So far I'm happy with the sign-up process at FNBO Direct Savings Account. As I described in my part 1 post the initial application was a little long, but it was no big deal. I was able to finish the online enrollment yesterday. My only complaint is that I had to redo the link to my HSBC account even though I had selected "use this account for future funding" during the application. The trial deposits were deposited fast (by next morning). Many readers seemed to have the same experience. Also, many readers have reported that the immediate verification has worked well even with HSBC (but not with GMAC). Before I describe my experience, I'm including updates on some questions or issues. This is based on comments from readers and from my experience.
Use Internet Explorer in the Application
A few readers have reported some problems in the application which might be due to the use of a non-Internet Explorer browser. So to avoid problems in the application, you may be better off sticking with Internet Explorer.
No Hard Pull
As I reported on my first review of FNBO Direct, they don't seem to do a hard pull. I was told this by the CSR in February and several readers have also confirmed this with the CSR this week. Also, a reader who opened this account in March mentioned the following:
I opened an MMS account with FNBO in March of '07 and I got my credit reports in April of '07 (all three) and I can confirm: FNBO does not do a hard pull.
Same ACH Transfer Delays as HSBC
Although I haven't verified it, ACH transfer delays appear to be similar to delays experience at HSBC which makes sense since they use the same CashEdge system for third party ACH. A reader who opened this account in March has reported to have confirmed this. This means if you initiate a transfer on Monday, it'll be debited on start-of-business Tuesday and credited on start-of-business Thursday. Monday and Tuesdays are the two best days to initiate a transfer. Wednesday and Thursday are the worst since the weekend will add two extra days between the debit and the credit.
High Transfer Limits
From the account page I was able to review the inbound and outbound transfer limits. It lists the standard inbound transfer limits as $1,000,000 monthly, $250,000 daily and $250,000 remaining daily (not sure exactly what this means). The outbound transfer limits are $500,000 monthly, $100,000 daily and $100,000 remaining daily.
My Application Experience So Far
I started the online application last Tuesday. Soon after I applied I received an email notifying me that the application has been approved. I received three emails on Thursday: the first notified me that the opening deposit had been processed, the second notified me that the account was ready to be opened, and the third notified me of the account number and instructions about how to enroll for the online banking.
On Thursday I did the online enrollment. For some reason, it requires you to re-enter more than what should be required such as your street address and email. Once they confirm who you are, you have to select 3 verification questions/answers and a personal message to be displayed during logins. After this you select your new user ID and password. At the end you can select some account preferences. I just left them at the defaults. When that finished, I was able to access my account.
My account summary still shows $0 balance. I went over to the transfers fund page and noticed that I had to relink my external account. I was able to initiate the trial deposits for both my HSBC Online Savings Account and my World Savings checking account.
Friday morning I checked my HSBC and World Savings accounts. The trial deposits showed up at World Savings, but not at HSBC. It seems that HSBC delays the postings of deposits by one day. I noticed that the available balance shown was slightly higher than the bank balance. However, no deposit transactions are shown.
With the record of the World Savings trial deposits, I successfully verified the link at FNBO Dircect without problems. I also initated a small transfer. I'll see if the times will be what FNBO reports.
For more info on this 6% promotion at FNBO Direct please refer to: