posted on September 29, 2000 12:29:21 PM new
Thanks, tomi...
I closed my Paypal account when too many changes were happening, too fast. However, I did always suggest that payPal's problems seemed to have arrived the moment they paired-up with X.com....It seems that assumption was correct.
(and that's why I feel so bad when Paypal Damon is being flammed)....
And Mr. Capo...The title of this thread DID mention X.Com, which means you could have opted to NOT read it...
******************** Shosh
posted on September 29, 2000 12:36:00 PM new
Sheri-I have always electronically transferred money to X.com, now they say I can't? That you have to fax or mail this and that to them, then it will be set up.
Nor can I use my CC to pay it off
I am going to pay this, I just got it in the mail yesterday... would they take a PayPal transfer? http://6thplace.com
posted on September 29, 2000 12:38:53 PM new
Just to set everything straight - I am an X.com user who has utilized the overdraft protection as the interest rate was less than my credit card. Although they said they were going to decrease the line of credit by 50%, on my account it never happened, I was always able to utilize the $200 line of credit offered me.
They violated FDIC rules of the 30 day notice and every X.com customer should fire off a letter to the FDIC because this bank seems to feel they are above the law.
And yes, they access your account and take out moneys to pay your line of credit anytime they feel like it, and then dishonor your checks and fine you for writing one. A wholly dishonest bank who listens with deaf ears.
Of course, not honoring any checks written by folks who thought they had a line of credit is what they will do now, and they will fine you $25 per check and not honor the check either.
What's next? Accessing your Pay Pal account to pay the line of credit without your permission? I wouldn't put it past them.
And yes, be prepared for the checking to be no longer free - and probably with no notice.
posted on September 29, 2000 12:43:18 PM new
Jsmith....."suspension of future credit priveleges" ...what about the check I wrote yesterday, which was written in the past and dated in the past?
posted on September 29, 2000 01:36:02 PM new
"They violated FDIC rules of the 30 day notice and every X.com customer should fire off a letter to the FDIC because this bank seems to feel they are above the law."
Before I dig my gun from out of the attic and load it and "FIRE OFF A LETTER" is this your opinion or are you experienced in banking matters?
I know it doesn't make any difference in the large scheme of things but I feel kind of foolish sending off complaints on non-issues. Sending out complaints on non-issues and being completely off base is reason to feel even more foolish.
"And yes, be prepared for the checking to be no longer free - and probably with no notice."
Lions, tigers, and bears... oh my! Do you have ANY idea how many banks offer online services and don't charge for checking? If you don't I'll bet that x.com does.
posted on September 29, 2000 01:53:22 PM new
Algernon - do you know any?? If you do, please share it here...There is only one local bank out of 10 in my area (just outside NYC) that offers truly free checking (not Free* checking)...
And BTW, the last time I checked there was freedom of speech in this country...If I want to write a letter complaining about something, or if I want to encourage others to do the same - what is it to you? It is bad enough people on here feel they need to hide behind fake id's - just to express their opinion - when it is part of the First Amendment the last time I checked.
And obviously, you must NOT be an X.com customer as I am. A very frustrated, irritated, annoyed, and now vocal one. I called them today, and they are planning to honor checks using the overdraft for the next few days. I asked what about those of us on the East Coast, whose checks take a week to be presented for payment, and (big surprise!) She didn't know what they plan to do. I suggested that she bring up these issues at the next staff meeting and (another big surprise!) the customer service staff are NOT ALLOWED to attend staff meetings, only SUPERVISORS. Nothing like having your front line of defense prepared to deal with the public and their reactions to your abrupt changes in policy...
posted on September 29, 2000 02:07:28 PM newJsmith....."suspension of future credit priveleges" ...what about the check I wrote yesterday, which was written in the past and dated in the past?
maeveronica you're apparently po'd and I don't blame you, but writing a check isn't an extension of credit. According to the FDIC regulations any open line of credit can be closed by the FDIC-insured institution without advance customer notice. They can't force you to pay off an existing overdraft balance immediately, but they can decline to extend further credit, even if you've already written a check and were relying on the overdraft to cover it.
It may not be very nice, but it appears to be legal.
posted on September 29, 2000 02:11:30 PM new
I fear this was my fault. However, as JSmith99 pointed out, my situation was with charges put forth by a CU and not with extending credit.
They do have to give you 30 days notice if they intend to change charges, but not to quit extending credit.
posted on September 29, 2000 06:05:29 PM new
I have been exspecting X.com to drop the over draft from the start.
I signed up with x.com nearly a year ago they let me set up the account even gave me the $20 to start it they gave me $1000 line of credit no credit check or anything I never used it and I say easy come easy go.
They didnt break no laws with canceling your unused credit at all your credit card can be terminated the same way with no advanced notice they can call or write and tell you to cut the card up and send it back the balance you owe is turned in to a regular loan with 1 to 3 years to pay it back .
also they break no laws takeing the payment on the balance out of your checking account monthly it is part of the agreement on most over drafts if you dont make at least one payment a month to your bank on your line of credit they take a minium payment from your checking balance.
if you have a over draft at your bank and once a month ask the teller to put your deposit on your LOC they wont take no auto payments you also save loads on interest. the same as if you pay your credit card balance off every month in full.
this is the down fall with the online banking most deposits are made by direct deposit and you cant pay OD with that at all x.coms interest was lower and looked nice buy only two ways to pay it was buy mail deposit with a note it was to go on LOC or with auto pay.
with auto pay they take like $21 a month from your account would take about 4 years with no interest at all to pay the $1000 line off add 15% to 18% interest monthly and your talking 5 year to pay off a $1000 loan and if the balance wasnt there to get on the day it was due there is a $24 extra late charge for that month.
I think what they found is the cost of book keeping and stuff on these over drafts were more then they could afford on free checking on few million accounts.
posted on September 29, 2000 06:35:01 PM newdman said: also they break no laws takeing the payment on the balance out of your checking account monthly it is part of the agreement on most over drafts if you dont make at least one payment a month to your bank on your line of credit they take a minium payment from your checking balance
I don't think anyone had a problem with them takig the min. monthly payment out of your checking account. They've always done that, no big deal. Some of us (me anyway) were concerned that since they'd dumped the OD protection, that they would NOW, since they've proven themselves to be unpredictable anyway, suddenly take ALL of the unpaid balance out of checking with no warning, causing checks to bounce in the process. I.E. if you owe them $100 on your $200 OD protection and you have $150 in checking and they take $100 out but you've wrote a check for $120 already, you're in deep doo-doo and without seeing it coming, at that. So the only alternative is to not use them for check writing (and what's the point of a CHECKING acct then?) or keep insane amounts of money in there at all times (and who would trust them, now, with huge sums? not me!).
you also said: this is the down fall with the online banking most deposits are made by direct deposit and you cant pay OD with that at all x.coms interest was lower and looked nice buy only two ways to pay it was buy mail deposit with a note it was to go on LOC or with auto pay.
Huh? Since when? My OD protection min. payment has been taken from my checking account, and other times I've paid it by clicking on "pay off credit line" or something like that and simply electronically paying on the OD via my checking acct. Since when did they stop allowing this? I mean, other than the one report we've seen here of them demanding a snail mail payment, that is...?
Oh and once again, in my opinion the only problem with what they have done is the fact that they gave NO notice. Legal or not, it's sh*tty to do and just poor customer service (yet again!) from this company. I can live with no OD protection, never had it before and would be fine without it. I DON'T like surprises, esp. those that may or may not affect my checking account. Just a couple week's notice would have been nice. You know, they can force me to bend over, but they could at least bring the vaseline.
Okay, that was tacky. Sorry. Sometimes I'm a tacky kinda grrrl.
Sheri
[email protected]
[ edited by BlackCoffeeBlues on Sep 29, 2000 06:37 PM ]
[ edited by BlackCoffeeBlues on Sep 29, 2000 06:37 PM ]
posted on September 29, 2000 07:08:57 PM new
Maeveronica,
Here are a couple of online banks with FREE checking:
SFNB.com I opened joint accounts with my kids at SFNB a year ago because they were paying 6% interest at the time. They're not offering that rate to new customers now (although they've extended it on our accounts twice). I send my PayPal & Amazon payments money here because of the interest. Minimum to open an interest-bearing checking account: $100.
Justrightbank.com FREE checking with a $100 minimum deposit to open. This is Tucker Federal bank in Georgia. Check out their courtesy overdraft protection.
I'm sure there are others (take a look at Wingspan.com), but I don't have any personal dealings with any of them.
posted on September 29, 2000 07:12:33 PM new
Actually, dman3 you are wrong. Twice they went in to my account and took my money for the line of credit because I had paid it TOO SOON. They didn't feel they made enough money on me that month, so they came in and took more. That is exactly what the X.com representative told me.
Later they updated their user agreement to show that any payments made before the 15th of the month, do not count towards meeting the minimum monthly payment due. I suppose I was supposed to psychically know this. I mean being a witch has its advantages, but come on.
posted on September 29, 2000 08:29:37 PM new
maeveronica:
Well I dont know when the change in there policy took place but I signed up last December and the same thing you just quoted was the same terms I read back in December in fact I have the papers from last december right in front of me. and they state the same as you just did so its not a new change it was there im reading it right here on paper now the same last December papers dated 12/1/99
BlackCoffeeBlues:
yes I know you can pay any amount on your LOC anytime from your Checking but as
maeveronica just pointed out if that payment is made before the 15th it is not concidered your monthly payment its concidered and extra payment and if you left a balance on the 15th they would still take the auto payment.
most if not all credit works this way if you pay double your min payment on your credit card on the 5th and your regular payment is usually due on the 12th you still must make this payment too.
your mortgage is the same way no matter how much or how many times a month you pay it they will want your regular monthly payment on time as well the monthly payments are where they make there interest there is no interest on extra payments sent over the month if your loan does not have a penalty for earily repayment this is how you save thousands even millions in interest on your loans.
the point I was makeing was you can only make deposits to xcom direct deposit or by mail the deposits take up to 5 days to get there.many times you cant get enough money in there in 20 days to pay it all off.
the best deals on LOC come when you can make deposits fast enough to pay off the LOC in the frist 20 days before you are charge any interest at all
I was not disagreeing with any of you this is a new company and I wouldnt trust them enough to direct deposit my paycheck for sure. and they should have given at least two weeks notice to all even seems that not all got the notice from them still these people are receiveing a real suprise they are logging in to x.com and finding they now have no LOC at all no notice not even 30 mins.
Im not saying I think they did a good thing at all. I think like other online ventures they are running into cost over runs and have to make some quick cuts.
I to am watching xcom closely and talking with my wife about setting up a omline account with a local bank for our online sales easy deposits even in night deposit box paper staments but can still make online direct deposits and payments as well same debit card privilage not free but the bank we use still is fairly low and has been around over 100 years in this area.
but right now they are still doing what I need I never used the LOC from the start yes it was a safty but I did way with my credit card type debt long ago it wasnt an easyest thing to relearn to live with out but liveing with out that chain is far nicer
posted on September 29, 2000 09:17:05 PM new
dman3 - Funny my car payments never worked that way....After being laid off in 1994, I made 4 months of payments at once out of my severance, and didn't make another paymet until the fifth month when I was employed again - never heard boo from the bank...
And the reason I am being pissy about the loc payment was that I made it on the 15th . Unfortuntately it was still the 14th on X.com's time, as I am on the East Coast...
posted on October 1, 2000 06:22:38 AM new
Thought this might allay some fears.
My overdraft payment was due yesterday (9/30) so I made the payment myself out of the checking account balance for the minimum due. I was curious as to what would transpire. The payment went through and today I show no payment due on the overdraft, though the balance still shows. Pretty much what I expected.
One thing that went with this, was when they upped my interest rate-possibly this was only me, but I got no notice when it went from 9.9 to 12.99. NOW that I thought fell under the 30 day notice. I know this isn't a credit card, but I've always gotten a notice on credit cards when terms were going to change. I may be mistaken, but thought overdraft, being a form of credit had this same requirement.
The other thing I notice about them is that deposits are so sslooow. I have 2 outstanding refunds for Amazon pending. Got the confirmation from Amazon on Monday and they still haven't shown up in my xcom account. When I used to use another bank, those credits would show up the next business day, sometimes even the same day.
And I never got a good explanation as to why one of my paypal transfers took over 8 days.
I don't feel the sky is falling, but a higher level of caution is definately in order here.
posted on October 1, 2000 06:45:06 AM new
maeveronica -
SFNB does not charge $1.50 per foreign ATM transaction. You get 10 free per month, then are charged $1.00 for each one above that limit.
SSFNB REBATES up to $1.50 of the other bank's charges per withdrawal for a limited number of non-SFNB ATM transactions.
Here's the info on their basic, non-interest bearing checking account, straight from the SFNB web site:
"ATM Transaction Fee
No SFNB fee for the first 10 Non-SFNB ATM transactions per statement cycle; $1.00 each thereafter
Up to 2 non-SFNB ATM fees rebated per month, up to $1.50 each, for accounts with average daily balances over $1,000.00."
The interest-bearing checking account is eligible for four rebates per statement cycle.
