Saturday, September 11, 2010 - 1:48 PM
Extremely Pickier Than Your Typical Reward Checking Account BankViewPoint Bank, National Association
It took me three attempts to get approved. I didn't receive anything in writing from them and had to call to find out the status and why I was rejected. The first time I was rejected was because I simply put retired in occupation and they wanted me to put what I was retired from. The CSR told me to reapply and I asked if writing the words retired from healtcare practice would be approval-worthy and received a yes that is how to word it. I called a week later to find out that 2nd attempt was rejected too and the CSR explained that they wanted to know whether I had been a doctor or a nurse or what so i went through the whole explanation with this new CSR and applied a third-time with different wording of what I was retired from. I had to get my signature notarized which cost $10 a state-set fee. Finally my account is approved!
LONG waits to get plastic debit card and checks. My account was funded July 29th and my checks haven't been received by September 10th.
I've also had difficulty depositing money into the ViewPoint reward account. I had billpay at another bank send a check to them and ViewPoint bank returned the deposit check. The VP CSR specifically told me that the sending bank had coded it wrong as a loan payment instead of a deposit and that the sending bank would have to do it correctly. I called the sending bank and they said they don't add any information to what I input into their billpay system. there is no place to check whether a loan payment or deposit or whatever - you just simply put the account number and the receiver can figure it out. So I called back ViewPoint bank and they said yes the correct account number was on the check but they can only accept for loan payments not deposits. I've used billpay to move money between at least 10 different banks in my lifetime and this is the first bank that didn't just simply deposit the money into my account. I finally got $25K into the account by snail mailing handwritten checks drawn on other banks. I specifically got the sneaking suspision that the were doing wierd stuff to try to collect NSF fees from me but following murphy's law I had already allowed for anything that could go wrong would go wrong so I have not had any NSF fees.
I asked what the hold policy is on my deposit and they said 7 days and I said fine so it will be available a week from today? They then replied well we don't count weekends so it woun't be available until tuesday after that. Fine. I read in another review that the hold is 10 business days so I am not ever going to rely on anything with this bank until I see it with my own eyes. Everythign feels like they are staying up nights trying to dream up new GOTCHAS to ding their customers even when we frantically jump through every hoop they present.
This is a minor point but their website doesn't seem to be set up to where password software will work with it so you have to manually put your login which is a long number they assign to you and your password each and every time you go to their website.
now I learn that the cap is changing from $50K to $25K so I asked if I could open a second account and they said I could if I was a Texas resident but even current customers cannot open a second reward checking account.
So far I find them unpleasant and difficult to deal with being pickier about things than I have never experienced with any other bank ever. With this bank, be particularly careful of GOTCHAS!
4 posts since
Jul 9, 2010
Rep Points: 103
1. Saturday, September 11, 2010 - 3:30 PM
Even though I did not open accounts with VP (i.e., Very Picky) Bank, I heard so many horror stories about them; from application to deposit, and to account cycle. Yes, all seem to discourage the most brave applicants and to take advantage of the most prudent customers.
The only (four) suggestions I have are: (1) Do not go near them (not to apply even if their rate is 6%); not worth the aggravation. (2) For (unfortunate?) account holders, do not use billpay for major deposit, but use ACH hub (e.g., Ally/Alliant; with no silly human issues/check hold), (3) Watch every step like a hawk from interest effective date to monthly debit/ACH/paperless requirements, and (4) Drop them like a bad old habit the moment the interest/labor trade proves questionable.
1,028 posts since
Jan 16, 2010
Rep Points: 4,709
2. Saturday, September 11, 2010 - 4:52 PM
51hh, you are so hilarious and clever! : ) ViewPoint bank IS definitely VeryPicky Bank! Cheers!
4 posts since
Jul 9, 2010
Rep Points: 103
4. Sunday, September 12, 2010 - 11:41 AM
I also had some difficulty with Viewpoint. My husband is disabled and had a state ID rather than a drivers license, he could not be on the account so he is on as beneficiary. I opened the account with a 2 small checks, one for $100 and one for $1000 and then sent in the large check at a later time. The $100 was available immediately, the $1,000 check was available in a day or two. A 2-3 week hold was put on the third check when I sent that. But then I had a 3-4 week hold on a cashier check made from one local credit union to another 20 miles from one another in the state where I live. As long as I was getting interest that was OK with me. Same with Viewpoint. They posted the interest even though the hold was on the account. I did get my checks and debit card much quicker and doing the debits was not required during the first month and interest was posted for the first 2 months even though the requirements were not met. I think that with all banks and credit unions we have to understand their policies. We must also ask our questions correctly. Did you ask how long the hold would be or did you say-- I am sending a $50,000 personal check. When will I be able to use those funds? There are different requirements for holds on local and non local checks, for personal and non personal checks, for goverment, payroll and cashier checks. On the example above with the cashier check the law is or was the first $5000 must be available the next business day. Mine was not. I did not pursue the matter at my local credit union because I did not intend to use those funds. If I had intended to use the funds I would have asked their reasoning and if not satisfied would have notified NCUA who has been most responsive with other issues I have had with credit unions. I am not sure if your checks and debit card were not ordered sooner because you did not request them or because the person did not ask you or you did not fill out the request for them. I did request mine from Viewpoiont and asked when to expect them because we have had trouble with someone taking mail from our mailbox. The CSR told me when to watch for them and I marked it on the calender. We have a 700 foot winding driveway and our mail is not always delivered at the same time of day and we are not always home and have had a lot of mail disapper. Viewpoint should have asked you if you wanted checks and the type of checks you wanted. One thing that did disappoint me was that I was not able to choose my own pin number. Checks and debit cards are not automatically ordered with any account. Either they or you should ask about them. So sorry you had problems with them and maybe someone will send your comment to them by email to address your concerns. They also have a very responsive live chat line. I have been a customer with them for a few months now and have had no issues except my husband was not able to be on the the account but then not a big issue because I have a power of attorney so someone will have access to my account if I am incapacitated. I, like others am disappointed on the reduction on funds for the 4% interest. But we must understand interest rates on checking and savings are not fixed and that is why we purchase CD's.
I went to another local credit union with my sister last week when the CSR tried to tell her that when interest rates on CD's go down the interest rate on all her CD's would also go down. This person worked there for 7 years. This, as well as other things she told my sister were way out of line. I asked to speak to her supervisor and we all had a very frank discussion. Also had a CRS at another credit union tell me last week that if I did the CD I wanted to do it would not be insured when the insurance dropped down to $100,000 in 2013. First I had a lot of IRA's under my member number and this was not an issue. He insisted that all funds under one member number are added together including IRA's and would be insured only to $100,000 at the end of 2013. When I asked to speak to someone else that person said all funds under one social security number are added together for insurance. This kind of information is totally incorrect. But the worst thing is that they refused to call the 800 number to speak with NCUA or to check out the NCUA website. I called the NCUA when I got home and the Albany branch that oversees this area notified the credit union.
181 posts since
Jan 16, 2010
Rep Points: 565
5. Sunday, September 12, 2010 - 4:12 PM
If you think ViewPoint is bad, just try EverBank, then you would think ViewPoint is the best bank on earth.
1 posts since
Sep 12, 2010
Rep Points: 1