doesnt seem like this is good for just getting the bonus. There are fees for inactivity for the account and for bill pay. Also doesnt seem to be too easy to fund the account. any feedback?
HomoSapiens
Senior Member
posted: Oct. 26, 2005 @ 12:50a
It is straightforward to fund the accounts -- you mail checks to Atlanta; being "active" once every 3 months is hardly prohibitive. There was an option to not use billpay at all, no fees that way.
As to the cons, it looks they started playing some dirty games within the last coiple of years; the gap between their rates and leading ones broadened significantly, yet they have various bonuses now. A couple of months ago they changed their terms to 7.5$ closing fee (perhaps a step against loosing customers?)-- they sort of denied that replying to direct questions, yet I vividly imagine how I will be proving them that their CSR swore that their new printed timeschedule meant something different. My experience with their Cust. Service has been terrible so far. Yet I have not had any prroblems when direct human participation was not needed.
madtodaimax
Addicted Member
posted: Oct. 26, 2005 @ 12:53a
is there a minimum for the deposit? (can i deposit $.01 every month to keep it active) The total payoff for this is pretty much the interest and $67.50
Checking or Money Market Account Closed Within 6 Months - $25.00
Account closure - $7.50
Checking Account Inactivity - No Charge if average monthly balance is $3,000 or greater. $3.00 per month after 3 successive months of inactivity on accounts with an average monthly balance less than $3,000
Online Bill Payment Inactivity - No Charge if average monthly balance is $3,000 or greater. $5.00 per month after 3 successive months of inactivity on accounts with average monthly balance less than $3,000
Besides having bad CSR how is Netbank compared to other major banks? I am thinking about opening a checking account with them due to their interest rates.
I wont be using any ATMs juct check card purchases and stuff like that here and there.
BankerDealz
New Member
posted: Dec. 6, 2005 @ 10:41a
I noticed you can get $175 off when you go through this Netbank link:
I tried to open a netbank account and having a ton of issues. They can't verify my address and won't tell me who the credit report agency they use was. I am a college student and change my address just about once a year since I live off campus. I have a PO box address that I have had for 2 years and all my mail goes there. Now they want a ton of info to verify my address. One thing they need is a utility bill. I dont pay utilities at my rental since its all included. I can give them my passport, SS card, drivers license and a pay stub that comes to my address but they stated thats not enough. Its not enough to verify my address. They need a utility bill.
Account closure - $7.50 if account balance is less than $7.50.
Online Bill Payment Inactivity - No Charge if average monthly balance is $3,000 or greater. $5.00 per month after 3 successive months of inactivity on accounts with average monthly balance less than $3,000. If you don't activate the function of Bill Pay, you will then never need to pay for Inactivity.
This rule is NO LONGER existing... Checking Account Inactivity - No Charge if average monthly balance is $3,000 or greater. $3.00 per month after 3 successive months of inactivity on accounts with an average monthly balance less than $3,000.
One thing the CSR does mention is that there is a dormant fee for Checking Account, if there is no activity for a year. However, transfer between accounts, like MM/CHK, is considered as an activity.
mbaker4096
Senior Member - 1K
posted: Dec. 7, 2005 @ 12:30p
You might want to clarify the above post. I believe you're indicating the first of the three is no longer in effect, whereas the other two are now in force. The CSR I talked to the other day mentioned the $7.50 charge if balance was less than $7.50 at closure.
You can set up external links by following their help page, if you don't know how to do it. No physical check is needed.
Oh, and for those of you who have EmigrantDirect, you could use routing number 226070403 instead of the one provided on EmigrantDirect.com. I verify with CSR in ED already. They say this is their Bank's routing number which is also legit to do ACH.
azntwboy
Senior Member
posted: Dec. 21, 2005 @ 10:51a
My $500 initial deposit still hasnt shown up!!!!!!!!! I applied a week ago and it still shows a balance of $0, but my ING Direct already shows a $500 withdrawl. I emailed netbank and all they said was wait a couple more days. Did anyone have the same problem?
Yes, it took me 9 days for the initial deposits to show up. So...be patient.
11/07/2005 Account opened 11/16/2005 Account funded (about 7~8 business days) 12/22/2005 $75 credited (about one month after the account is completed to set up)
azntwboy said: My $500 initial deposit still hasnt shown up!!!!!!!!! I applied a week ago and it still shows a balance of $0, but my ING Direct already shows a $500 withdrawl. I emailed netbank and all they said was wait a couple more days. Did anyone have the same problem?
NetValue Checking does NOT have a monthly fee (or minimum balance requirement).
However, as noted by YT52 There is a $7.50 fee for closing the account (beyond 6 months).
Solution: Withdraw all money except but don't close account.
The other relevant fee is the "Dormant Checking Account fee"
They also note in their fee schedule "You will be charged $5.00/month beginning 12 months after most recent activity"
Solution: Using madtodaimax's strategy, deposit/transfer a small amount of money into the account once every 12 months. Setup a reoccurring deposit from your primary bill pay service.
Talking to a CSR (very helpful) today, she stated they would convert money market to NETVALUE checking over the phone if you no longer wanted to meet the minimum balance requirements for the money market account. This would not be considered closing the money market account and there would NOT be a fee associated with it.
tinyboy
Member
posted: Jan. 10, 2006 @ 10:48p
There is also the "Online Bill Payment Inactivity" fee if average monthly balance is less than $3,000.
Thanks for the info, but it's annoying to keep doing that for years and years.
DreamKrusher said: There may be a way to have bill pay turned off on the account. Ask CSM.
I didn't see anyone mention the $25 fee for closing w/in 6mos.
Ryan
borodar
Senior Member
posted: Feb. 16, 2006 @ 8:18p
BAD deal... oops. $70 TigerDirect GC x2 one for checking ($500 for a min month) + one for mm ($1k for a min month)
1 month: $140GC =~ $55 $25 fee for closing before 6 months x2 + lost interest on $1.5K comparing to interest leader of 4.8APY (netbank has 2.9%(1000) & .75%(500))
6 months: $140GC =~ $5 (withdraw after 1 month, leave only $100 and $50) the requirement is to have $1k and $500 for only 1 month, close after 6 months to avoid $25 fee
What do u think? I'm going for it, TigerDirect has a lot of stuff for not too bad prices.
edit: BAD deal... oops. :tide
tinyboy
Member
posted: Feb. 16, 2006 @ 8:32p
borodar said: What do u think? I'm going for it, TigerDirect has a lot of stuff for not too bad prices. Isn't this one still valid? Why would you go for $140 gift cards when $150 cash is available with the same condition.
borodar
Senior Member
posted: Feb. 16, 2006 @ 8:34p
ai carramba, missed it
zjts
Senior Member
posted: Feb. 22, 2006 @ 3:00p
Any refer a friend bonus or link for Netbank (or HSBC)?
wintertulip
New Member
posted: Feb. 22, 2006 @ 4:19p
can i open checking account ($500 deposit) and money market account ($1000 deposit) and receive my $150 bonus. Then after one month, take all $500 out of my checking account and take $500 out of money account. Leave both accounts open for 6 months and then close them? There should be no fee with this plan, correct?
OR can I just take all my money out after I get the bonus and close both accounts? I mean, as there is $0 in my accounts, can they still charge me $25 fee to close the account? Thanks.
yt52 said: Account closure - $7.50 if account balance is less than $7.50.
Online Bill Payment Inactivity - No Charge if average monthly balance is $3,000 or greater. $5.00 per month after 3 successive months of inactivity on accounts with average monthly balance less than $3,000. If you don't activate the function of Bill Pay, you will then never need to pay for Inactivity.
This rule is NO LONGER existing... Checking Account Inactivity - No Charge if average monthly balance is $3,000 or greater. $3.00 per month after 3 successive months of inactivity on accounts with an average monthly balance less than $3,000.
One thing the CSR does mention is that there is a dormant fee for Checking Account, if there is no activity for a year. However, transfer between accounts, like MM/CHK, is considered as an activity.
mhesidence
Dismembered Member
posted: Feb. 22, 2006 @ 4:34p
Translation, for those who already have accounts what is the minium one has to do in order to get the $150 bonus? What do you need to do to avoid fees.
Can anyone tell me if I pay an ATM useage fee when I use the Star network ATM?
mgersen
Member
posted: Mar. 5, 2006 @ 5:15p
Netbank never charges for ATM use. Your local ATM might charge, however.
agentgrey
Thrifty Member
posted: Mar. 9, 2006 @ 6:44p
wintertulip said: can i open checking account ($500 deposit) and money market account ($1000 deposit) and receive my $150 bonus. Then after one month, take all $500 out of my checking account and take $500 out of money account. Leave both accounts open for 6 months and then close them? There should be no fee with this plan, correct? Has anyone tried this? I've got a checking and MM account w/NetBank that I'd like to close, or at least move the $500 out of the MM. Any experience with keeping the MM at $0?
1. Do you get hit with a fee for not meeting the minimum balance? (I know some banks only charge such fees if there is a positive balance in the account.)
2.What if you try to close a zero-balance account -- do they still try to charge you $7.50, or is that just for cases when they have to mail you a check for the amount in your account at closing?
tekkk
Member
posted: Mar. 17, 2006 @ 11:04p
Opened checking and MM on Feb 10 and received my $150 today (3/17).
workingonit
Senior Member
posted: Apr. 6, 2006 @ 5:02a
Thinking of closing my NetBank money market account since I can get better rates elsewhere (and it's old enough so I won't be charged a fee). But before I do -- does anyone know whether closing that account would make me ineligible for any of the special offers they sometimes give their existing customers? I'd still have a checking account with them.
I was thinking that if I did a direct deposit once a month that it waived any fees. I may have gotten that concept confused with the citi checking and cc bonus offer. Nonetheless, I did a "direct deposit" from paypal to netbank by entering my checking info in payment and with drawing funds to the netbank account. Oddly enough I thought, that the transfer went directly into the Money market fund and not the checking. If so, this doesn't count as a direct deposit to my checking right? Again, maybe its irrelavent if i'm confused and a DD doesn't have any effect on waiving fees with netbank. Do I just need to pay some bill online once every 3 months?
My understanding is that direct deposit does nothing for you at NetBank. But then again, I'm not the answer, as I'm still waiting for my account to get funded
edit: incidentally, I got my welcome kit in the mail, and the attempted ACH transfers had indeed "failed". I doubt it's my fault, since it was two seperate transfers from two seperate banks. So I called the Netbank customer service number, got a hold of a rep immediately. She had a helpful tone, but couldn't diagnose the cause of the failure without escalating it to The Man. I'm going to try funding with the QuickPost method instead, will be the first time I've used it anywhere.
markkundinger
Senior Member - 2K
posted: May. 13, 2006 @ 4:14p
This UPS QuickPost stuff is pretty cool. Drop off the envelop thursday at lunch. Money is deposited on Friday. See it online and get a confirmation email on Saturday. Beats the crap out of ACH.
bobkart
Member
posted: Jul. 14, 2006 @ 8:07p
I opened a Netbank MM account on May 15 for a $75 Bonus, $1500 balance for 30 days, $75 to be credited within 4 weeks after that. Linked it to one of their checking accounts, to get the higher interest rate (3.46% APR), $50 more to open that. After the 30 days I "bankmailed" them to confirm I was still on track for the $75 Bonus, and could reduce the $1500 down to $500, and it was confirmed, including the "within 4 weeks" part about getting the $75. Well, 4 weeks was up a couple of days ago, I bankmailed them again the day before it was up, "reminding" them that the 4 weeks was about to be over and asking if they were still going to credit the $75. Two days later (a day after the 4 weeks were up), their response was:
"Your account is being reviewed by our Promotions Division. A resolution will be sent to you via bank mail in approximately 3-5 business days." (blah blah blah)
And of course the Customer Service person could not help me, something about the Promotion Department not being reachable by phone. Yeah right.
Fortunately just two days earlier some "Personal Banker" from Netbank called me and introduced herself. I called her today and she is taking control of the situation (one would hope). Still, the damage is done, I did not get the $75 as repeatedly promised and confirmed. This is unacceptable of course. I don't care if it's a mistake or intentional, this kind of thing should not happen. I'll be extricating myself from this situation as quickly as I can, once the $75 is in my hands of course.
markkundinger
Senior Member - 2K
posted: Jul. 15, 2006 @ 1:59a
That is very unusual. I also funded my checking and MM accounts on 5/15 (via QuickPost), and the bonuses were applied on 6/15 (About 33 days from funding, only a couple days after qualifying). I have no reasonable explanation for why my promo worked without intervention and yours didn't. (I used one of the Drugstore.com promo links)
bobkart
Member
posted: Jul. 15, 2006 @ 2:05a
Well good to hear someone made it work.
Just curious if and how you closed your account since they seem to want to charge $25 for closing it within 180 days.
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