EVIL! Be Careful -Could happen to anyone.
Written: Dec 01 '04 (Updated Jan 06 '05)
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Pros: STAY AWAY - Read my review
Cons: STAY AWAY - Read my review
The Bottom Line: Please, STAY AWAY, read my review. This could happen to anyone, experienced internet banker who would NEVER bank on internet again.
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| vitalmodelscom's Full Review: NetBank |
----UPDATE ----
After doing some more research on NetBank, I have found that my 1 1/2 months "hold" by the NetBank criminal security department is COMMON. I thought it was just me, but MANY others have the same problem. What happens is this - NetBank allows you to open the accounts, they allow you to put all your money in the accounts, they even let you use the account once or twice, then WHAM. They stick an "identification" hold on your account. Even once you supply the required information, the hold remains, and remains, and remains. The "reason" they use for continuing to hold the money is "we are researching and verifying your ID"... well I sent the information you requested (and more) and nothing is getting done. Boom, 1 1/2 months without money. This is happening to a LOT of people... it's HIGHLY recommended that you avoid NetBank at all costs. Read below for the full story of my personal situation.
It should also be noted that NetBank has an "unsatisfactory" rating with the Better Business Bureau... this alone should be enough to stay away!.
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I have been horribly treated by this institution.
I have been lied to and treated very badly. I opened the accounts about 2 months ago with great intentions, I was excited to see a company that offers the services and high rates like NetBank. I opened the accounts, funded them, and received my card.. even used my card. I then wrote a check, and it was returned, along with fees charged to me by my other bank account. I logged in to see what happened, and sure enough there was no hold on the account that I could see, my available was the full ledger balance. I called and found out there was some hold placed for Identification. WHAT?!? Why didn't NetBank require this information BEFORE I opened the accounts and funded them with all my money.
The incompetent security department held my money for over 1 1/2 months... Since then I have been unable to purchase christmas gifts, and even had to borrow money just to pay my rent last month. When I would call to try and get help (instead of waiting 1-3 days for bank mail responses) I would be told things like "Our security department is closed, you have to call during the day" when I called in the evening, when I called during the day I was told "our security department is overwhelmed and I won't transfer you to them" and "sorry, my phone is broken and can't transfer you"
WHAT!? This company ONLY offers service via the phone and through their online mail system. Through the mail system you always get copy/pasted responses and through the phone you get horrifyingly bad reps who are anything but helpful.
This has been a horrifying experience, and the entire time of this hold I practically begged them to just put the money right back in the account it came from, close the account and let me go on with my life. But no, they had to mistreat me for a month and a half.
Now, I finally got the hold released on 12/31, conveniently AFTER the christmas season in which I couldn't spend more than $100 on gifts. I thought the nightmare was over. Boy was I wrong. I logged in to the website and still I couldn't transfer money out. I called to close my accounts and move on with my life and was greated by a VERY rude customer service rep (not surprising since the first 3 I spoke too were rude as well).... I was informed I now I had to pay NetBank $50 just to close my accounts. After all that this company put me through, they still want to put me through more.
Thats right, so if you open your accounts with NetBank, you HAVE to meet the minimum requirements or be charged fees, but if you want to close the accounts, they'll charge you $25 per account. Hint, DONT OPEN AN ACCOUNT.
The fact is, NetBank hides behind their email and phones and act in a way you would expect. They aren't afraid to be blunt and rude, what can you do about it? You feel trapped and lost when dealing with their service. Their reps truly hide behind the internet, something which is unacceptable.
By all means, avoid this bank. Your money is too important. Use a real financial institution- where if you have a problem, you can go face to face with their reps and get the problem fixed.... if not... well, read above.....
Almost all major institutions offer all the same services as NetBank, online banking, bill pay, etc.. and do it for the same price, and NetBank doesn't even have the highest rates.
If you would like to try an internet bank, I would suggest opening a simple savings account with ING Direct, (interest rates are MUCH higher than NetBanks too)I have been there 2 years now and have NEVER experienced a problem, this company truly appreciates your business.
So in conclusion, avoid NetBank at all costs... even if you have a good experience for some time, you never know when a problem may occur, it's bound to happen. When you need help, NetBank is completely unable to fulfill this need. AVOID NETBANK AT ALL COSTS.
Recommended:
No
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vitalmodelscom
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