Dear Mr. Harris
Written: Nov 19 '00 (Updated Nov 19 '00)
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Product Rating:
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Pros: They're not banking anymore (10/31/00)
Cons: They're not banking anymore (10/31/00)
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| DoubleCoog's Full Review: X.com |
A year ago I wrote a review on X.com - in "Services", before the Personal Finance category was even launched; that was the 2nd epinion on X.com posted by any epinionator, before it was being advertised all over the net.
When the Personal Finance category was launched, months before I became a Personal Finance Advisor (ne Expert) or made any effort to concentrate in that category, I elaborated on that review and reposted it in the "Netbank" subcategory (http://cycleodyssey.epinions.com/./finc-review-35D3-53D1136-3863C743-prod1).
At the time I was delighted with my account and the treatment of my friends who I referred. Even during the darkest of their customer service, when growth far outgrew expectations, I was given nothing but 5 star service...but I heard rumblings from others.
Several months after their launch X.com cut back all lines of credit to $100. About two months ago, we were notified at the end of the month all credit lines must be brought to zero. In addition this meant money transferred in from another account had no immediate access at all. Formerly, the first $100 was available immediately.
Just prior to this, as recently as two and a half months ago, while X.com had over the ensuing 8 months placed limitations on investing in their funds & added some fees, I still couldn't have been happier. Even then, X.com expeditiously replaced a debit card I misplaced with no charge and no hassle. However, this said this now means absolutely nothing.
The final straw just came a couple weeks ago; well, it had to be the final straw. X.com terminated its banking services with less than a month’s notice -- all accounts must be closed out by 11/30/2000. Why? To maximize profit. After acquiring PayPal & after expanding that to commercial application, this was the far more profitable portion of their business. My reaction to this is detailed in the letter below, actually sent to the CEO of X.com one week ago. If a response is received, I will be happy to post it as well.
__________________________________
November 13, 2000
TO:
William F Harris, CEO
X.Com
394 University Avenue
Palo Alto, CA 94301
FROM:
Adam Halperin
(deleted)
Houston, TX (deleted)
Dear Mr. Harris:
The manner in which you are handling the exiting of the banking
portion of your business is unprofessional and haphazard.
Your poor handling of your business model has not only
inconvenienced me and tens of thousands of others, it has
embarrassed me to have recommended your service in writing to
thousands on websites such as Epinions.com.
To begin with, Instead of offering an instant credit line to all
and a $20 cash gift, to the non credit worthy, one or the other
would have sufficed.
Next, to not set a ceiling on referrals, so that you were not
equipped to handle either the payout or the customer service
issues that grew out of your growth, was amateurish.
But, to continually compromise your product, withdrawing or
limiting one service after another, month after month until you
yank it off the shelves altogether, was an inconvenience and is
downright irresponsible. I'm just glad that in I was forewarned by
the way many of my friends were treated so that I did not switch
over any automatic payments or deposits to X.com.
At this point, I am hesitant to use or promote PayPal as well.
Sincerely,
Adam Halperin
Recommended:
No
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Epinions.com ID:
DoubleCoog
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 - Top 1000 |
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Location: South Padre Island,TX
Reviews written: 123
Trusted by: 214 members
About Me:
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