Comments on: FNBO Direct 6.0% APY Savings and Media Blitz http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sun, 08 Nov 2009 07:50:42 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: myname http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-118036 myname Tue, 14 Aug 2007 01:28:25 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-118036 As you said: FNBO makes life very difficult in the name of “security.� It was a pain to open an account with follow up calls I had to make while customer support was useless. As you said: FNBO makes life very difficult in the name of “security.�

It was a pain to open an account with follow up calls I had to make while customer support was useless.

]]> By: FNBODirect Savings Account Offering 6% Interest Rate: How Long Will It Last? - savingwithme.com http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-117496 FNBODirect Savings Account Offering 6% Interest Rate: How Long Will It Last? - savingwithme.com Thu, 26 Jul 2007 01:09:10 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-117496 [...] word of mouth.  I found others talking about the FNBODirect new interest rate and press release here, here, and [...] [...] word of mouth.  I found others talking about the FNBODirect new interest rate and press release here, here, and [...]

]]> By: Disappointed http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-116181 Disappointed Thu, 21 Jun 2007 01:48:13 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-116181 I opened an FNBO account in late May, and transferred a large amount from my credit union last week; this transfer executed correctly. I started another transfer from the same credit union to my FNBO account on Monday, but today received an email from FNBO stating that someone had tried to call to verify the account, and since I could not be reached, I now need to fax (a toll call) copies of my driver's license, latest statement from this credit union account, and a voided check from this account before the transfer would be completed. When I called FNBO, the representative told me that this was a new security procedure and that if I didn't send the info, the transfer would not be completed. Yet they could not reverse the transacction. Beware, FNBO makes life very difficult in the name of "security." The money had already been debited from my credit union account, but will not earn interest in the FNBO account until it is verified. Countrywide has a SavingsLink account the yields 5.40% and GMAC has a savings account yielding 5.30%. Both have easy online transfers. Stay away from FNBO! I opened an FNBO account in late May, and transferred a large amount from my credit union last week; this transfer executed correctly. I started another transfer from the same credit union to my FNBO account on Monday, but today received an email from FNBO stating that someone had tried to call to verify the account, and since I could not be reached, I now need to fax (a toll call) copies of my driver’s license, latest statement from this credit union account, and a voided check from this account before the transfer would be completed. When I called FNBO, the representative told me that this was a new security procedure and that if I didn’t send the info, the transfer would not be completed. Yet they could not reverse the transacction. Beware, FNBO makes life very difficult in the name of “security.” The money had already been debited from my credit union account, but will not earn interest in the FNBO account until it is verified. Countrywide has a SavingsLink account the yields 5.40% and GMAC has a savings account yielding 5.30%. Both have easy online transfers. Stay away from FNBO!

]]> By: Around the PF Blogosphere: May 23, 2007 | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102999 Around the PF Blogosphere: May 23, 2007 | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing Thu, 24 May 2007 01:51:59 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102999 [...] Commentary talks about FNBO Direct and its recent media blitz. Are you a rate [...] [...] Commentary talks about FNBO Direct and its recent media blitz. Are you a rate [...]

]]> By: FNBODirect Offering 6% Interest Rate: How Long Will It Last? - Plus6 …a personal finance blog http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102872 FNBODirect Offering 6% Interest Rate: How Long Will It Last? - Plus6 …a personal finance blog Thu, 24 May 2007 01:10:18 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102872 [...] word of mouth.  I found others talking about the FNBODirect new interest rate and press release here, here, and [...] [...] word of mouth.  I found others talking about the FNBODirect new interest rate and press release here, here, and [...]

]]> By: Maynard G. Krebs http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102604 Maynard G. Krebs Wed, 23 May 2007 17:32:41 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102604 I'm on it! Thanks for the info! I’m on it! Thanks for the info!

]]> By: Alias http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102550 Alias Wed, 23 May 2007 14:57:12 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102550 For application I had to manually enter a URL due to busted javascript on Firefox. But I've had no problems with the regular site (though it is spartan), and the several xfers have gone smoothly. For application I had to manually enter a URL due to busted javascript on Firefox. But I’ve had no problems with the regular site (though it is spartan), and the several xfers have gone smoothly.

]]> By: Chris http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102505 Chris Wed, 23 May 2007 13:43:05 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102505 saladdin, their checking account is 4.0, their savings is 4.5%, an error on my part. This is still significantly lower than 6.0 or even 5.25. I signed up for an FNBO account last night. Their website is a bit glitchy in my opinion, and they say it is incompatible with Firefox, though I could not get it to work well with my IE7 either. I was able to open the account, but I'm waiting for further emails to begin verification and transfer. Transfers are supposed to take only a few business days when processed electronically. Not too impressed with them so far though. saladdin, their checking account is 4.0, their savings is 4.5%, an error on my part. This is still significantly lower than 6.0 or even 5.25.

I signed up for an FNBO account last night. Their website is a bit glitchy in my opinion, and they say it is incompatible with Firefox, though I could not get it to work well with my IE7 either. I was able to open the account, but I’m waiting for further emails to begin verification and transfer.

Transfers are supposed to take only a few business days when processed electronically. Not too impressed with them so far though.

]]> By: F2O http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102434 F2O Wed, 23 May 2007 11:55:52 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102434 Don't forget about the lag time in the transfer. We'll have to wait and see if it takes as long as HSBC. If so, it could be a wash. Don’t forget about the lag time in the transfer. We’ll have to wait and see if it takes as long as HSBC. If so, it could be a wash.

]]> By: saladdin69 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102133 saladdin69 Wed, 23 May 2007 01:03:06 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102133 ING's is not 4.0 as stated above. ING’s is not 4.0 as stated above.

]]> By: Flexo http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102116 Flexo Wed, 23 May 2007 00:36:01 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102116 Sun: The "risk" I speak of is the chance that these online bank accounts appearing every few weeks with "promotional" rates will cease to be competitive. I don't have time to jump at every offer that sounds good. I'm trying to *simplify* my financial life, not add new accounts every week with the latest promotional offer. A 6% APY just isn't enough of a pull for me when my money is making 5.05% elsewhere. I have no problem with people who want to move their money each month to the bank offering the latest highest promotion, but it's not worth the effort for me. Sun: The “risk” I speak of is the chance that these online bank accounts appearing every few weeks with “promotional” rates will cease to be competitive. I don’t have time to jump at every offer that sounds good. I’m trying to *simplify* my financial life, not add new accounts every week with the latest promotional offer.

A 6% APY just isn’t enough of a pull for me when my money is making 5.05% elsewhere.

I have no problem with people who want to move their money each month to the bank offering the latest highest promotion, but it’s not worth the effort for me.

]]> By: Sun http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102108 Sun Wed, 23 May 2007 00:16:47 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102108 Why would you consider getting another account will give you "the risk to me of changing banks"? I don't see where that risk comes from, unless you feel the bank itself is not safe. I have multiple accounts and I don't mind to get a couple of more if the rate is really competitive. For me, the only purpose of getting an online bank account is to get the most of my money. Why would you consider getting another account will give you “the risk to me of changing banks”? I don’t see where that risk comes from, unless you feel the bank itself is not safe. I have multiple accounts and I don’t mind to get a couple of more if the rate is really competitive. For me, the only purpose of getting an online bank account is to get the most of my money.

]]> By: Alias http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102093 Alias Tue, 22 May 2007 23:15:49 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102093 There's little reason not to open an account with the generous terms. If the rate is not competitive in Sept, then I'll move it back to another account. All I lose is 3 days in ACH-limbo. There’s little reason not to open an account with the generous terms. If the rate is not competitive in Sept, then I’ll move it back to another account. All I lose is 3 days in ACH-limbo.

]]> By: Chris http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102060 Chris Tue, 22 May 2007 21:50:17 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102060 I'm with ING, and they still haven't raised their 4.0% rate. ING was rated among the lowest. While I think it would be beneficial to keep a bit of money in an account at ING, why not have two online savings accounts? When either one promotes a special rate, you can transfer the bulk of your money in the higher interest account. I wouldn't bother signing up for multiple accounts chasing every little percentage point, but I'd like to take advantage of the competition. I’m with ING, and they still haven’t raised their 4.0% rate. ING was rated among the lowest. While I think it would be beneficial to keep a bit of money in an account at ING, why not have two online savings accounts? When either one promotes a special rate, you can transfer the bulk of your money in the higher interest account.

I wouldn’t bother signing up for multiple accounts chasing every little percentage point, but I’d like to take advantage of the competition.

]]> By: dong http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102055 dong Tue, 22 May 2007 21:33:12 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102055 I'm with Lazy Man, chasing the highest return has gotten old. Unless I can get 100 basis point, I'm not going to chase rates any more. Even at 100 basis points i'm not sure I would change given i think either HSBC or ING (the two accounts i have) would raise rate to complete. I’m with Lazy Man, chasing the highest return has gotten old. Unless I can get 100 basis point, I’m not going to chase rates any more. Even at 100 basis points i’m not sure I would change given i think either HSBC or ING (the two accounts i have) would raise rate to complete.

]]> By: Lazy Man and Money http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102047 Lazy Man and Money Tue, 22 May 2007 20:25:40 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-102047 I really feel that these are more or less non-events. It seems silly to me that each of these banks take turns offering a promotional rate. I'd rather them just put an extra 10-20 basis points out there in interest year round and be done with it. I really feel that these are more or less non-events. It seems silly to me that each of these banks take turns offering a promotional rate. I’d rather them just put an extra 10-20 basis points out there in interest year round and be done with it.

]]> By: Chris http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-101987 Chris Tue, 22 May 2007 18:26:08 +0000 http://www.consumerismcommentary.com/2007/05/22/fnbo-direct-60-apy-savings-and-media-blitz/#comment-101987 "The big question is what will the rate be after that time" It is not for certain, but I will assume it will be competitive. Their rate prior to this promotion was 5.25% (according to their FAQ). I am going to read the site in greater detail tonight and will probably open an account assuming there are no surprises in the fine print. “The big question is what will the rate be after that time”

It is not for certain, but I will assume it will be competitive. Their rate prior to this promotion was 5.25% (according to their FAQ).

I am going to read the site in greater detail tonight and will probably open an account assuming there are no surprises in the fine print.

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