Believe the bad reviews!!!
Written: Dec 31 '04
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Pros: Absolutely none whatsoever.
Cons: If you have the patience to get an account setup, you will probably regret it.
The Bottom Line: Look elsewhere, or you'll regret it!
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| rbr28's Full Review: NetBank |
It's amazing this company is still in business. I read all the horror stories, but after reviewing many online banks, they still appeared to be the best available. I took a chance and opened a joint account. For an electronic bank, the account creation process was horrendous. It took weeks, with different things being mailed at different times. For example, we were mailed an account confirmation form first, then we were mailed some other form that required a signature a week or so later, then a week after that we were mailed the welcome kit. We are still waiting for our debit card, which is mailed even later. All told it will be about a month from the time we actually opened the accound AND funded the account, before we have checks or a credit card to access the money. The website suggests all this should only take a few days. It doesn't!
My troubles didn't end there either. I tried setting up a funds transfer from my credit union. Apparently Netbank can't deal with credit unions well. I got my checking and saving accounts setup and then proceeded to transfer funds. Well, it takes at least a day, sometimes two or three, before the money is even withdrawn from your account. Then AFTER it is withdrawn, it takes a MINIMUM of 4 days before it is accessible in your Netbank account. Again, how on earth is that possible. Where is the money sitting for 4 days? And if you think that's not so bad, I had yet another problem. I requested that the money be transferred from my credit union savings account, but it actually was pulled from my credit union checking account. After being accused of setting up the account wrong, many times, I finally got the point across that my accounts are setup correctly. I was told the problem was that the credit union does not use different account numbers for savings and checking, or for any other accounts for that matter. Example: my savings account is 11111-sa, my checking 11111-ck, and my loan 11111-lo. Now when I setup the accounts transfer I enter just the account number, and then it asks me which account I want to use. I select checking, savings or whatever, and I can then view the funds in the correct account. Still, when I transfer, it pulls from any account with that account number, at random! I can select my savings and say to pull form there, but I don't know if it will actually pull from my savings or checking. I talked to a representative about this, and again, after arguing with them about how I did not set things up correctly, they told me that this is the way it works with credit unions. Supposedly their system just checks the account number and pulls from the first match, and worst of all, there's no consistency to it. That alone makes this account useless to me, and I'll be closing it shortly.
All I can say is that absolutely every single aspect of dealing with this bank has been terrible. I don't have a single positive thing to say about them. The delay for any transaction you could possibly want to do is unbearable, and the fact that an Internet bank has such delays and requires so much paperwork just defeats the purpose. Luckily I was only trying to use this as a second account to share between my fiance and I, but I really feel sorry for anyone who tries to use this as their primary account.
Anyway, trust the bad reviews and stay away. I honestly can't imagine anyone being happy with this bank.
Recommended:
No
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Epinions.com ID:
rbr28
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Reviews written: 16
Trusted by: 1 member
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