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Feedback about 4.0% MMA from MyBankingDirect.com

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#1 markber


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Posted 07 October 2005 - 04:42 AM

The following feedback about MyBankingDirect.com was posted by Dario on FW:

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Hi first time poster.

I have some personal feedback on MybankingDirect rates and operation. I opened their "Earn More" savings account late Sept '05. I fell for their rate hook: 3.75% APY at least until DEC. The highest at the time. To say the least, their operations are slow and cumbersome. There are a few reasons why I would not ever go back to doing business with them:

1. You have to open an account with a written notice (or check). This is the information age! The time it took for my authorization letter to get there, have them process it, and then do the ACH transfer took 15 business days. (that's more than half a month of no incuring interest!)

2. To link my savings account to another bank took 3 days longer than I expected.

3. Every ACH transfer has a fee. Except deposits, (thank God, that would of been crazy if they charged you to give them your money).

4. The only way to get money back without fees is thru their bill pay service on website. Which is limited to only 6 bill pays per month, (fees after the 6th), and you are limited $5000 per day, $10,000 per month.

5. The $5000 limit per day applies to deposits as well.

6. Deposits/tranfers always take more than 3 Business days to process. And for the day they process it, it leaves one account and doesn't appear in My Banking direct account till the next morning. So for a short period, your money is in limbo, not appearing in any account.

7. For a short period, my promised rate of 3.75% APY was only 2.5% even though I opened my account way above the necessary balance needed to merit the 3.75%.

8. Customer service sucks. Very hard to get in touch with someone by phone and super long wait times. I live in California. They are in NY. They close customer service at 5pm EST.

Beyond that, they pretty much deliver what they promise. I'm not saying they are going to rip you off, or they are criminal bankers. But if you seek good, timely, and accurate service, you will not be satisfied with them.

I realized that high rates isn't always key now. You could lose much of your return on bad and slow service. (and much stress and headache). I will have to leave at least $1000 in my My Banking Direct account for 180 days as to not incur and early termination fee or maintenance fee, and will be moving the rest of the balance to Emigrant or Presidential. Of course, I will do my due diligence and find out about their services first.


Source: fatwallet.com/forums/messageview.php?catid=52&threadid=437553&lastpage=1

#2 pangya88


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Posted 07 October 2005 - 05:18 AM

WOW Thanks for the due dilligence, Mark.

I'm glad I didn't fall for their $25 bonus hook. So many restrictions for the 4% APY !!!