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Opening an online savings account troubles...

March 14th, 2008 at 01:44 pm

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!

11 Responses to “Opening an online savings account troubles...”

  1. merch Says:
    1205503741

    My license doesn't have an issue date either and I'm in MA. I would probably go to a different bank. If this is the service you are getting when you try to open account, could you imagine the hasssle of closing the account? I just think it's a red flag.

    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.

  2. DeniseNTexas Says:
    1205504219

    Merch, I think we're going to go with a different bank. We talked about that last night. I do want to see if PD calls me, though, mainly so I can ask if all their customer service is handled the way ours has been. Wink
    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.

  3. compulsive debtor Says:
    1205504989

    Do you really want to deal with a company that's given you such bad service right from the get go?

  4. monkeymama Says:
    1205505013

    Most of the online banks have TERRIBLE customer service reviews, and likewise, imagine if you needed to get money out and that was the response you got! I would run the other way.

    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!

  5. billm950 Says:
    1205505745

    A good place that i never had problems and was opened pretty much instant was E*Trade and Emigrant Direct...

    There is a good place you can check is bankaholic.com

    It lists all the banks and has reviews regarding them.

  6. DeniseNTexas Says:
    1205507407

    Compulsive debtor, no I don't which is why I said we more than likely won't use PD. Wink
    Monkeymama, who do you use?

    Bill, thanks for the input. I need all the help I can get! Smile

  7. Dan Says:
    1205511788

    FWIW - I use emigrant direct and have had no issues opening accounts, moving money in and out, or with customer service (I had to contact them twice and had my questions resolved with no issues).

    Good luck!

  8. dmontngrey Says:
    1205513985

    I'm in MA like the first poster to your entry. I know how long licenses are good for here and I just subtract that number of years from the expiration date to get the "issue date". Is your license only good for a set number of years? That would be the way to get around this question and I've never had a problem doing it this way.

  9. DeniseNTexas Says:
    1205514913

    dmontngrey, that's a great idea but our licenses expire on our birthday of a particular year but weren't issued on the birthday. I wonder if I went to the DL office, if they might tell me when it was issued. Hmmm, that might be worth a shot.

  10. Aleta Says:
    1205516772

    Every bank account that I've opened up wants to know the issue date. These are the issues since the attack on our country. Try calling your state licensing agent to see what you should do. Maybe they can help you determine your issue date. Usually, the issue date is the last time that they issued you a renewed drivers license. If you have a check where you paid for this, it will help.

  11. dmontngrey Says:
    1205533069

    Denise - same here in MA, but like I said it has always worked for me. I think the reason is that your last license also expired on your birthday in a particular year, and therefore would be "issued" on your birthday that year. Worth a shot. I really don't think it will kick back out of the system due to that.

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