Jenn’s checking account with Bank of America recently had a policy change designed to increase overdraft fees, and it worked: sometime between Friday night and Saturday morning she was hit with 6 NSF charges going back the previous 48 hours, because she was about 15 minutes late transferring funds into her account the day before. Technically she had broken the new policy, but Jenn hadn’t realized or remembered that there was a policy change and she was taken by surprise. She decided to try to reason with BoA’s corporate office about the fees, and explain why she thought they were unfair.
Citibank’s online form for communicating with their customer service department times out after 6 minutes, a customer discovered—after that, it looks like it successfully sends your message, but actually just discards it.
FiveCentNickel has a good little roundup useful for when you’re moving money to or from an online banking account and you find yourself digging around for customer service phone numbers, routing numbers, or addresses.
• What Do You Look For In An Online Bank Account? [Money, Matter, and More Musings] High interest rates, easy synchronization with other bank accounts, absolutely zero fees and seven other factors you should consider when selecting an online bank account.
Bank of America has an online security measure called SiteKey and says, “[W]hen you see your SiteKey, you can be certain you’re at the valid Online Banking website at Bank of America, and not a fraudulent look-alike site.”
First we just liked our HSBC Direct account for its 5.05% APY. Then we found its security system pretty neat.
If you’re willing to jump through a few minor hoops and wait a while, BofA gives you a Benjamin for opening a new account.
“If someone claimed you ran over their foot and asked you to pay them money, would you give it to them?”
Banks are continuing to feel the sting of their own cyber-incompetence. After much publicized security breaches like the Citibank scandal, more and more customers are moving away from online banking due to fears of identity theft. The growth of online banking as an industry in 2005 was only 3.1%, sharply down from the growth of previous years.
Earlier, Sharon complained how the BankOne/Chase merger messed up her online banking. Despite several calls to the customer service, she was unable to fix her problem.
This week, Chase and Bank One merged their on-line systems. Birds shivered with glee. Stroboscopic dew drops danced on kittens claws in exultation. And Bank One customers got jacked like a cheap trick on Colfax Ave.
In response to the Top 10 Online Banks story the other day, Tonya exploded in a gush of enthusiasm for ING Direct much like a water balloon filled with sunshine and liquid rainbows that has been hugged to death. From Tonya’s comment, ING Direct sounds pretty swank, so for your edification, dear readers:
There’s a swell article up on MSN Money listing the Top 10 Online Banks. If your bank’s on there, you are probably scratching your head and hiccuping “Huh?” over and over again to yourself, incredulous at its presence. But more interesting and less questionable than the list itself is the accompanying article, which details many of the pitfalls consumer’s face when switching over to an online banking solution: