savings account at Radius.
It requires just a $100 minimum deposit to get started.
Hes never going back to getting the runaround again.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
He should probably switch banks like this guy.
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