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Onbank savings account
Old 10-06-2008, 02:12 AM   #1
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Onbank savings account

Has anyone tried to set up an account with Onbank or already has an account with them?

I tried setting up an account and gave the all my personal info and at the last click to complete the registration they say....sorry we cannot complete your application at this time"!

That ticks me off since I just gave them all of my info to start an account and now they have it all but I don't have an account.

Anyway maybe this is just a really bad company and posting this will save someone else the aggravation.

Jim
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Old 10-06-2008, 07:07 AM   #2
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I never heard of them but Google brings up what IMHO is a pretty sparse web site. I would be a bit concerned about that and the rates are not the best. Capital One, HSBC and others have better rates, are FDIC, and have been around a LONG time. However, I did notice a "verify your Account" or something like it on the site - I assume you tried that to see if they did not establish the account for you.
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Old 10-06-2008, 11:48 AM   #3
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Never heard of them, but then there are many banks I've never heard of. Find out what state they are incorporated in, then check the BBB, and if you're really concerned you can ask the state attorney general's office about any concerns.

I opened an account with Countrywide about 2 years ago. At that time I'd never heard of them. I asked the lady on the phone if I could have their state of incorporation so I could check on their credentials. She was obviously offended and said "Sir, we're one of the largest banks in the US." Just look at what happened to them in the recent past...although granted they are still in business, and my money is FDIC insured...so I'm ok.

Hope you find that all is safe with them.

Dave
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Old 10-07-2008, 03:39 AM   #4
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Thanks OAG and Dave

They are supposed to be a division of M&T bank and are rated a 4 star bank by bankrate...that is how I found them. They were supposed to have a 3.60% yield on their online savings account...that is what I was interested in.

I called them today and they said that my info did not match and I would have to call the number of the company that they run the check through and straighten it out with them.

IMO this is a pretty bad company and hopefully posting this will help others avoid the hassle.

I have accounts with Vanguard, Fidelity, Schwab, T Rowe Price and many local banks and I just set up with FNBO.

But they reject my application.

Jim
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Old 10-07-2008, 07:12 AM   #5
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Watch the adjectives on that Web-site. Something like they are "part" of a big "Holding Company" etc. HSBC has 3.25% (recently dropped from 3.5%) on-line rate. IMO you can get burned "chasing rates". Watch the lag time between sending the money and posting date (can be about 5 days with these guys) which can cut your actual return.
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Old 10-07-2008, 09:54 AM   #6
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I had exactly the same frustrating problem yesterday. I was trying to open a 5% CD with WaMu, and when I got to the end of the process was denied.

So I figured it was because I had a credit freeze in place. So I spent the $20 to temporarily lift the freeze, tried again, and was denied again...

Turns out its some organization called Chex systems. I was told all that can be done is to order a report from them (by snail mail, of course) - and see whats in the file.

Damn frustrating. I'm trying to give give these people a lot of money - have an impeccable credit rating, and some dumb agency I didn't even know existed denies it.

Ugh...
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Old 10-07-2008, 02:45 PM   #7
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Thanks OAG and cyclone6

Cyclone6

Yes! That is the same system that onbank used that rejected me. The way I look at that is it's their problem not yours you should't have to go out of your way to fix THEIR broken system.

Jim
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Old 10-15-2008, 07:25 PM   #8
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Originally Posted by summer2007 View Post
Has anyone tried to set up an account with Onbank or already has an account with them?

I tried setting up an account and gave the all my personal info and at the last click to complete the registration they say....sorry we cannot complete your application at this time"!

That ticks me off since I just gave them all of my info to start an account and now they have it all but I don't have an account.

Anyway maybe this is just a really bad company and posting this will save someone else the aggravation.

Jim
I currently have an account with them and find their on line banking to be a little in the rough compared to ING or Emigrant. Their interest rate is one of the best, I did get a statement, customer service is good, and they are quick to act, just not sophisticated enough for me. I will hang on to them as the parent company is M & T Bank.

A bad experience I had in the last 2 wks is with HSBC. They are so slow, to much security, they canceled a transfer on me for no good reason (they say security reasons), but the transfer was to my checking which they already verified I asked to close the account 1 1/2 wks ago and mail me a check, last nite the money was still in the account. I had to physically go to a branch today to close the account. They lost a good customer!!!!
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Old 10-15-2008, 09:31 PM   #9
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Thanks OAG and cyclone6

Cyclone6

Yes! That is the same system that onbank used that rejected me. The way I look at that is it's their problem not yours you should't have to go out of your way to fix THEIR broken system.

Jim
If you apply for too many banking products (checking, savings, etc.), you can be denied based on the chex system....I think that I was denied once for an etrade online savings account last year....I apply for a lot of accounts, though and got my Wamu CD processed fine...
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