FNBO Direct Savings Account Policy Updates - Concerns?
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. Please see the "Note about Linked Accounts" and the "Important Note about Security for Deposits and Transfers" in the updated Disclosures for your account here. Corresponding changes are contained in Sections 7 and 12 of the Online Services Agreement and Section 6 of the Deposit Agreement, all found in the Terms and Conditions here.
In the Terms and Conditions, section 7 "Transfers using FNBO Direct" has the following:
We may require additional verification of your ownership of any External Account at any time (before or after enrollment and before or after allowing any transfer activity with respect to that account(this is referred to as "Additional Verification"). By requesting to enroll an External Account, you: (1) authorize us to tell the account-holding institution that you consent to their disclosure, to us and our representatives, of any information that we request about you or the External Account; and (2) agree to cooperate in Additional Verification, including by promptly providing any identification and/or other account documentation that we may request.
Some concerns that readers have mentioned include:
- Will FNBO Direct use this security issue to disallow or delay my transfers?
- Will this be used to prevent or delay people from transfering out their money at the end of the promo?
- Will FNBO Direct require customers to start sending in documentation to verify ownership of the linked accounts?
- Will it affect transfers initiated from your other accounts?
If it is just a security improvement as FNBO Direct claims, this change will likely have no effect on the vast majority of us. I would recommend that your linked accounts be in the same name as your FNBO Direct account. Also, make sure not to go past 6 withdrawals per month. Hopefully, by following the rules like these, there will be no issues. Next week, I'll try some test withdrawals and a new external link to see if everything continues to go as smoothly as it has in the past.
For a summary of the FNBO Direct savings account and the 6% promotion, please see my FNBO Direct account overview or for all of my previous FNBO Direct posts, please see this page.
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