9 replies to this topic

[Val]

The following feedback about Netbank was posted on planetfeedback.com recently


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Do not open an account with Netbank!!




To: [email protected]

I hope you are able to help me with a problem I've encountered with [email protected] The problem concerns the overall experience at your bank. .

Do not open an account with Netbank and stick with your local bank! Below are just a small list of the problems that I incurred with using this bank and my account was only open for a month.

1) Netbank does not have have that many ATMs, so in order to withdraw your money using an ATM, you have to travel many miles just to get to an ATM (most likely the capital city of your state).

2) The only way you can deposit money is by mailing it to them. This process takes about 3 days even before the deposit shows up in your account.

3) You cannot link your existing account with your Netbank account, you can only link a Netbank account with another Netbank account.

4) Netbank only accepts deposits that are made out to Netbank. I don't know about you but, my employer does not make my paycheck payable to Netbank! It is made out to me, which means that you will have to deposit checks at your local bank and then mail Netbank a whole separate check.

5) Netbank will hold onto your deposited funds for 7 days if your account has only been opened for 30 days even if you mail them a money order! My local bank has never held onto a deposit for longer than 2 days and they only place a hold on checks.

This is only a small list of problems that I experienced with this bank. I opened this account to earn interest on my money however, given all the problems that I experienced, the small 1% interest gets eaten up real quick in the numerous emails and phone calls that have to be made to this bank!!

In the future I plan to take my business to other banks, and I'll urge others to avoid banking with you.

Here's the resolution I propose: Keep your policies in place, I just hope that my experience will be helpful to others considering opening an account with Netbank and encourage them not to do so

Thank you for your consideration in this matter. I look forward to your prompt reply.

From:
Bryan T.
CT

[bone]

The following feedback about Netbank was posted on planetfeedback.com recently


LINK



--------------------------------------------------------------------------------




Do not open an account with Netbank!!




To: [email protected]

I hope you are able to help me with a problem I've encountered with [email protected] The problem concerns the overall experience at your bank. .

Do not open an account with Netbank and stick with your local bank! Below are just a small list of the problems that I incurred with using this bank and my account was only open for a month.

1) Netbank does not have have that many ATMs, so in order to withdraw your money using an ATM, you have to travel many miles just to get to an ATM (most likely the capital city of your state).

1. You can use your netbank ATM card at pretty much any ATM on the planet. If you want to do it without a surcharge then you need to go to a netbank ATM or a STAR network ATM which allows surcharge free withdrawals. I do not live in my state's capital and there are plenty of free ATMs near me. I also have been able to use free ATMs while traveling with no problems.

2) The only way you can deposit money is by mailing it to them. This process takes about 3 days even before the deposit shows up in your account.

2. You can deposit money either via mail, a Netbank ATM or an ATM that is in the STAR deposit taking network. I regularly make deposits at such an ATM without any surcharge.

3) You cannot link your existing account with your Netbank account, you can only link a Netbank account with another Netbank account.

3. Is this in reference to ACH transfers?

4) Netbank only accepts deposits that are made out to Netbank. I don't know about you but, my employer does not make my paycheck payable to Netbank! It is made out to me, which means that you will have to deposit checks at your local bank and then mail Netbank a whole separate check.

4. This comment is absurd. Of course, Netbank takes deposits other than those made out to Netbank. I do it all the time. Also, direct deposit is offered by many employers so you don't have to worry about depositing your paper check.

5) Netbank will hold onto your deposited funds for 7 days if your account has only been opened for 30 days even if you mail them a money order! My local bank has never held onto a deposit for longer than 2 days and they only place a hold on checks.

5. If that's the rule then that's the rule. Read the fine print before you open an account or else stay with your local bank. The other option is to keep your account open more than 30 days!

This is only a small list of problems that I experienced with this bank. I opened this account to earn interest on my money however, given all the problems that I experienced, the small 1% interest gets eaten up real quick in the numerous emails and phone calls that have to be made to this bank!!

In the future I plan to take my business to other banks, and I'll urge others to avoid banking with you.

Here's the resolution I propose: Keep your policies in place, I just hope that my experience will be helpful to others considering opening an account with Netbank and encourage them not to do so

Thank you for your consideration in this matter. I look forward to your prompt reply.

From:
Bryan T.
CT

It seems that Bryan T. is seriously misinformed on how things actually work with a netbank account.

[markber]

Hi bone,

Could you please let us know what is incorrect in "Bryan T"'s feedback?

Thanks,

Mark

It seems that Bryan T. is seriously misinformed on how things actually work with a netbank account.

[bone]

Hi bone,

Could you please let us know what is incorrect in "Bryan T"'s feedback?

Thanks,

Mark

It seems that Bryan T. is seriously misinformed on how things actually work with a netbank account.

Sorry if it's not clear. I put my comments in blue under each of the Bryan T comments.

[bone]

Hi bone,

Could you please let us know what is incorrect in "Bryan T"'s feedback?

Thanks,

Mark

It seems that Bryan T. is seriously misinformed on how things actually work with a netbank account.

Here I consolidated my comments for each Bryan T comment into one space:

1. You can use your netbank ATM card at pretty much any ATM on the planet. If you want to do it without a surcharge then you need to go to a netbank ATM or a STAR network ATM which allows surcharge free withdrawals. I do not live in my state's capital and there are plenty of free ATMs near me. I also have been able to use free ATMs while traveling with no problems.

2. You can deposit money either via mail, a Netbank ATM or an ATM that is in the STAR deposit taking network. I regularly make deposits at such an ATM without any surcharge.

3. Is this in reference to ACH transfers?

4. This comment is absurd. Of course, Netbank takes deposits other than those made out to Netbank. I do it all the time. Also, direct deposit is offered by many employers so you don't have to worry about depositing your paper check.

5. If that's the rule then that's the rule. Read the fine print before you open an account or else stay with your local bank. The other option is to keep your account open more than 30 days!

[bone]

The main problem with Netbank today IMO is that their rates offered are not nearly as good as many of the banks listed here:

Ibankdesign rates topic

[propcgamer]

Another problem i have found with netbank, is when i use their transfer service (to take money from my other checking account). It takes 2 days for them to take the money out of my other account (normal, im fine with that). BUT, it will take 4 days after they take the money out of your other account before they will post it to your net bank account.

WTF? So they hold onto your money for 4 extra days, other banks dont do this from my experience.

[vivyip]

I reently opened a NetBank account....today I just received a letter from them telling me they now have QuickPost, which is with the UPS Store. www.netbank.com/quickpost

This program should help make quick deposits and stuff...I'm wondering if anyone has tried it yet and any opinions on it. Thank you!

[markber]

Another problem i have found with netbank, is when i use their transfer service (to take money from my other checking account).  It takes 2 days for them to take the money out of my other account (normal, im fine with that). BUT, it will take 4 days after they take the money out of your other account before they will post it to your net bank account.

WTF? So they hold onto your money for 4 extra days, other banks dont do this from my experience.

I guess that is just another way for Netbank to make money, this time, on the float of ACH transfers. Also, part of the profit may go to the provider of Netbank ACH transfers. Four days is enough time to protect the bank from reversals of ACH transfers. It is not unusual for Netbank to sacrifice customer convenience in order to gain more profit and overprotect bank interests. If you want good ACH transfers, open an USAA account.

[vivyip]

I finally tried the QuickPost system a few days ago.(5/25/05) I dropped it off at my local UPS Store

It's not as fast as they say, but it's faster than mailing it. (According to the site and customer service, its supposed to showup by midnight of the next day along with an email) I checked and found out that the deposit showed up today.

Could be worse. (doesn't mean I want to find out how much worse)