X.com Was Good While It Lasted
Written: Nov 29 '00 (Updated Nov 29 '00)
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Product Rating:
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Pros: Was once a great program
Cons: Steady decline, closing it's doors 12/01/00
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| kelly60's Full Review: X.com |
I first joined X.com about a year ago. At that time they offered new members a $20 sign up bonus. The registration was simple and only took a few minutes, and my account was immediately credited with $20 just as promised.
In addition to the $20 bonus, X.com offered their new members 50 free starter checks, a visa debit card, and in most cases they offered overdraft protection. Most members I've spoken with were allowed a $200 credit limit, though some were more and a few had no credit at all. When I first signed up with X.com they also offered a $20 referral bonus for inviting other members to join their online banking service.
I really enjoyed the convenience of my X.com online bank account. My X.com account allowed me to send and receive payments via email from other members, and if someone did not have an account I could invite them to join so that they could send their payment to me. This was a wonderful feature for anyone who wanted to buy or sell at auctions. It made payments so much easier to send and receive.
X.com offered the convenience of funding my account by electronic transfer as well as by credit card. You can alternatively send your deposits by snail mail. It was a big advantage for me to be able to transfer funds between X.com and my offline account whenever I needed.
The X.com visa debit card was also a wonderful tool for all of my online purchases. It made online shopping a breeze, and was also useful for withdrawing funds at an ATM machine, or making purchases anywhere visa cards are accepted. Used in combination with the available credit limit, it was just like having a credit card.
X.com also offered the ability to purchase CDs in whatever amount you chose. I began purchasing CDs in whatever amount I could afford in any given month. I made sure to at least get one $5 CD each month and staggered the maturity dates so that I had at least one or two CDs ready to cash out each month if needed. They also offered other investment opportunities, though I did not opt to purchase any of these funds so I really cannot comment on them.
With the referral program they initially offered, I could earn between $60-$80 in referral fees each month for telling others about their free interest bearing checking accounts and all of the extras that went along with them. I felt that X.com was a truly wonderful program which suited my needs extremely well.
From there X.com went downhill fast.
First X.com dropped their referral program. I missed earning the referral bonus every month, but it was still a terrific free service. Some people bailed out when they dropped the bonus, but I really hadn't expected it to last forever. I stuck with them and continued to enjoy their service.
Then X.com cut credit limits with no warning. One of my referrals (a friend of mine) called me and asked me if I knew what was going on with them when she tried to access her credit line and it was refused. Neither she nor I had gotten any kind of message from them regarding this change, and were not aware of it until her credit was refused. I immediately emailed her the funds to cover her purchase, but it should not have happened.
Later, X.com purchased PayPal and I assumed that this was a step towards better service. Apparently though, they decided to abandon their original service in favor PayPal. X.com began charging a $12 fee for all accounts who maintained a balance of under $100 which was unfortunate for those who had used their credit and were making payments on that amount. Having no funds in their accounts cost them $12 per month until the balance of their credit was paid off and their accounts closed.
Recently, I received notice that X.com would be closing it's doors on Dec.1. 2000. They asked that all accounts be closed by that time or they would close them for you. It's a shame that X.com did not continue it's original offerings, but with all of the advantages which were lost one by one, maybe it is a good thing that X.com has decided to close it's doors.
Recommended:
No
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Epinions.com ID:
kelly60
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 - Top 500 |
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Member: Kelly
Location: Northern Michigan, USA
Reviews written: 364
Trusted by: 248 members
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