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Online Bank Reviews
1 out of 5 marks
Even our federal tax agency gives us a break when it comes to weekends and federal holidays as to when our income tax payment is considered late. As we older, conservative savers know very well, interest rates on savings have been paltry since the democrats decided to control the financial markets. Many of us have been driven to internet banking companies just to receive a 1% return on our savings. Well here is a big warning to those who attempt to withdraw their savings from one of these internet banks – discover bank of utah. My case is simple and probably not too unusual. I have a $50k ira cd deposited with discover bank. The cd matures on october 12, 2014 – a sunday.
I do receive notice of this event from the bank. On monday the 13th i attempt to close the account and request distribution. No luck here – a federal holiday – columbus day. Online, i discover that i must complete an ira distribution form and send it to the bank. I dutifully perform this and mail it on the 13th but of course no mail this day so it goes out on the 14th. Still ok i figure, the notice letter said discover bank must receive on or before oct. 21 or there will be consequences. What consequences you ask? Well severe ones. My $50k cd earned $500 for the entire year but ‘early withdrawal penalty’ will take one half of this away.
Unfortunately either due to our us postal service or discover bank’s internal mail system, my distribution request form did not land on the proper desk until october 22 – one day late according to discover bank management. Let’s get this straight, the government rules for this transaction dictates 10 days to close your account and get your money. Oct 12 is a sunday and october 13 is columbus day do not count – no actions can be taken on these days. By my count and even the irs’s count the elapsed days from october 14 to october 22 is less than 10 days.
1 out of 5 marks
I called to open a account and supplied all the necessary information to the person on the telephone. This person was very polite and took the time to make sure all the necessary information was supplied. She did tell me at the time it would take 48 hours to process and that someone would call me back with my new account number and information on how to fund the account. Since I did not hear back from them 3 days later, I called and was told it would take up to 72 hours.
On the fifth day, I called again. This person could not explain why I hadn't heard from them and didn't have an account number for me, so I asked to speak to a supervisor and was transferred. The supervisor who took the call had an extremely bad attitude. I felt I was interfering with her day and she had much more important things to do than talk to me. She kept cutting me off and acted annoyed when I asked a question. She did say that my application for a CD was approved two days ago and someone would be calling back with my account number and information on how to fund the account.
She was very abrupt, and I felt she did not understand my concern for not hearing back from someone concerning opening the account. She offered no reason why no one had called to finish setting up the account. I said since it was approved two days ago and no one had the professional courtesy to call, maybe they didn't really want my money in their bank, and maybe I should go elsewhere. I also told her I didn't appreciate her attitude and her lack of professionalism. She never apologized but said that she would finish getting my account number and would call back in two hours. I did receive a call back within the two hours, but from a different supervisor.
The new supervisor who called explained the delay and was very apologetic. I did not feel rushed and answered all my questions. It's really sad that it took several phone calls, several customer service operators, and two supervisors to finally put my $$ in their bank.
2 out of 5 marks
Opening the account online was easy, which is why they have 2 stars. Everything else is rough; their website is from dinosaur internets times.
That, and I'm in danger of being unable to purchase a house! I put in an offer and it was accepted. Hooray! But, you've only got a couple of days to send in the earnest money (usually 1% of the purchase price). So I call Synchrony to initiate a wire.
First, I had to *call* to initiate a wire. But it gets worse. I needed to sign some paperwork. Fine. Then they told me I have to MAIL it to them, like with the US Mail; the postal service. I asked whether I could email or fax it. Nope! Has to be mailed. And then "the lady who handles our wires" (one person??!) would call me on the phone to confirm. What?!
Now. I'm a patient lady. But look, this is 2014! The ESIGN act of 2000 says that while Synchrony isn't *required* to accept an electronic version of this form, they totally can if they want to. They can just print it and file it like they would with a mailed copy! I need this wire initiated ASAP. I can't wait, even overnighting the mail isn't fast enough. I need to transfer the money to my Simple account (full disclosure: I work for Simple, which is not a competitor to Synchrony as it's just a checking account). Then I need to buy a money order with my Simple card, and hand deliver it to the bank. Luckily it's a local bank! This process is STILL faster than overnighting freaking paper to Synchrony.
It's 2014. If you ever worry that you may need to get money out of your savings account in a timely manner, I'd advise against opening an account here.
EDIT: I called again the next day. I can send a fax (*whew!!*), but I still need to mail the physical form. This is still dumb, and my 2-star review stands.
EDIT 2: Lol, they actually never called me back about my fax! Luckily I found an extremely inconvenient and convoluted solution and was able to get my earnest money in on time! Woo!
1 out of 5 marks
I just went back to Wells Fargo today and am getting out of Simple ASAP. This bank did an "upgrade" that wreaked havoc with my account and my life.
I can do everything and even more with a traditional bank like Wells than I can with Simple. What you ask? How about pay my bills in any format I want (like echeck for my rent), a great mobile app that does more than Simple and how about a bank that doesn't do destructive upgrades and has free REAL checks because unfortunately this world requires them. Or even one that allows me to make cash deposits.
I give Simple less than a year before they are on the ash heap of internet history.
2 out of 5 marks
I don't know where all these glowing reviews are coming from. My experience with Simple has been nothing but frustration. Here, in roughly the order I experienced them, are the problems.
- You can't write a check. Granted this isn't something most of us need to do very much anymore, but occasionally you need one, and can't wait for one to be mailed.
- They won't issue a check made out to a government agency. Renewing your license plates? Paying your taxes? Go buy a money order.
- They rejected my tax refund check deposit because it was joint-payee, in spite of their own policy allowing it.
- Payments come out of your account immediately but take ages to reach the payee.
- Recurring payments always count against your safe-to-spend even if they are a month away.
- They haven't issued statements since August (it is now late October) due to unresolved bugs.
- Lately the balances shown on the website are often incorrect, with outbound payment amounts being randomly added back in for a while and then removed again. The mobile app balances don't agree with the web app balances.
- They LOST my mortgage payment. It just never got there, and the money was dropped back into my account with no notice. I didn't know about it until my mortgage company called me looking for their money.
- They rejected a check deposit due to a signature crossing a digit. The phone rep could read the number fine but they told me to go clear it through some other bank anyway.
The customer service people are always polite and try their best to help, but I finally asked myself: if I keep having to go to other financial institutions to make up for Simple's shortcomings, why do I need them?
Statements, accurate balances, deposits, and correct transfers are all basic to banking, yet Simple did none of these things consistently. I give them two stars only because they are polite on the phone and in email, otherwise it would be one star.
5 out of 5 marks
When my old bank raised my requirement/fees i decided to look around for better options. I researched several banks and ally was by far the best choice. All my interactions with ally have been positive, good customer service, easy bill pay and money transfers. Now, every month i look at my interest and see i am getting paid in dollars instead of pennies. When asked about banking, i always recommend Ally.
2 out of 5 marks
We have our "Rainy day" fund at Discover bank. The fact that ACH transfers are much slower was not a big deal, because we don't plan on making withdrawals often. I wanted to leave that account alone, and open a second account for savings. At ING they ask "How much, where's the money coming from, and what do you want to call it". At Discover bank I needed to fill out a complete form with SSN, phones, addresses, occupations, etc.
After dutifully filling that out, the response was "Call us". When I called I was told "We are getting a lot of accounts, so we don't know when yours will be approved. We might approve it soon, or we might send you a letter asking for further information". Since there was a minimum opening deposit of $500, that much is sitting in limbo. I asked if I could cancel the process, but I was told that once it started there was nothing that could be done to stop it.
It's kind of surprising, Discover Card has excellent customer service. As far as Discover Bank, there ar much better ones out there.
1 out of 5 marks
Recently they have started asking strange questions like which street is closest to you, who among the persons listed below do you know, and so on. These are totally ridiculous and irrelevant questions and why can't they keep the validation to the relevant information in their systems? How would one know every street in the metropolis? ( i googled those streets and some of them are 40 miles away). How do you know if i know the person or not and if you do why are you preying on my privacy. Who gave you authority and access to do searches on me? I am very frustrated customer and very annoyed with ally bank! This is totally unacceptable and needs to stop.
1 out of 5 marks
I cannot believe that I have just received a letter from this bank telling me that they have reduced my credit by $200 at TJMaxx. I only had a low credit of $300 and they now reduce it. I have always paid on time and at the moment I have a zero balance. I am seriously considering closing the account. A lot of store credit cards now use this crappy bank. It makes me wonder if all of my store credit cards are going to go the same way.
1 out of 5 marks
My husband and i are desperate for help! My husband has been a member of usaa for years (my two active military sons are, as well), but we have been denied our deposited funds. My husband deposited his paycheck 7 days ago from today, and was initially given access to $500 to aid us during the wait. My husband was told it would take 5 days to clear. Two days later the $500 access was removed. My husband has called numerous times and even emailed but nobody will help us. My husband called his employer's bookkeeper to ask if the check had cleared, and was told that it had.
My husband had received an email from the ceo of usaa assuring him that the matter would be investigated and we would hear from an usaa rep. We had not heard from anyone from the usaa's office. Finally today, my husband was able to contact the ussa's office that could remove the hold. The woman named "erica" refused. Even after my husband explained that i'm disabled and unable to see my doctor, buy my medication, fuel to get to work, and to buy food. We are not asking for a loan, we are asking for access to the money my husband works hard for. The latest date for release is next friday, the friday my husband gets paid again. The next course of action is contacting an attorney. We are desperate for help!