Update: This seems to only apply to the cards issued by Axiom Bank. They were apparently already using Republic Bank of Chicago for some cardholders. If you have one of those cards as far as I know nothing will change. You can also signup for a new 5% card from Republic Bank now.
Insight has sent out the following letter to cardholders:
Basically it seems like they are changing card issuers and you need to request a new card and change your direct deposits and empty the account. Your current card/account will starting earning a 0% APY rate from July 1st and you’ll be sent a refund check on July 31st if the account still has funds in it. This seems like a huge hassle for cardholders and something that should have been avoided if possible.
If you do have an insight card, then it might make sense to transfer your funds over to Northpointe as they offer a 5% account on balances up to $10,000 now and are easily the best high interest savings account on the market.
Hat tip to reader Robert
Anyone get their 1099 from Axiom Bank for 2017 yet?
Nope! Came to the comments looking for this as well.
February 19th now and still nothing here… And since the account was closed, it’d be tricky to go back and do the math myself, so I’m really hoping they send one eventually.
I got the one from Republic Bank of Chicago weeks ago, and I did get one from Axiom last year.
Call 8778743025 and ask for it. You may be able to get them to send it. I am still waiting as well.
In the same boat. Have an appointment with our CPA on Friday to hand over everything and this is turning into that headache issue that is going to take time to figure out. Last year it was HSBC.
How do I get the 1099-INT???
I’ve tried a few times since I closed my Axiom accounts to open more RBC accounts (I have 2) and have been rejected each time. Anyone have any success?
I have already pulled out all the money and left zero balance on the Axiom bank insight account. Do I need to close this account by myself? Or it will be automatically closed on August 1st? Thanks
I just checked, my Axiom acct is still active. Do I need to call to close?
When draining my account using ACH PULL, one of the TX was reversed including a $5 returned debit fee. First I thought a typo or I missed some minimum balance requirement, but nada.
Anybody having similar issues? Given how hard they make it to get contacted, I assume it’s not worth fighting for the $5 either. Suck it up and use bill pay instead?
Was the transfer for more or less than 5k?
Only now saw this. It was way less than 5k – I split up into 4 pulls. This was the last one of 1514.18.
I ached out later the remaining balance leaving $1 on the account — that worked. I used the remaining $1 for bill pay, which also worked. Surprisingly fast, actually.
I contacted support got a re-assuring ‘we respond as soon as possible’ message and — surprise! — they never responded. Guess, it was just not ‘possible’ yet.
Something weird happen. Just opened a M&T bank last week and now i see a $25 debit to M&T bank on my card. But i never linked the banks together..??
What’s the easiest way to close the Axiom account, now that I’ve emptied it to $0?
I was just going to leave it zero balance. The letter doesn’t state this explicitly but I assumed Axiom is going close all the accounts on August 1.
My wife and myself each have the Axiom card. I had to call customer service to request my new card. Like some others I got the message when attempting to open the account from the website:
“We are sorry but we are unable to issue you an Insight Card at this time. Please visit any of our partner locations to apply for your Insight Card.”
Apparently, this is very common, the rep pretty much knew what I was going to ask for before I asked.
When I tried to open the new account for my wife using the website, I got the same error. I guess I’ll have to get her to call in as well.
So you were able to open a new account over the phone? I had to go to a partner location to open a new account.
How many RBC cards did you have before you opened another in the partner location? Did they say anything about a limit per person there?
I had one card RBC card previously. They told me that there was a limit of 2 per person there so I opened up 2 there and now have 3 cards.
Which partner location did you go to? Are these listed somewhere?
I called Insight and they told where the nearest location was. Here is a phone number to get through to a live person. 855-206-2795
Was the location you went to able to see that you already had 1 account? If not, what would stop people from opening 2 accounts at different locations?
Was there any charge to open in-person?
Was the location you went to able to see that you already had 1 account? No
If not, what would stop people from opening 2 accounts at different locations? Probably nothing — except maybe Insight not allowing the card to be activated.
Was there any charge to open in-person? No
Thanks for the responses. I may try to open 2 more accounts if a location is near me.
What phone # did you call to open the account? How many RBC cards did you have before this?
Data point on multiples:
I have 1 Axiom and 3 Republics. Not pushing for another at the moment (and lacking the funds to fill them up anyway).
My parents have 3 Republics each. I just tried opening card number 4 for both of them, and got the “we’re unable to issue you a card” error message.
Looks like 3 Republic cards is the limit.
What’s different each time you apply for a new one? Just the email address?
Only your SS#.
You will also have to establish a different username for logging in, but can use the same password.
I worded that wrongly, obviously you would use the same SS”. I was thinking about when a spouse is opening an account.
The answers to most of these recent questions are not to far above in other’s comments, including mine.
I keep on getting an error message when applying for a new card. It says:
“We are sorry but we are unable to issue you an Insight Card at this time. Please visit any of our partner locations to apply for your Insight Card.”
Can anyone make sense of this?
Same message. I’ll probably message or call about the conversion.
I have been trying to open a new account for my 18 year old son who does not have an account. I keep getting this message also. I sent an email and the reply said to call them. I tried calling the number provided but am not able to get through to a live person. They keep asking for an account number which obviously he does not have. Has anyone been able to open an account online in the last few days? Any suggestions on getting through to a live person.
Same situation – waited on hold for about 15 mins before giving up.
I’m wondering if they just took things offline for the last few days, maybe with the transition. I should have been more proactive a few months back.
I am going to try and go to a physical location – a Checksmart office – and see if that works. Even if this works to transition my Axioms, it will be a huge pain for other family members – like in your situation.
Checksmart made me fill out new customer paperwork and snapped my picture.
They did allow me to get two Republic cards today (in my own name), I was able to register them online – all looks good.
I’ll keep trying the online signup, if anyone gets past the “unable to issue you a card” error message would be happy to hear the DP. My wife will probably not be too excited to start a Checksmart payday loan profile.
Could anyone confirm if I open new card with Chicago bank my old one (Axiom bank) will not be automatically closed and I will still get dividends?
Your old account will not be closed when opening a new one. I’ve opened 4 new accounts recently and no earlier accounts were closed.
So you have more than 4 accounts total now?
I was including my wife’s accounts too. I’ll try for a new card once I close my old Axiom card in early July.
I have 2 Chicago and 1 Axiom cards. My husband has 3 chicago cards. I thought he had an Axiom which is why he signed up for another to transfer the Axiom but then he checked and it’s all Chicago. Really wanted a fourth for both of us but that may be pushing it? I’ll definitely sign up for a third chicago when I close my Axiom.
4 is fine, it’s definitely allowed.
Well so much for waiting to close my Axiom before getting a new Chicago one. They just called me, and boy I was scared..on no they are shutting me down for having 3 cards. Nope, she wanted to open a new card for me so I can transfer my Axiom out to it. So nice of her 🙂
@Gina – I got a call from them last night but didn’t get to the phone in time. Did you open up a new account? What number is this for you?
Yes I let them open it and it was successful. I have 2 Chicago and 1 Axiom currently. She was going to give me my account number and routing over the phone but I said I’d just wait for the card.