written by Mowine4me on 23/08/2007
Good Points
High interest rate.
Very good online bill paying software.
Bad Points
They terminate CDs early and don't credit full interest.
General Comments
I was a Netbank customer since 2001 and used it purely for checking and money market accounts. The online bill pay was very good and I was generally happy with everything. Then my wife and I started saving money for a new kitchen, so I put it in CDs. They never asked if I wanted the CDs to roll forward, or go to my checking account once the term ended. As it turns out, they automatically roll forward and there is no way to change that. Despite being an internet based bank, they said there was no way to make the CDs go to my account automatically. I had to send an e-mail ten days before or 10 days after the CD matured. I pushed and pushed and eventually they admitted it was possible to set this up automatically, but they would not do it.
I didn't have time to keep such careful track of when my CDs were maturing, but apparently I to. Eventually I caved and when a CD was getting ready to mature (I had created about 6) I sent the e-mail. Some of them terminated as soon as I sent the e-mail, even though the CD had not matured yet. In other words, they took 5 or 6 days of high interest from me. They also sent the money to my checking account, not the money market account as I requested. In other words, they once again I lost some interest. I sent e-mails complaining, some of which were never responded to. I called and was told it would be resolved. It was not. Finally I spoke to a supervisor. She said I would be credited for all the lost interest and she would give me a higher money market rate for 3 months. Did not happen.
I finally called in and said I have one more CD with you. It terminates in 3 months. Close it now with no penalty and I will go away. I don't want to do business with you any more. They refused. So that brought me here, sharing my experince with you.
I was very happy at Netbank for almost 6 years. I did not want to find a new bank, but I cannot do business with them ever again. I hope you do not either.