Dedicated to Deposits: Deals, Data, and Discussion

Update on FNBO Direct Transfer Concerns

POSTED ON BY

FNBO Direct
My small withdrawal request that I initiated at FNBO Direct last Sunday completed yesterday without problems. I gave this a try after concerns regarding an email FNBO Direct sent to its customers last week (see post). The delay was as anticipated: 1- Request made Sunday afternoon (6/17), 2- Debited at FNBO on Tuesday (6/19), 3- Credited to my HSBC Savings Account on Thurday (6/21).

I also removed a link and created a new link to a new external account (ETrade Complete Savings). I removed the old link and initiated trial deposits to ETrade on Sunday (6/17). The trial deposits showed up at ETrade on Monday (6/18). I verified the trial deposits at FNBO on Tuesday evening (6/19) and also initated a transfer out on that Tuesday evening to ETrade. The funds were debited from FNBO on Thursday (6/21) and are currently somewhere in the virtual world. Luckily the test transfer was small so I won't lose much interest.

All of my three external accounts are individual accounts in the same name and account title as my FNBO Direct account.

Today I noticed the following that I had to agree to when I was logged into my FNBO Direct account and tried to check on my transfers:
You represent, warrant and agree that: (1) you shall not enroll an external account that anyone else owns or has an interest in; and (2) you shall not deposit funds other than your own funds into your FNBO Direct Online Savings Account; and (3) the title on each of your external accounts matches the title on your FNBO Direct Online Savings Account. We reserve the right to restrict what we permit you to enroll as your external accounts and we reserve the right to verify your ownership of and right to access your external accounts. By requesting to enroll an external account, you expressly authorize the organization that maintains that account to disclose to us any information that we request about you or the external account. When you request to enroll an additional external account, we may temporarily restrict all deposits to and transfers from your FNBO Direct account while we verify your ownership of and right to access that external account.

Based on this and the past FNBO email, you may have problems if your external account is a joint account and your FNBO account is an individual account even if your same name is registered as part of the joint account.

A reader left a comment with an email he reported to have received from FNBO regarding validating account ownership of his external account. Here's a piece of the email:
If appears that your xxx account was verified "real time", so that account will not need further verification.

However, you will need to provide information from the xxxx Bank so we can validate account ownership.

Alternative A: a voided check from the account the funds originated from showing your name

Alternative B: a copy of a statement from your account the funds originated from AND a copy of your driver's license, passport, or valid state ID

So far I've linked 4 external accounts to my FNBO Direct account using the trial deposits, and I haven't yet been asked to provide further validation on ownership of external accounts. I hope this continues. So I thought this would make for another good poll. How many of you have received this type of request? And did the external account have a different account title (i.e. FNBO was an individual account in your name and the external account was a joint account with you and your wife)?

Create polls and vote for free. dPolls.com

To view the results without voting, Here's a link to the poll results.

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.

  Tags: FNBO Direct, savings account

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Comments
14 Comments.
Comment #1 by Anonymous posted on
Anonymous
OK, Good Guy, you are saying that you have transfered $'s out of FNBO back to the original site that you withdrew funds in the first place to deposit in FNBO. No problems, if we don't seem suspicious then we shouldn't "send a light up" to ask for more info and we should be able to transfer our $'s out when the special rate of 6% ends.

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Comment #2 by Anonymous posted on
Anonymous
Seems like FNBO are mixing up emails or something. I've received the following email, without ever contacting them in any way:

//////////////////////
Re: FNBO Direct account number ending in XXXX

Hello XXX,

Thank you for your response to our recent inquiry, and for helping us meet our standards to support the USA Patriot Act. No additional information is needed from you at this time.

If you wish to discuss this further, please send an email to fulfillment@fnbodirect.com or call 877-370-3707. Please reference your FNBO Direct account number displayed at the top of this page when you contact us.

Thank you for choosing FNBO Direct for your Online Savings Account.

FNBO Direct Customer Service
//////////////////////

did anyone receive the same email?

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Comment #3 by Anonymous posted on
Anonymous
Is it normal to have ACH requests delay one day before execution? Is it like this with all banks or just FNBO?

1
Comment #4 by Anonymous posted on
Anonymous
Has anyone tried to initiate a payment of a credit card from the credit cards web site using their FNBO acct. as the paying acct. with no problems. I am currently putting this one to the test. I saw on FW that the FNBO acct was an ACH target. I hope this means that this will work. I will keep my fingers crossed. :)

1
Comment #5 by Anonymous posted on
Anonymous
I got the same unsolicited "thank you for your response - no additional info is needed" email a few days ago.

I am retired, so I expected I would eventually get the feared "due diligence" letter other retirees got last week, demanding past employment info.

Perhaps FNBO got this info from me a different way, e.g. checking my credit report?

1
Comment #6 by Anonymous posted on
Anonymous
the strange thing about the "thank you for your response - no additional info is needed" email is that I'm not retired and never told them otherwise.

1
Comment #7 by Anonymous posted on
Anonymous
Hmm, that is weird, you not being retired.

Just out of curiosity, did the email have a followup number in the subject line ending in xxxxx10?

1
Comment #8 by Anonymous posted on
Anonymous
nope, the follow up number in the subject line did not in xxxxx10

1
Comment #9 by Anonymous posted on
Anonymous
That's good, it would have been suspicious if both messages had the same followup number.

I'm torn what to do with regard to the message. On the one hand, it says to email service@fnbodirect.com if the message appears to be in error.

On the other hand, it also says that
no additional info is needed from me----and I would not be thrilled about having to photocopy and mail in physical proof of my identity and ownership of each linked account. Especially considering the fact they have happily accepted all my deposits without such proof.

1
Comment #10 by Anonymous posted on
Anonymous
Just an update on paying a credit card with this account. I looks like the payment went through without any complications. I actually scheduled the payment for a friday, and the payment did not post to FNBO account until Monday. A couple of days interest gained back from FNBO, since they like to delay transfers in and out of their bank (:!!!

1
Comment #11 by Anonymous posted on
Anonymous
I just got my account frozen.

They are claiming that I didn't respond to their Due Diligence email. I've never received such an email.

The only thing I've received was the following:

"Thank you for your response to our recent inquiry, and for helping us meet our standards to support the USA Patriot Act. No additional information is needed from you at this time."

Since I've never received any email, I was surprised by their response to an email I've never sent.

Seems like the concerns about FNBO were justified after all.

Anybody else got the same thing?

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Comment #12 by Anonymous posted on
Anonymous
These space monkeys at FNBO REJECTED MY WIRE today!!!

It returned to the other bank a few hours later with the note that Originator and Beneficiary names must match! I do not remember agreeing to such ridiculous terms!

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Comment #13 by Anonymous posted on
Anonymous
I received an e-mail AFTER my 2nd transfer saying the money wouldn't go thru UNTIL I either sent a voided check or copy of drivers license & checking acct statement. So the money has been pulled from my primary acct & doesn't show up in my FNBO acct UNTIL they receive that additional info. Definately FISHY & strange!! They claim it is a new security measure but it seems to me that they have found a way to keep people from taking their money and running as in a MASS EXODUS which is exactly what I plan on doing as soon as they receive their friggin voided check & process my transfer (nor will they let me cancel said transfer) I WANT MY MONEY back in ING where at least I feel safe..BEWARE!!!!

1
Comment #14 by Anonymous posted on
Anonymous
I am very frustrated and disappointed as your company has received and POSTED  my check and you were supposed to send me the instructions to open the on line account and activate it too.BUT YOU HAVE NOT YET.

I AM HIGHLY DISAPPOINTED AS YOU KILL TOO MUCH TIME BETWEEN THE TIME OF THE RECEIPT AND POSTING OF THE CHECK AND LETTING YOUR CUSTOMER TO RECEIVE THE INSTRUCTIONS TO OPEN AND ACTIVATE ACCOUNT. 

MY APPLICATION NUMBER IS 37372283. I WOULD GRATEFULLY APPRECIATE YOUR INTERVENTION, RESPONSE,EXPEDITING,AND QUICK ACTION. REGARDS,DR.AMIR PARVIZ PARSA

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