Investment

» jamesj24 - FNBO Direct 6% Savings Account

In response to FNBO Direct 6% Savings Account posted by Kirk:

I just did a quick search of FNBO and found out that it doesn't allow ACH transfers. It can cost a lot of foregone interest on a large balance of money, waiting for the bank to send you a check, or othwerwise, having to pay its wire fee. Not having ever heard of FNBO, I'm leery about tranferring a large balance to them.

I avoid doing business with institutions with second-rate service. It reminds me of Sterling Bank. Long ago, I had switched a large balance to it because of its advertising a high rate on its checking account. Not reading the small print, I lost about $50 when my balance dropped below the minimum and it began charging me a monthly maintenance fee that wiped out my account. For this very reason, I have chosen to never have an account with the bank again. Similarly, a bank that does not offer ACH transfers has second rate service and I will avoid doing business with it.

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Andrew Says:
May 1st, 2007 at 2:31 pm
I sent an e-mail to their customer service. They do NOT allow ACH withdrawls:
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Dear Andrew:
Thank you for your recent inquiry concerning an FNBO Direct account. Unfortunately, we do not permit ACH withdrawals from an FNBO Direct account.
If you need further assistance, please contact us at 1-877-370-3707 or send us an e-mail.
Sincerely,
Gina Juergens
Online Banking Representative
http://www.mymoneyblog.com/archives/2007...
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A contrasting opinion:

Hunter Says:
May 2nd, 2007 at 11:19 am
Ok, I actually just called FNBO Direct and asked about ACH transfers, and the representative confirmed that they accept transfers in both directions, even when originated at another institution, withdrawals as well as deposits.

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It appears that FNBO will accept ACH transfers but you can't initiate any from them. Countrywide has the same policy, but ACH transfers are fully functional between my Treasury Direct account and Countrywide (which is ironically called "Treasury Bank").

-- posted by jamesj24