NetBank, or CompuBank?
Written: Feb 16 '01
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Pros: Competitive interest rates; intuitive web site.
Cons: It's only a long-distance, internet bank.
The Bottom Line: NetBank has its conveniences, despite being an internet bank. With its competitive interest rates, NetBank might not be a bad alternative to a brick-and-mortar bank.
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| nghiemr's Full Review: NetBank |
Lured in by their new customer incentives, I’ve managed to establish small checking accounts with two of the largest internet banks, NetBank and CompuBank. There's nothing spectacular about either bank, and because I no longer see an advantage in using them instead of my Bank of America account, I have decided to close these accounts as soon as possible. But, if you decide to open an online account, NetBank and CompuBank aren't bad online alternatives to consider.
Application Process
While CompuBank’s application is completely online with immediate approval, NetBank’s credit approval can take up to several days. Once I applied, NetBank sent me an email, linking me to a location on their web site where I could check on the status of my application. However, I could not even log in, because the log-in information that they promised would be available the next business day after I applied was not actually available until nearly a week after. It was only after I emailed them that the log-in information became available. Once I got this nuisance out of the way, I was able to fund the account using a credit card, which is a feature also available at CompuBank. Once the account was funded, it didn’t take long for NetBank to send me a welcome package, my ATM card, and a complimentary box of checks. CompuBank gets the better mark for their streamlined, more efficient application process, though having to print out their customer agreements may be annoying.
Customer Service
I had a few account questions, which I emailed to NetBank using their internal Bank Mail. Most were answered within one or two days. CompuBank also provides replies within one or two days, also, but I had one question in particular where I did not get a response for nearly two weeks.
I also requested to set up monthly automatic funds transfer from my NetBank checking account to my Bank of America checking account. I made this request by fax, because a copy of a voided check was needed. I gave NetBank nearly a month to complete this transaction, and specified that I need the first transfer to be done by a certain date. Several weeks went by and I had to make other arrangements to transfer money into my Bank of America account because NetBank had not completed the transfer that I requested. An email transaction confirmation by one of their customer service associates indicated that the first transaction would occur a month later than what I had requested. Because of this, I decided to cancel my request entirely. I emailed a request to have the transfer instructions canceled, but wasn’t sure if the request was processed, because no one emailed a reply to let me know it would be taken care of. I had to email NetBank a second time to get an email confirmation.
Web Site
NetBank’s web site has a more professional look and layout than CompuBank. Most topics, such as Banking, Investments, Loans, About NetBank, Demos, and Contact Us, are laid out on a menu on the left-hand side of the screen. One feature that CompuBank has that NetBank does not is their Learning Center, where you can find general information about education, retirement, and accumulation planning. NetBank chooses to focus on providing detailed information about their different types of accounts, instead.
Advantages of NetBank over CompuBank
I used to favor CompuBank because I could accumulate ClickRewards for making Visa Check Card purchases, but as of February 1, 2001, CompuBank ended that promotion, indicating that it wasn’t popular enough to keep around. What’s an even bigger shocker is that, as of March 1, 2001, CompuBank will require a $250 minimum balance on their regular checking account, with a $2 fee for going below the minimum. Their interest checking requires a $1000 balance, with a $10 fee for going below the minimum. On the other hand, NetBank does not require a minimum for their regular account, which actually pays an interest rate around 3%.
Another advantage of having a NetBank account is that you actually receive monthly statements, which includes a page of photocopied canceled checks for your records. I’ve actually never received a monthly statement for my CompuBank account. Another small detail which makes NetBank seem more professional is that they provide postage-paid self-addressed stamped envelopes for deposits. Not a big deal, but this convenience is something CompuBank does not provide. With either account, though, you can download all transactions directly into Quicken 2001, which is a real time-saver.
The Lowdown
Several months ago, Wall Street Journal’s SmartMoney personal finance magazine gave CompuBank the distinction of being its #1 rated internet bank. That became a factor in my decision to open the CompuBank account, in addition to the special ClickRewards incentive. However, with CompuBank’s recent account changes and new schedule of fees, it looks like NetBank might actually come out the winner. For more details on CompuBank, see my CompuBank epinion.
Recommended:
Yes
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Epinions.com ID:
nghiemr
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 - Top 1000 |
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Location: Los Angeles, CA
Reviews written: 66
Trusted by: 69 members
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