![]() ![]() Palmetto doesn't charge monthly service fees. Palmetto Health Credit Union is another local, minority-led institution in South Carolina. You may want to read online customer reviews or ask family and friends about their experiences with Optus. Usually, we include Better Business Bureau ratings when assessing a bank's trustworthiness, but the BBB hasn't evaluated Optus yet. Optus Bank does not have any public controversies. "We try to make sure we have mission-driven bankers delivering wealth-building services, loans, opportunities to access credit, and other financial services - but to do it more efficiently." Is Optus Bank Trustworthy? "We don't see the digital banking that we've developed as a replacement for the relationships we see it as an enhancement to the relationships," Mjartan said. This mission isn't confined to customers in South Carolina - Optus serves people all over the US with its digital services, and it gave out PPP loans to businesses in other states in the height of the COVID-19 pandemic. "We focus very intentionally on people who have been underserved and have been disadvantaged, particularly due to systemic or structural racism." "The way we define our core mission is to help people build wealth," said Mjartan. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers. The Role of Community Development Financial InstitutionsĬDFIs serve low-income and disadvantaged communities. Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts. To contact customer support, call Monday through Friday from 9:00 a.m. The Optus Bank mobile app has 5 out of 5 stars in the Apple store, but there are no online reviews in the Google Play store yet. You can also use Wells Fargo ATMs for free. You can open an account at a branch or online from elsewhere in the US. There is one branch and two free ATMs, one at the branch and one at the corporate office on Main street. It's just they're not optimized to bypass those biases, those baked-in legacy issues created by systemic racism." It's not necessarily because those traditional financial institutions don't care. "And those are not going to be closed by the traditional financial institutions. "The reason we need Black-owned banks - the reason we need banks that are intentionally serving underserved communties - is because there are serious disparities in our financial system," Optus CEO and President, Dominik Mjartan, told Insider. Optus is a Black-owned bank in Columbia, South Carolina. You'll need $100 to open an account, though, as opposed to the savings account's $50. ![]() You may prefer the Optus Bank Money Market Account over the regular savings account, because there's no monthly service fee. ![]() Shares are up 0.8 per cent in early morning trading to $4.04.Read Our Review A looong arrow, pointing right Telstra has bought 2 x 10MHz of the low-band spectrum, which chief financial officer Vicki Brady said was strategically important for Telstra. It affects the speed and quality of internet coverage in the regions. Low-band spectrum is a scarce resource used to carry calls and data over vast distances between mobile towers and customers, making it crucial for regional areas. He set a separate bidding limit of 40 per cent for metro areas and Mr guaranteed 10 MHz of 900 MHz band spectrum would be set aside for Optus and TPG at the auction. The argument was resolved when Communications Minister Paul Fletcher imposed a 45 per cent limit on the amount of low-band radio frequency spectrum that telcos could buy. Optus hit back, arguing any loosening of proposed restrictions would reduce competition and affect its own ability to meet the needs of customers. Telstra chief executive Andy Penn said in July that a government proposal to limit the amount of radio wave spectrum it could buy later this year will lead to slower network speeds and delay the rollout of 5G mobile services in regional areas. The successful acquisition of spectrum by Optus and Telstra follows a war of words between the telco rivals over the implications of the auction and how it would affect services for regional parts of Australia. ![]()
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