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My Experience Opening FNBO Direct's 6% Savings Account - Part 2

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FNBO Direct
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:
  Tags: FNBO Direct, savings account

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Comments
45 comments.
Comment #1 by Anonymous posted on
Anonymous
I'm just one day behind you on opening my account. Thanks for the instructions. It's kind of weird that you have to link your account twice and go through the trial deposit thing twice.

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Comment #2 by Anonymous posted on
Anonymous
at least you're a few cents richer by doing the trial deposits twice =p

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Comment #3 by goldie (anonymous) posted on
goldie
Thank you so much Bank Guy (Professor) for your knowledge shared regarding the “Concerns about FNBP Direct’ posting. I have learned so much from you and can not thank you enough.

So far my experience with FNBO has been mirror to you. No sign of HSBC deposits as of yet and Everbank trial depos**** showed up today.

I wonder if the trial deposits to HSBC will be affected because of the weekend. I will know tomorrow for sure. I say one thing; HSBC is very creative and incredibly smart. Once I receive my $75.00 checking bonus with them I will be gone. Anyone else out there that took advantage of the checking bonus, don’t forget to set up your direct deposit or leave $3000.00 in there to avoid loosing out on the promo.

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Comment #4 by Anonymous posted on
Anonymous
"..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..." NOTE: I called HSBC and (after a lengthy hold time) their CS rep was able to tell me the amounts of the trial deposits, which cut a day out of the process to fund my new account at FNBO.

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Comment #5 by Anonymous posted on
Anonymous
I think I'm on the same day as Banking Guy and my initial deposit left the(Third Fed) bank account yesterday, but today still doesn't show up at FNBO. I'm mailing my next deposit and will see which seems to be faster.

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Comment #6 by Anonymous posted on
Anonymous
I believe I'm one day behind Banking Guy. I received my complete account number this morning, and tried to transfer funds from my personal checking account into FNBO. No go! I called the CSR and she was very informative but would not budge from the idea that I must wait until the $1.00 initial deposit show on the account, now it shows 00. Since the weekend is coming up she said I probably could make the transfer of funds Monday and probably that balance would show on the account Wed or Thurs. If this is the case, the whole process will have taken 7 days. Who knows why there is such a delay..

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Comment #7 by Anonymous posted on
Anonymous
I went through the application yesterday and have access to my account today (although the initial deposit hasn't been deposited yet). I also had problems starting the application with Firefox on my mac but it worked fine with Safari. Firefox doesn't seem to have problems accessing the account now that it's open. Instant verification worked fine with a Washington Mutual checking account. All in all, I'm happy so far.

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Comment #8 by Brian (anonymous) posted on
Brian
Does anyone know if one were to send in a check if there would be much of a delay in posting it? Would this be the best way to avoid losing interest?

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Comment #9 by Terry (anonymous) posted on
Terry
My experience also mirrors banking guy's.

I was able to initiate a incoming deposit with my account today, even though my openning deposit is not shown yet....Sounds like someone else was not able to. With the speed everything else has been done, I was hoping to see that that debit would show at my local institution, but it hasn't been. Maybe I should have waited until a Monday or Tuesday like others have suggested.

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Comment #10 by Anonymous posted on
Anonymous
I had absolutely no problems with the trial deposits to and from GMAC - each showed up the next day. I did inquire about sending a check into FNBO to see if there would still be a delay of 2 days for interest purposes and was told that there would still be the same delay. I wonder why...you may not be able to withdraw those funds immediately...The one thing that was annoying was that I had to do the initiation of the trial deposits again in order to link the same funding account, but hey it's their money. There are two things I do not like about this account: 1: they do not allow for a beneficiary. 2: they do not allow more than 3 external accounts to to linked.

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Comment #11 by Anonymous posted on
Anonymous
I'm one day ahead of the bank guy, trial verification happened the next day but they wanted address verification huh? I faxed verification to their fax # 402-636-6732. I haven't received an account number yet.

I called in to FNBO, they are swamped, and lucky FNBO, the Wall Street Journal ran an article in today's issue on FBNO and they are even more swamped. I was told, I could mail in a check using application #.

I mailed check today, Friday May 4 and fund check from Wamu Savings next Wednesday. I'm gambling it will take three business days to receive my check and post to my FBNO account.

Give Banking guy a pay pal tip. He deserves for numerous tips such as Suze Orman/TD Waterhouse $100 Bonus ...Charles Schwab 4.25% Checking...Wachovia Bonus New Account Bonus and more. Hi-5 Bank Guy!

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Comment #12 by Anonymous posted on
Anonymous
Initial verification with my GMAC account worked well. After entering the user id and password, it waited for some time, supposedly logging on to GMAC site, then asked me a question (one like which city was I born in or my great grand aunt's neighbor's pet's name) to confirm my identity with GMAC. It waited again, supposedly to confirm with GMAC and then set the status to "verified".

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Comment #13 by Anonymous posted on
Anonymous
Does anyone know if they play games with wire transfers? For most banks, wire transfers mean no loss of interest, but if they are playing interet generating games, they miht try something...

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Comment #14 by Anonymous posted on
Anonymous
I signed up with FNBO on Thursday night, 5-3-07 and Was approved immediately. Joint account no problems. Chose to get trial deposits using my HSBC account. I've read on here that most people are seeing trial deposits the next day. Well it is, actually right now its Saturday Morning, May 5 and they havent show up yet. I know its says 3 days on FNBO website, but since others said they have seen them the next day, I thought they would show up faster. I probably wont see them until Monday I suppose. Other than that, the application did ask some pretty weird, "stupid" questions. Where I got the money ,why I have it what Iam going to do with it... One the answer options should be: None of Your Buisness! But I recall seeing those questions posed by another Bank sometime ago, dont remember who. Kinda annoying But not really anything to worry about.
Just waiting for my trial deposits and we'll see how it goes from there.

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Comment #15 by Anonymous posted on
Anonymous
*Update last Post,
I can actually see a difference of a few cents in My HSBC Bank balance and my available balance, But HSBC is not showing the actual transfer! D@mn that HSBC! I know I know... They like to take there time letting you have your money. Thats Why I love ING, too bad there rates are so low, except for rollover cd's. I hope FNBO turns out to be more like ING and not HSBC.

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Comment #16 by Anonymous posted on
Anonymous
Not happy with the ACH delays on the inbound transfer to FNBO. Money left my account on 5/3 and doesn't show in my FNBO account as of 5/5 AM

I fear that I'll lose interest for 2 business days and 2 weekend days.

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Comment #17 by Anonymous posted on
Anonymous
I am the guy with the concern for ACH delays. I called the bank and chose to speak with supervisor. Looks like they are gonna get away with not paying interest on deposit for 3 business days and it's in their disclosure.

The supervisor suggested that if I made a deposit by check, it would start earning interest the day they receive the check.

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Comment #18 by Anonymous posted on
Anonymous
Cashedge transfers are slow. Daily limits are not available again until the transaction actually completes. If you reach the daily transaction limit you will have to wait three or perhaps four days to transfer additional amounts.

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Comment #19 by Anonymous posted on
Anonymous
I opened a second account for my sister because she doesn't have a computer (old school)so she's 1 day behind me. Now that I know the system everything is going smoothly, except they changed one thing. This morning I received the ok to obtain her user ID but now there is a hold on obtaining the password. They say I must wait for the 2-3 days for more verification. This is the same wait as I received but I'm 1 day ahead in the system, and they must have decided that they were getting too much static from those of us that received the user ID and the password the same day but yet could not see a balance on our accounts $00. We opened the account with $1.00, and that amount has been deducted from our personal checking account.

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Comment #20 by Anonymous posted on
Anonymous
I agree with Banking Guy about initiating money movements on a Monday. Tuesdays might be OK, too, as he said. I think the other available day might be Friday in one instance, when you are moving money FROM an outside bank TO your account. CashEdge would debit the outside bank the next business day, Monday in this case. That should not be a problem. For outgoing transfers I'm not so sure Fridays would be OK. You would probably find the money debited from your account by Saturday morning, though this is a guess. I might try a small transfer just to test this situation.

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Comment #21 by Anonymous posted on
Anonymous
Re: the trial deposits. I opened the acct. last week and, after no sign of the trial deposits in my inbox, I called FNBO CSR. She said-be patient. Well, when word of the little deposits finally av'd in my inbox, I went to my WAMU acct. to check on the amts. Turns out the deposits has actually av'd 2 days before the email notice of their deposit! So keep an eye on your linked acct. in addition to your inbox.

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Comment #22 by Terry (anonymous) posted on
Terry
I began the application process on May 1 and today my openning deposit shows in my FNBO account. One week is about what I expected. I also initiated a larger deposit last Friday and that money has been taken from my funding account today. I will let everyone know when that deposit shows in my account.

Things still seem to be going smoothly for me. Better than my experiences with IGo or AMTrust.

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Comment #23 by Anonymous posted on
Anonymous
Regarding FNBO benefiatiary,one cannot have benefiary. It was cofirmed by ratchel at their cust svc.

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Comment #24 by Anonymous posted on
Anonymous
Problems with FNBO TRIAL DEPOSITS. On May 2nd started opening two joint accounts. Spouse was prim on #one I was prim on #2. Funding on# one was from HSBC and trial deposit was showing in HSBC on 5/3. I couldn't verify it in FNBO on 5/3, per FNBO tel con on 5/3 I had to wait until I received an e mail telling me it was there then system would allow me to enter the amounts. Received the e mail on 5/7 I logged in FNBO system but this time it accessed #2 even thought I hadn't received an e mail for that #2 account. Thereby allowing me to insert the trial deposits from #1 into #2 and getting an error.. After calling they are opening #1 but are telling me I need to send a check from ANY acct to open #2. They already sent and I can see 2 trial deposits to Emigrant for #2 but I still didn't get my e mail for #2. Now they telling me it's because I put the #1 trial deposits into the #2 account which they said couldn't be done earlier if I didn't have an e mail telling me the trials were in the banks. 5 days and still no account numbers. Not to confortable with FNBO after this. They provide you with applicant #s when you start but never ask for that if you re-enter the application process. They ask for name, ss# and dob. This doesn't help id the application of acct if your attempting to open more than one account. Be careful, watch for applicant ID#s on the screen and print off copies at every step. This is definitly taking to long for on line verification. I may just pass on this one.

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Comment #25 by Anonymous posted on
Anonymous
Does anyone know if FNBO Direct does automatic/scheduled deposits like ING does? I'd sign up with FNBO if they have an option for automatic monthly deposits but want to make sure first.

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Comment #26 by Anonymous posted on
Anonymous
You might want to be aware of FNBO's somewhat harebrained and wacky bank-to-bank transfer timing. I hope I can explain this, it is so counterintuitive. Let me take my best shot: A bank to bank transfer you enter or initiate on a given day is treated as if entered the NEXT day unless entry is done prior to 2:00 AM CT on day of entry. I discovered this when I tried to do my first B to B transfer. I knew FNBO uses CashEdge and I was accustomed to HSBC with their 8:00 PM ET cutoff. So I sought out the FNBO cutoff time. It shows as "NA". I guess that was a clue of what was to come. Obviously the cutoff time matters and a bank, a serious bank, can't show it as "NA". I called FNBO and was told the cutoff is 2:00 AM CT. I was impressed and did not see how they could cut off so late, into the next day even. It was amazing. But later in the conversation, after speaking with a supervisor, I realized the cutoff isn't 2:00 AM CT the NEXT day, it's 2:00 AM CT the SAME day. They are not better than HSBC, they are FAR, FAR worse. Anyway, there it is FWIW. I am happy I opened my FNBO account and I am lucky to have such a high yielding account. Just am not certain these folks are 100% ready for prime time. Their linked accounts limit of three, for example; what's up with that craziness?? It does not begin to address my needs. I hope FNBO can iron out these "wrinkles" sooner rather than later. But after my talk with the supervisor am not sure things move along very fast in Omaha. They seem to lack a sense of urgency.

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Comment #27 by Anonymous posted on
Anonymous
I opened my account last Wed. (5/2) and finally was able to view my initial deposit today. After talking with the CSR last Friday, I found out they had a qlitch in their process which resulted in two different trial deposit verifications. I think that's what slowed down my account. Yesterday I tranfered a much larger amount to the new FBNO account. The funds were remove from my credit union account today but have not posted to the FBNO account yet. So far it's been worth the effort.

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Comment #28 by Anonymous posted on
Anonymous
I too, opened my account last Tues. 5/2. I had my account # 5/4, but it showed $.00 balance. CSR said I must wait until the account showed my deposit of $1.00 before I could make my large deposit. Today, 5/8, the $1.00 showed on the account. I automatically tried to make my large deposit. Boom! Big problem, they asked for a second trial deposit. Talked to a Supervisor and she explained, "I am so sorry" but we are still trying to get the problem fixed. Waiting for the second trial deposit and gaining the extra 2 small deposits in my home checking account. Oh, that 6% interest still sounds good but PERSEVERANCE, is so hard for me.

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Comment #29 by Anonymous posted on
Anonymous
Has anyone had an experience with mailing in a deposit? How long did it take to credit at FNBO? Thanks.

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Comment #30 by Anonymous posted on
Anonymous
The process was smooth at first, but then little things started to happen. One of which they couldn't seem to make a trial deposit into one of my accounts. It took 3 business days to have that account removed from the external transfer list, so that we could try it again. Also, I was told on one occasion that if I mailed a check in, they would still not pay interest for 3 days. On two occasions, I have been told that if you do mail a check in, interest would start to accrue from the date of the deposit. What's up with this? Also, it's much easier obviously to do an ACH transfer, but why would anyone want to lose at least 3 business days of interest on a large deposit - and this could be more if you go over a weekend. Anyone have feedback on this?

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Comment #31 by Terry (anonymous) posted on
Terry
" Does anyone know if FNBO Direct does automatic/scheduled deposits like ING does? I'd sign up with FNBO if they have an option for automatic monthly deposits but want to make sure first."

Here is a question I may be able to answer... Yes, there is an option for reoccurring transfers, but I'm still going through the process myself, so I haven't tried it yet.

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Comment #32 by MK (anonymous) posted on
MK
Did any FNBO account holder receive interest yet? What is their policy? - month end or monthly anniversary

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Comment #33 by Anonymous posted on
Anonymous
I tried to apply twice for a joint account. Their application kept me going in a loop.

CSR agreed that their software is buggy.

I would NOT trust them for my money...

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Comment #34 by Anonymous posted on
Anonymous
Just opened my account. The first trial deposits to link FNBO account to my checking account happened very quickly. But, as someone previously mentioned, I had to re-do the external bank account link. The second time, the trial deposits took longer. We'll see if any more problems pop up.

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Comment #35 by Anonymous posted on
Anonymous
Do you know why they don't show up on Bankrate anymore?

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Comment #36 by Anonymous posted on
Anonymous
It's been almost two weeks since I began the process to open a join account. While receving "approved" notices, online summary said that it was still in progress. Only when I called to ask what's holding up the process, they told me that they were waiting to receive physical copies of my wife's passport and bill bearing her name and address. In the meantime, I was be able to open my HSBC Direct account in two minuets with no problem whatsoever.

FNBO's customer service is rude and not knowledgable ... we'll see where this goes. After 9/28, we will perhaps close it, if we had our joint account open by then.

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Comment #37 by MK (anonymous) posted on
MK
I have received the following e-mail from FNBO

"Because security of your account is important to us, we want you to be aware of one of the steps we take to maintain security: We may temporarily restrict all deposits to and transfers from your FNBO Direct account if we determine a security risk exists and we may refuse to complete any transfer based on the existence of a security risk."

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Comment #38 by kenfused (anonymous) posted on
kenfused
What is the most $ any of you would put into one single FNBO account (over the FDIC limit?)

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Comment #39 by Anonymous posted on
Anonymous
DANG FNBO is slow at transfers! I opened an account and it take literally 4 business days to do a transfer. Day 1 intiate transfer, day 2 withdraws money from linked account. Day 3 money is in lala land, day 4 money shows up in FNBO and begins collecting interest I think, and thats not including an additional 5 day holding period on the account.

Additional downsides to FNBO, application process only works with ie. Does not show daily interest payments. Does not have any easy mechanism to open additional savings accounts like ING, Emigrant. You have to fill out another app or call customer services. So this is good for a one account bank. Personally I'd stick with Emigrant or ING for their speed and ease of use. FNBO is good to park your money while they have 6.0% but I'd move on to another site once the deal is over because everything else at FNBO is a pain. P.S. I like having multiple savings accounts for established sinking funds.

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Comment #40 by Anonymous posted on
Anonymous
FNBO is a DISASTER! I opened the account with $1 online and sent a check for $100,000. Two weeks later the Agriculture FCU 6% CD became available. I initiated a transfer of $95,000 on a Monday to open my CD on Friday...FNBO reported by email that all was fine and proceeding until Friday morning. I received an email that my transfer failed due to unavailable funds. The hold time is ridulous, but my funds were available on the day that I received the email. I called FNBO and they could not explain why this happened. FNBO then initiated a new transfer taking the money out of my account on Friday. I told them to reverse out the Friday transfer and was told that in was in process and that they could not stop it. I still do not have the funds, I missed the 6% CD and was ****ed out of interest for at least 5 days. Now, I tried to transfer the other $5,000 out of the account and FNBO does not show as a "transfer from" account. I called and was told that my account was suspended and I have to wait for them to call me back to access my money. I would NEVER deal with these criminals again!

I do however appreciate all that Banking Guy does...Thank you!

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Comment #41 by Anonymous posted on
Anonymous
FNBO BAD EXPERIENCE ...Tried doing three external transfers starting on 9/4 two were in excess of 100k so I scheduled them for different days. So far as of 9/11 only one has been completed. They rejected 4 different attemps after telling me they were set up, saying I exceeded the limit condition. A day prior to the canceled e mails they e mailed me that they had been setup. NOW after calling them I was told that the limit exist until the 100k is FULLY processed not just scheduled the same day as one would expect from reading their disclosure. In addition, their online screen showing ALL transfers ( which should include those canceled) only shows one completed and one in progress but not the FOUR they canceled. It is going to be really bad after 9/28 if their 6% rate drops. Any one with a large sum could take several week to get their money transfered out.

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Comment #42 by Anonymous posted on
Anonymous
Do we know that the 6% will decline on 9-28? If so, have they given the new rate yet?

Assuming it declines alot, any suggestions on where to move the money next?

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Comment #43 by Anonymous posted on
Anonymous
I am withdrawing all my money from FNBO and ASAP. They made an error and withdrew money from the wrong external account, causing me overdraft fees from my external account. Not only that they resubmitted the withdraw again after I spoke with customer service explaining their error and was promised they would not resubmit. Thank god National City is reversing their fees. Here's the kicker, FNBO will not let me do any transfers, they are holding my money hostage!!! They said it should be cleared up in a day or two? The rep was also the rudest customer service person I'd ever dealt with, to the point of me hanging up on her. She did call back to apologize, but at this point I don't want to hear it.

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Comment #44 by Anonymous posted on
Anonymous
Anyone gets any problem with accessing the Transfer Fund page of FNBO direct.
Looks like they are blocking my access there. I am kept getting this:

Unfortunately, we are experiencing technical difficulties at this time. We apologize for any inconvenience this may cause you. Please try to access the site again later or call Customer Service for assistance.

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Comment #45 by Anonymous posted on
Anonymous
What is going on at FNBO?

I have also tried to transfer funds as well, their system is still down as of today
My message is different:"Transfer funds is not available at this time.Please try again later.

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