Breaking News on Netbank: As of September 28, 2007 at 3pm the bank has been taken over by the FDIC. Details on the FDIC website say that you can still use personal checks which was a big concern of many people who have emailed our site already regarding this matter. Just a few weeks ago we reported that the Everbank had bought certain accounts from Netbank since it was displayed on their front page. This looks like it may have changed somehow over to ING Direct. I feel more secure with ING Direct but I would not trust anyone with over $100,000 who is linked to mortgages. ING Direct is linked to mortgages.
- Higher interest than some brick and mortar banks
- Easy Bill Pay Process
- No Hassle banking
- Not many fees or limits some banks charge
- No ATM Fees
- Free Deposit slips
- Free Checks
- Free Deposit Envelopes
- Check imaging is poor – very hard to read checks you send in billpay written from the banks system
- Lower interest than HSBC, Wamu, and Emigrant Savings
- Business checking has low interest
Netbank to End QuickPost
The partnership that Netbank had with UPS stores nationwide to deposit money into your account the next day will be ending. This was a great benefit of being a Netbank customer in that you could deposit checks into a QuickPost envelope without any postage or any fees. Financial Technologies who partnered with Netbank and UPS store locations will now be ceasing its operations. This convenient service will discontinue service onNovember 30, 2006. Make sure you get all your Quickposts in before this deadline. You still get free postage paid envelopes from Netbank to make deposits with the USPS,
Netbank customers shocked by new checking account rates
The latest move from Netbank has angered many customers as they write the Banklady and complain. Netbank charges to lower interest rates to .75 APY effective December 6, 2005 on its NetValue accounts known as the basic account that most of their customers have. Netbank plans on lowering rates as every other bank is increasing rates. Netbank currently offers two checking accounts with one of them being NetValue and the other SuperValue which charges a $3.00 fee each month and requires a higher balance to avoid a $9.00 fee. There are too many banks to choose from including Everbank who offers free checking with a 4.5%introductory offer and 3% after that. Netbank plans to switch a current (as of November 4, 2005) rate of 1.00 APY and downgrade it to a .75 APY for its free NetValue customers effective nearly a month from today. We feel Netbank will loose loyal customers and not get them back again as one customer writes:
Netbank is making a horrible mistake by lowering
the interest rate especially at a time when interest rates are going up. I will be sad to have to put ALL of my money in my Everbank account where it is free checking and 3% interest. They do not charge a silly $3 fee. I will also market Everbank, Emigrant Direct, ING and anyone else to my friends who I referred to Netbank who will be mad at me for referring them when they see that their checking rates will go to .75% at a time when interest rates are at the highest levels in FOUR years. Wake up or go out of business you have now lost several customers that have been with you for years.
More Netbank Fees & Complaints:
We have had many customers write in with problems with a online bank Netbank. Lets take a look at what David from Oklahoma had to say…
I opened up a promotional account with Netbank back in August and they claimed they would waive a fee of $4.95 to have their high interest checking called SuperValue Checking per month. They added the fee on in a sneaky way each month making it where I could not see the charge unless I looked back at my online past statements (since you do not get them in the mail in print with Netbank). I am not happy with the way that every time I called in to have the $4.95 per month removed they acted like they had never heard of the promotion that they ran back in June or August.
Thanks for the email David. Normally a problem like this is with the Marketing department not communicating with the proper customer service reps and so on.. If you keep experiencing this problem and they refuse to help you I would write an email to a few government agencies that will be answered in our next question.
One of my biggest complaints about Netbank is the way their website takes away your password if you close the window or close down the computer while the Netbank window is open. This is such a hassle that you have to call in to customer service and get a new password if you do not click “log out” properly. I have complained to Netbank several times since they redesigned their site back in early 2005 and the issue is still going on into 2006. Why is it that Netbank is the only online bank that has this log-out hassle.