We decided to go with Provident Direct for our savings account. Their interest rate is slightly higher than the others and we've read and heard good things about them.
So, I've been trying for three days to open an account with PD. When I completed the online application I got a message saying the application couldn't be processed and to call them. I did call and leave voice mail, thinking they would return the call the next day. They didn't so I called them again, got a different department and left them voice mail. No call. So I called them again yesterday and talked to a woman who said she could take the application over the phone. Wonderful! But there's a problem. Our driver's licenses don't have issue dates on them. I don't recall ever seeing a Texas license with that information on it and apparently it's required to open the account. The rep I talked to insisted that the account simply can't be opened without that information. I asked her if they have other people from Texas with savings accounts and she said, "Oh, I'm sure we do!" and when I asked her how they opened their accounts without that required information she got a little hostile with me, told me someone would call me today, and ended the call.
Okay, so someone will call me today. We'll see if that happens. In the meantime I still have money I'm burning to get into a savings account and don't have a license with the issue date on it... ugh!
Opening an online savings account troubles...
March 14th, 2008 at 01:44 pm
March 14th, 2008 at 02:09 pm 1205503741
Anyway, the change in interest rates between 2 banks for the money you probably will be parking there, probably won't amount to too much. 0.5% difference in rate is $5 of interest a year per $1,000 or about $0.42 a month.
March 14th, 2008 at 02:16 pm 1205504219
I'm very disappointed in how they handle things and see it as a red flag, too. We'll see what they say but I think they've lost us before they had us.
March 14th, 2008 at 02:29 pm 1205504989
March 14th, 2008 at 02:30 pm 1205505013
I am very particular with online banks. With my 2 banks I called customer service (when I was shopping around) and got right through to a live person. If not, I wouldn't bank with them. So may horror stories about ING and E-Trade and the like. (I mean I could have dealt with sitting on hold a few minutes, but this was the pleasant response I got from my banks - no holding at all).
Well that's my 2 cents for weeding out banks. I have many other criteria, but few have past muster. This is the part where most fail my requirements.
Epinions is a good website to look up bank ratings. For example, look up E-Trade and see why I wouldn't touch them with a 10 foot pole. They're totally fine as long as you NEVER have to speak with a live person. But not a gamble I am willing to take with my money. For 0.5%, right?
I think it's good you found out before you got all singed up!
March 14th, 2008 at 02:42 pm 1205505745
There is a good place you can check is bankaholic.com
It lists all the banks and has reviews regarding them.
March 14th, 2008 at 03:10 pm 1205507407
Monkeymama, who do you use?
Bill, thanks for the input. I need all the help I can get!
March 14th, 2008 at 04:23 pm 1205511788
Good luck!
March 14th, 2008 at 04:59 pm 1205513985
March 14th, 2008 at 05:15 pm 1205514913
March 14th, 2008 at 05:46 pm 1205516772
March 14th, 2008 at 10:17 pm 1205533069