Jump to content

Quick navigation: Deposit accounts Credit cards Brokerages Other bonuses Referral exchange



Photo
- - - - -

5 reasons not to open a Netbank account


  • Please log in to reply
9 replies to this topic

#1 Val

Val

    Member

  • Members
  • 16 posts

Posted 24 February 2005 - 05:21 PM

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


LINK



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




Do not open an account with Netbank!!




To: Net.B@nk

I hope you are able to help me with a problem I've encountered with Net.B@nk. 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

#2 bone

bone

    New Member

  • Members
  • 4 posts

Posted 26 February 2005 - 02:51 AM

QUOTE(Val @ Feb 24 2005, 12:21 PM)
The following feedback about Netbank was posted on planetfeedback.com recently


LINK



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




Do not open an account with Netbank!!




To: Net.B@nk

I hope you are able to help me with a problem I've encountered with Net.B@nk. 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
View Post



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

#3 markber

markber

    1 billion bucks

  • Admin
  • 15,030 posts

Posted 26 February 2005 - 04:09 AM

Hi bone,

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

Thanks,

Mark


QUOTE(bone @ Feb 25 2005, 08:51 PM)

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



#4 bone

bone

    New Member

  • Members
  • 4 posts

Posted 27 February 2005 - 07:31 PM

QUOTE(markber @ Feb 25 2005, 11:09 PM)
Hi bone,

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

Thanks,

Mark


QUOTE(bone @ Feb 25 2005, 08:51 PM)

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


View Post



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

#5 bone

bone

    New Member

  • Members
  • 4 posts

Posted 27 February 2005 - 07:39 PM

QUOTE(markber @ Feb 25 2005, 11:09 PM)
Hi bone,

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

Thanks,

Mark


QUOTE(bone @ Feb 25 2005, 08:51 PM)

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


View Post



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!

#6 bone

bone

    New Member

  • Members
  • 4 posts

Posted 27 February 2005 - 07:43 PM

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

#7 propcgamer

propcgamer

    Senior Member

  • Members
  • 62 posts

Posted 06 March 2005 - 09:24 PM

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.

#8 vivyip

vivyip

    1 million bucks

  • Members
  • 631 posts

Posted 08 March 2005 - 12:52 AM

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!

#9 markber

markber

    1 billion bucks

  • Admin
  • 15,030 posts

Posted 08 March 2005 - 08:40 AM

QUOTE(propcgamer @ Mar 6 2005, 02:24 PM)
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.
View Post



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.

#10 vivyip

vivyip

    1 million bucks

  • Members
  • 631 posts

Posted 28 May 2005 - 01:46 AM

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) happy.gif





Stats