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Transfer Speeds and Timing Deposits into FNBO Direct's 6% Savings Account

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FNBO Direct
My experience transfering funds into my new 6% FNBO Direct Savings Account matches the transfer funds policy that FNBO describes. Some have reported an additional day of delay between the request and the debit of the external account. I requested both of by transfers before noon. A reader reported that you won't incur this extra day if you make the request before 3:00pm. Let me know if you have similar results. Below are the details of my transfers:

Initial Deposit used to fund the account:
  • 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, 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.
  • Friday, May 4th - Initial deposit debited at HSBC.
  • Tuesday, May 8th - Initial deposit posted into FNBO Direct account - shows as current balance but not available.
  • Friday, May 11th - Initial deposit funds became available.

My first transfer initiated at FNBO Direct:
  • Friday, May 4th - Initiated transfers at FNBO before noon CDT. Pulled funds from World Savings.
  • Monday, May 7th - FNBO debited World Savings Account.
  • Wednesday, May 9th - Deposit shows up at FNBO. Deposit included in available and current balances

My second and third transfers initiated at FNBO Direct:
  • Monday, May 7th - Initiated transfers at FNBO before noon CDT. Pulled funds from World and HSBC.
  • Tuesday, May 8th - FNBO debits World and HSBC accounts.
  • Thursday, May 10th - World and HSBC deposits show up at FNBO. Deposits included in available and current balances

For the initial deposit, I lost 4 days of interest. Fortunately, I did the initial funding with a small amount. For Friday and Monday, I only lost 2 days of interest. It was interesting to see that my initial deposit became availalbe after my other deposits. So it seems best to open with a small amount and then transfer your larger amounts later. Readers have also reported delays of no more than a day by initiating a transfer into FNBO using another bank's ACH service (like at GMAC Bank).

For more info on this 6% promotion and FNBO Direct please refer to:

[Update 5/14/07: Clarified time of xfers. Times mentioned are in Central Daylight Time (CDT).]

  Tags: FNBO Direct, savings account

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Comments
25 Comments.
Comment #1 by Anonymous posted on
Anonymous
Regarding "Initiated transfer at FNBO before noon", is it EST?

Thx.

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Comment #2 by Roman (anonymous) posted on
Roman
My experience of transfers both initiated from GMAC system:

GMAC to FNBO (scheduled for Today):
Today: GMAC money out
Tomorrow: FNBO money in

FNBO to GMAC (scheduled for Today):
Today: GMAC money in
Tomorrow: FNBO money out

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Comment #3 by Anonymous posted on
Anonymous
Am in midst of experiment to test alleged FNBO 2:00 AM CT Monday cutoff time. Just scheduled pull from HSBC. This was scheduled at circa 10:30 PM CT Sunday, a few hours PRIOR to the alleged Monday cutoff. Will schedule another pull early tomorrow (Monday) morning, a few hours AFTER the alleged cutoff. We shall see what happens. Will report back. FNBO continues to show cutoff time as "NA". This is straight up ASININE, and highly un-professional. We should not have to experiment to learn their cutoff time. It's crazy. Also I agree with earlier poster. Am interested in experience of others, but folks, you HAVE to give your time zone when you report, and also AM or PM. Otherwise it's difficult to know what you are reporting. ET, CT, MT, PT, we are all in different time zones here. Thanks.

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Comment #4 by Anonymous posted on
Anonymous
I think Banking Guy's report makes your "experiment" unnecessary. Though he's not very specific, look at his report for May 7-8. He states he did his transfer "before noon". Even if he's on Pacific Time, that's before 2 PM in Omaha. And he got next day results. That should tell you something. Think about it. Maybe FNBO cuts off at 2 PM Central, and not 2 AM. That would make more sense. I do agree they should just tell us when they cut off. But it seems like that's not going to happen any time soon. I wonder if they even know when their cutoff is. FNBO is sort of the "gang that can't shoot straight" in this transfer arena. Their linked account limitation of three, for example, is so inadequate. But they either do not know, or they do not care.

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Comment #5 by Anonymous posted on
Anonymous
Where exactly is the money sitting during this limbo period after it has left the donor bank and not yet arrived at the receiving end? Is some entity making money in the interim? If so is it legal?

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Comment #6 by Anonymous posted on
Anonymous
People, please forgive if this is redundant. I am following this discussion because this stuff will impact how I use my new FNBO account. And I agree FNBO should publish a cut off time on their transfer page like HSBC does. But I am posting mostly to agree that when you post here and do not give a time zone reference I cannot understand or get the information I need. As another poster has written, please give a time zone reference and AM or PM so I can follow what you did and when. Thank you and I am sorry to be a PITA. I am just trying to learn what FNBO refuses to make clear.

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Comment #7 by María (anonymous) posted on
María
My experience is:
5/2 (Wednesday)4 p.m. -- Applied. I tried to do the instant verification (changing my pwd) but it didn't work. I called and the rep said that it only works if a recent check order has been placed. So I switched to trial deposits.
5/3 (Thursday) a.m. -- Trial deposits show up in my Citibank account. I complete the application process by entering the numbers in the FNBO webpage. I receive almost immediate confirmation that the account has been processed.
5/4 (Friday) early a.m. -- Receive email saying that the account will be opened in 3 business days. Right after I receive another email with the complete account number. It invites me to enroll online.
5/4 (Friday) 10 a.m. -- I can't enroll online, it gives me trouble, so I have to call in, but then they resolve it, and I'm fine.

** I go on vacation, so I don't check much, but the money shows up in the FNBO account on Tuesday 5/8.

Aaaah, I wish I had been more careful with not doing it with the weekend in between, and also had known the trick that the transfer is faster than the initial deposit. Moral: don't do important financial operations right before going on vacation :-)

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Comment #8 by Anonymous posted on
Anonymous
Sorry if this is OT here. I'll be brief. I want to agree on the linked accounts. Limiting them to three is silly. I have over ten at HSBC. These people in Omaha have no clue as to their customers' needs. And why do they limit this anyway. HSBC has no limits. For me, more linked accounts would just mean more money IN to FNBO. You would think they might understand that.

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Comment #9 by Anonymous posted on
Anonymous
Will you get serious about this cutoff time. It is clearly stated as "NA". What is it about "NA" that you don't understand? They make more money when we do not know their cutoff time. They are paying us six percent interest. They have to make their money somehow. Give poor FNBO a break, will you. When they want us to know their cutoff time they will publish it. Until then, just chill.

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Comment #10 by Anonymous posted on
Anonymous
Thank you, Banking Guy. Uh, the above poster notwithstanding, I might be able to shed a little light here: I entered a transfer last Monday at roughly 5:00 PM Central. It was to remove money from my HSBC account and move it to FNBO. The money did not come out at HSBC until Wednesday morning. Based on Banking Guy's post and my own experience, I would say FNBO is cutting off some time in the afternoon. Banking Guy, if you could state the time zone for your "before noon" transaction, I could be more precise. In any event, and again regardless the last post, it would be nice for FNBO to clear this cutoff time up. They are a good company and I'm sure they must be working on this. At least, I certainly hope they are.

1
Comment #11 by Mario (anonymous) posted on
Mario
I'll add my experience ... transfers initiated Saturday by pulling from HSBC were not withdrawn before Tuesday and deposited into FNBO by Thursday.

This contradicts FNBO's schedule, stating for Fri/Sat/Sun request that withdrawal is Mon and redeposited Wed.

Time should not matter for Saturday since per the schedule it would result in the same withdrawal/deposit dates as for Friday or Sunday.

1
Comment #12 by Banking Guy (anonymous) posted on
Banking Guy
The noon time is Central Daylight Time (CDT). I've updated the post with this.

1
Comment #13 by Anonymous posted on
Anonymous
Thanks to Banking Guy. And thanks, too, to the posters above. I also would like to know FNBO's cut-off time . . . if they even have a fixed cut-off time . . . which I am beginning to doubt. I disagree a little with the "chill" post above. I am not sure FNBO makes more money when we mess up because of not knowing their cut-off time. I would agree not knowing can contribute to our losing money, that's for sure. But I do not know who, if anybody, makes the money we lose. And I certainly wish FNBO would post a cut-off time like HSBC does. This would certainly make our lives a little easier and bring clarity to a process now clearly off the rails.

1
Comment #14 by Anonymous posted on
Anonymous
I have to agree with Mario. If you initiate a transfer during the weekend, the system will not allow you to have the pull occur on Monday, as indicated on their schedule. Instead, the pull will occur on Tuesday and the deposit will appear at FNBO on Thursday. It appears that FNBO batches the weekend transactions as being initiated on Monday for processing on Tuesday. Definitely not like HSBC or Capital One.

1
Comment #15 by Anonymous posted on
Anonymous
I am PST, California, and I have decided that transfering funds into FNBO will be as early as possible Mondays and Tuesdays. But anyway, Yippee, my first large deposit is finally posted in FNBO along with the initial $1.00. I began the whole process 5/2, but again the weekend hampered the 3 day delay and I made the mistake of having the $.69 & $.19 repeated 2 times $.31 & $.30. This mistake caused another 1 day delay. But finally today 5/14 all is posted to the account with the $1.00 included. GREAT 6% yield begins today. 12 days from the beginning of the process. Now if I can get another windfall of money I can avoid many pitfalls. Thank to you Banking Guy.

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Comment #16 by Anonymous posted on
Anonymous
My experience mirrors most others, yet I wanted to add my addl experience of mailing in a deposit. I setup the FNBO account on 5/2, trial deposits received and verified at USAA/FNBO on 5/3. Initial deposit debited at USAA 5/4. Inital deposit credited to FNBO 5/8. Mailed large deposit check on 5/8 (go to usps.com for delivery times from your zip code to FNBO zip 68103 - mine was 3 business days from northern va). Check credited to FNBO 5/11. As of 5/14 AM, check has still not cleared USAA. It appears I'm pickup up a couple days interest. I'll post when check clears USAA.

1
Comment #17 by Anonymous posted on
Anonymous
I just always initiate the transfer over the weekend or on late afternoon Friday (and maybe early on Monday morning). If I miss it, I'll just wait until next week. That way, the fund will be deducted on Monday or Tuesday and get deposited on Thursday or Friday no matter how you want to slice it. Maybe more power to you guys for trying to figure out the exact rules, but for me, there is just too much variations to do it any other way than the way I indicated above.

1
Comment #18 by Anonymous posted on
Anonymous
Just for information if anyone cares: The minimum transfer amount is $10.00 once your FNBO account is set up for transfers.

1
Comment #19 by Anonymous posted on
Anonymous
I couldn't get in. When I used Mozilla browser, the application kept timing out. When I used Explorer,I kept crashing the browser. I see others have same problem. Any solutions?

1
Comment #20 by Anonymous posted on
Anonymous
GMAC Alert: I checked with the GMAC CSR Friday morning to ask when an ACH would be debited if I initiated it Friday morning. She said the next business day (Monday). After reading that some GMAC customers have had a quicker result pushing their money to FNBO, I decided to try it. I moved the bulk of the account. Unfortunately GMAC debited the money 30 minutes later and it didn't show up at FNBO until Tuesday morning. Apparently I lost 4 days (and I was trying to be so careful).

The moral--GMAC is way to efficient (which may be a good thing); FNBO not so much.

And remember--it appears that GMAC does same day (heck, almost instaneous) debiting if the request is done during regular banking hours.

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Comment #21 by Anonymous posted on
Anonymous
My experience with Eloan to FNBO:

Initiated push from Eloan at 8:00 am PDT on 5/14, funds are in FNBO as of 7:30 am PDT on 5/15.

1
Comment #22 by Anonymous posted on
Anonymous
Reporting back re my experimental transfers, mentioned above. FNBO had told me, more than a week ago, their cutoff time is 2:00 AM CT. This made zero sense to me and I asked a supervisor be consulted. The answer came back the same. So I did two small test transfers. The first was entered Sunday evening several hours prior to the alleged cutoff. The second was entered Monday morning, roughly seven hours after the alleged cutoff. Both transfers were pulled this (Tuesday) morning from my HSBC account. So much for FNBO's allegation of a 2:00 AM CT cutoff. It never made sense anyway. I surely do wish these clowns could get their act together.

1
Comment #23 by Anonymous posted on
Anonymous
To cannot avoid delay in posting ACH since incoming wire transfer is $10.

1
Comment #24 by Anonymous posted on
Anonymous
Regardiing large vs. small balance transfers.

May 18th -- The whole process for me to apply, fund, and post 9k was 4 days.

joel in rocherster ny

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Comment #25 by Terry (anonymous) posted on
Terry
I just receieved an email saying they will be limiting deposits to 1,000,000 dollars effective June 18, 2007.

If you already have $1,000,000 or more on deposit, this new limit will not apply to sums deposited prior to June 18, 2007.

...Not that I will have to worry about that one ;^)

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