Things continue to go well for me at FNBO Direct although transfers are slow (which was expected). My initial deposit finally showed up today in my FNBO Direct savings account. Below is the timeline of my application, account linking and account deposits.
- Tuesday, May 1st - Applied online. Funded with HSBC account. Selected trial deposits to verify funding account.
- Wednesday, May 2nd - Trial deposits made but not visible at HSBC.
- Thursday Morning, May 3rd - Verified trial deposits at FNBO. Immediately received FNBO email stating that opening deposit has been processed and will be deposited within 3 business days.
- Thursday Afternoon, May 3rd - Received email with account number and instructions for online enrollment. Did the online enrollment and initiated new trial deposits for HSBC and World Savings accounts.
- Friday, May 4th - Initial deposit debited at HSBC. Able to see trial deposits at World Savings account. Verified trial deposits at FNBO. At FNBO, initiated a small transfer of funds from World.
- Saturday, May 5th - Able to see trial deposits at HSBC account. Verified at FNBO.
- Monday, May 7th - Initiated transfers at FNBO from World and HSBC.
- Tuesday, May 8th - Initial deposit posted into FNBO Direct account. HSBC and World accounts debited.
As I mentioned before, FNBO Direct's electronic funds transfer service (via CashEdge) is slow and you lose at least 2 day of interest. Luckily, I didn't make a large initial deposit since it was debited on Friday and didn't show up at FNBO until Tuesday. One nice thing about the transfer service is that it does provide a status of the transfers. Currently, my two active transfers are showing the status in-process.
Here are some things that I've learned during this process (many from readers' comments. Thanks!):
- FNBO Direct does not allow for a beneficiary. Joint accounts are allowed.
- If you're linking FNBO Direct to your HSBC account with trial deposits, you either have to wait two days to see the trial deposits in your HSBC account or you can call the HSBC service rep after one day for the trial deposit amounts.
- A reader did have success in the FNBO Direct application with the instant link verification with a GMAC account.
- Readers have reported being able to push funds into FNBO Direct from a bank like GMAC and have experienced no more than one day of delay and loss of interest.
- You can also fund the account with a check which should reduce the loss of interest.
- Wire transfers are also accpeted. According to their online agreement, wires after 3:30pm will be processed the next business day. The incoming domestic wire transfer fee is $10 ($15 for outgoing).
- To avoid losing 2 extra days of interest over the weekend, avoid initiating an ACH transfer from FNBO Direct on Wednesday or Thursday.
For more info on this 6% promotion and FNBO Direct please refer to: