FNBO Direct Savings Account Rate Cut & FYI On The Savings Account Promo

Hi Ken,

I have qualified for the rate, but I am discouraged with how long it takes for transfers to go through. It seems like from the time I initiate the transfer, it takes around 4 business days before the money is in FNBO's account earning interest. For a sizeable transfer, that is a lot of interest to lose. What has been your experience with transfer times? I haven't done the calculations, but I wonder if the interest lost from the slow transfer time negates the interest rate advantage on this account.

Hey lou,        Dont know where your transfers are being originated,

 but all three of my transfers from Ally to FNBO were next day!

Mine are coming from Alliant. Interestingly, the money leaves my Alliant account the next day, but then seems to take a few days before it hits my FNBO account. I wonder why Ally is faster?

My Alliant ach to FNBO was posted less than 24 hours after submission at alliant. Doesnt really matter to me now as I just got off phone at FNBO to be sure I qualified for the 1.35% rate. CSR stated with much authority in his voice that deposits after the Sept 30 DID NOT..WILL NOT>>> earn the rate. So if you got the max you wanted to put in congratulations! I had planned like others to wait for Maxium deposits this month :(    Hopefully Alliant will be able to stand fast.

Ricochet,

Are you saying that you did not make the $50 deposits for July, August and September? Is that why you did not qualify?

As for the 24 hour turnaround time, it looks like you pushed the funds from your Alliant account, whereas I pulled the funds from my FNBO account. From now on I will initiate the transfer from my Alliant account; it is apparently faster that way.

BTW, if that CSR is saying you did qualify for the promotion and deposits after Oct 1 do not qualify for the 1.35%, she is wrong. You need to request to speak to a supervisor, the CSRs do not know what they are talking about. Very frustrating!

I did make the required deposits for J,J,A. He said I did qualify for the promo but only for the deposits made in those months. I'll call again for a supervisor or email so I get info on paper. Have you gotten the affirmation that after Sept deposits count towards the promo rate?

You could be right that their CSRs are clueless. Which means their Supervisors get a FAIL.

Yes, I got a confirmation from the supervisor after getting the same nonsense  from the CSR. Ask for Katie - she is a supervisor on their help desk. It is pathetic how woefully ignorant their CSRs are. Let me know what they tell you.

I, too, sad to say, received the same answer from an FNBO CSR via secure e-mail that although I qualified for the promotional rate with my $50+ deposits for July, August and September, any new deposits starting in October will earn only the standard rate which after the drop is now an unimpressive .70% APY! Like many others, I was also waiting until the promo 1.35% rate kicked in to transfer more substantial funds into the account. Sure hope the CSR's are wrong about this. If not, what a disappointment and waste of time this exercise has been.

Below is a post that Teresa from FNBO left here back on July 19. I think it is pretty clear that all new money after June 30 gets the promotional rate. She doesn't say only money deposited before Oct 1. As I previously said, a supervisor confirmed this when I told her about this post from Teresa.








FNBO Direct - #14, Tuesday, July 19, 2011 - 8:34 AM

Hi! This is Teresa with FNBO Direct marketing. I just wanted to let you know as long as you make at least a $50 deposit in July, again in August and again in September; all the new money above your June 30th balance gets the promotion rate through March 2012. So keep your recurring deposit or direct deposits in place and keep saving money! Hope this is helpful! FNBO: A Special Rate from FNBO Direct

Hey lou,

Called this morning and all is OK. CSR said, Yes many of them were giving wrong info but they were finally Set Staight by management. we'll see. So as it has been said, we are assured the promo rate until March 31.

Anyone remember the max transfer allowed?