Has anyone heard of this?

Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Has anyone heard of this?
1
Fri, 11-21-2008 - 11:57am

Good morning all! I am really irritated and wonder if I am over-reacting. I wrote awhile back that I had some money coming to me from my father who recently died. Not a ton of money -- probably about 26K. It is coming in pieces and I have already spent about 14K and paid a bunch of smaller things off. I decided to put the remainder in a high interest savings account and draw down as I need it since I am underemployed and my pay is sporadic. I have an ING account which I like but the interest rate is lousy. So I shopped around and came up with Citizens Bank out of Ohio which last week was offering 4 percent on savings. I decided to transfer $500 from my checking account to open it before I put the big money in there. Sheesh. I started the process to open it a week ago and it is still not open! They have this mult-part process where they send you a series of emails with test deposits and passwords and all sorts of crap and at each step i have called and asked why I can't access the account and they say it isn't open yet and it won't be until I get my temporary password. When I got that I still couldn't open it and they said it won't be open until the money is taken out of my checking account to fund the deposit. Today it is gone from my checking account and still I can't open it and they said it won't be until the money arrives. I am furious. AND they said I can't close the account once opened for 180 days without a penalty. They now say it should be open Monday -- 10 full days after I started this process. Has anyone ever heard of this? I am worried there is fraud somewhere along the way. This online bank was rcommended by bankrate and Wall Street Journal.

Jenny

iVillage Member
Registered: 11-17-2007
Fri, 11-21-2008 - 12:23pm

Be careful. The on line banks are falling fast these days


I took what little I have out of an on line bank and put it in an in town credit union that is insured and I know isn't not going to fall unless General Electric goes totally under. I get 4.01 which in your case would be around 40.00 a month in interest.