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"Telephone" Bank...
Old 11-24-2005, 11:52 PM   #1
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"Telephone" Bank...

Well, they present themselves as "Netbank" but I belive a name change is on order...

I had a six-month CD maturing on Nov 24, 05. Several days before it matured, I emailed NB, requesting that they roll over the principal and transfer the interest proceeds to my NB Money Market. Since they never responded to my mail, I sent another mail, just to be safe.

On their website they advertise that a one year CD earns 4.65% APY. Further, NB previously sent me an email, informing me that they reward customers with an additional 30 basis points for rolling over maturing CD's. So I thought I was locking in a one year CD @ 4.95%.

Well...

NB never acknowledged my email.

Didn't sweep the interest proceeds to my MM.

Rolled over my CD @ 4.35%

I called them just now and they are "closed" for Thanksgiving.

Netbank has terrible customer service, and for an "Internet" bank, they can't seem to trouble them selves with responding to emails.

I will change banks, it's just a pain to do it from Thailand.

I thought internet transactions were supposed to be cheaper to process? NB could give a rat's ass about them. It amuses me because they love to tout themselves as such an attentive, easy to do business with institution.

I received a $50 promotion when I first signed up with them. It seems NB would rather throw money at luring new customers into their web as opposed to simply being responsive to current customers.

Well, it is what it is, but they certainly do suck...

Lance out




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Re: "Telephone" Bank...
Old 11-25-2005, 03:24 AM   #2
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Re: "Telephone" Bank...

If they don't have some way to manage your account through a secure connection, they are not worth doing business with. The security risk of regular unencrypted email is mind boggling. An organization that will let you give instructions via an encrypted account log in is the way to go.
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Re: "Telephone" Bank...
Old 11-25-2005, 04:28 AM   #3
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Re: "Telephone" Bank...

Quote:
Originally Posted by Michael
If they don't have some way to manage your account through a secure connection, they are not worth doing business with.* The security risk of regular unencrypted email is mind boggling.* An organization that will let you give instructions via an encrypted account log in is the way to go.
Oh, they have secure 9encrypted) email. They still ignore it.

Anyway, you're right, they are not worth doing business with...
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Re: "Telephone" Bank...
Old 11-25-2005, 05:31 AM   #4
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Re: "Telephone" Bank...

Lancelot

Thanks for the information. In survival of the fittest, looks like this bank is not fit at all. Good information to have.
Uncledrz
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Re: "Telephone" Bank...
Old 11-25-2005, 08:53 AM   #5
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Re: "Telephone" Bank...

Quote:
Originally Posted by Lancelot
I emailed NB, requesting that they roll over the principal and transfer the interest proceeds to my NB Money Market. Since they never responded to my mail, I sent another mail, just to be safe.

Hey Lancelot - I presume you used their "bankmail" system instead of sending them a regular e-mail from your ISP account?

I am fed up with NetBank as well. I e-mailed them over their bankmail system and asked them how a person retitles NetBank checking/MM accounts (since I'm an existing customer) from an individual account to a revocable trust account.

Their helpful answer: "NetBank cannot help you set up a trust. I would suggest getting a lawyer to do that."

After ROFLMAO at the complete ineptness of this poor customer ignoramus service associate, I fired out another e-mail, pointing out that I already have my revocable trust, and that every other bank, financial institution, etc., that I've done business with has a simple form to change accounts.

Their new answer: You have to open up a new account.

So, all of the direct deposit, linked accounts that I already have set up with my DRIP accounts, Treasury account, brokerage accounts, ALL HAVE TO BE REDONE WITH A NEW NETBANK ACCOUNT NUMBER.

Sorry - for that hassle, I decided to open up an account with a local bank that offers free checking, and has local free ATMs that are convenient and has customer service staff that is actually half-knowledgable (although, finding a bank that has truly knowledgable, competent customer service staff is like finding the Holy Grail).

--Peter
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Re: "Telephone" Bank...
Old 11-26-2005, 03:32 AM   #6
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Re: "Telephone" Bank...

Quote:
Originally Posted by Peter76
Hey Lancelot - I presume you used their "bankmail" system instead of sending them a regular e-mail from your ISP account?
Hey Peter!

Yes I use the secure "bankmail" they still ignore my inquires.

Well, I just called them again and they were open for business The NB rep was polite and said they were "updating their system" so perhaps that was the reason that my mails went unanswered.

Whatever...

I'm still going to change banks

Oh, the one year CD was for4.65% and with the 30 bp bonus for renewing, I should get 4.95%

But then again with NB, you never know what is going on.

Lance out!
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