valerie47
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posted on October 9, 2000 04:16:36 PM
I've have my X.com account since they started. I've used the checks on several different things (bill paying, store purchases, etc). Well last weekend I was at a store and wrote a check from my X.com account. They had one of those terminals where they had to get the check approved - and my X.com check was declined! They called the company and found out it was because "they don't have enough information on X.com". Well the people at the store know me well and took my check anyways, but I was wondering if anyone else has had any problems with their X.com checks? I had plenty of money in the account and I've never bounced a check before. I've written several X.com checks and used my X.com debit/visa card a LOT with no problems. Now I'm almost afraid to use my X.com checks at stores. Anyone else have this problem?
____________________________________
The only place you'll find success before work is in the dictionary.
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toyranch-07
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posted on October 9, 2000 04:52:44 PM
X.com is not accepting any new accounts.
X.com's CEO announced he is stepping down yesterday.
X.com has halted 'normal' banking services like Mutual Funds and Overdraft Protection.
Would you take a check drawn on them?
http://www.millionauctionmarch.com/
[email protected]
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dman3
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posted on October 9, 2000 05:41:48 PM
The X.com check are good and deposit are FDIC Insured if there is money in an acount is is garenteed to be paid out I beleave up to 100 thousand dollars per account.
no one needs to know anything about x.com to cash your check
Checks are drawn on frist western national bank where your deposit are made to.
X.com simply runs there online banking end . as I understand it x.com does not own the bank your money is deposited to.
some deposit to frist western National in colarado, some deposit to frist western National in pittsburgh PA. X.com is just a middle man they developed the online bank program.
There debit card is Visa debit with x.coms name on it . think about it if you had an Ebay visa would you call or blame ebay for every problem you had with this visa card just because there name is on means nothing visa is still the card company.
If you used microsoft money to run your checking and banking would you blame microsoft if a check you wrote was turned down.
There should be no fear in takeing xcom checks it paypal that is not FDIC Insured.
WWW.dman-n-company.com
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mtnmama
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posted on October 9, 2000 05:50:41 PM
I had no problems with anyone accepting x.com checks as they are First Western Bank checks.
However, I may have one in the future, as I closed my account the other day. 
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uaru
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posted on October 9, 2000 05:51:08 PM
ToyRanch "Would you take a check drawn on them?"
As long as I wasn't having to deal with a hysterical person I'd take their check, yes. I dare say I'm so lax I don't even have a clue as to what banks are drawn on with the checks I receive. Do you have a list of banks you don't accept checks from?
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toyranch-07
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posted on October 9, 2000 06:41:38 PM
No Uaru, but apparently Telecheck or some other check verification service does.
http://www.millionauctionmarch.com/
[email protected]
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kittycom
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posted on October 9, 2000 06:42:23 PM
I believe that the problem is not with the X com check, but with the Telechek service (or other comparable service) that some merchants use to verify and OK checks. We had the same problem with a local check at our local WalMart. No problems with our checking account, Telechek just did not have a "file" on this particular account, and thus WalMart would not accept the check!
Ridiculous but true!
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booksbooksbooks
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posted on October 9, 2000 06:52:57 PM
In one location on the X.com site, it says that X.com is in the process of purchasing First Western National Bank. In the prospectus for X.com funds (which is a legal document that has to be filed with regulators), it says X.com is the parent company of First Western National Bank. That sounds like the purchase has been completed.
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dman3
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posted on October 9, 2000 06:56:03 PM
kittycom :
Thats about right Me and my wife have had a checking account in the same bank togeather for over 19 years.
at one point in time we decided to open another checking account to have a way keeping the temptation of over spending and useing budgeted money Frist time we went to use the new checks in stores we did business with for years they refused to take our checks some used Telechek other just based it on a company poilcy to never take check on a checking account where the check numbers were so low it indicated it was a new account which they put less trust in.
Funny part is these were the same people we did business with day after day for years and both checking accounts were with the same bank took out the other check book and no trouble every time.
WWW.dman-n-company.com
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toyranch-07
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posted on October 9, 2000 07:03:18 PM
Did any of you guys ever keep your money in a bank that was refusing new accounts and ending fee based services that most banks offer? If I ever went to my bank and it said 'No New Accounts' over the new accounts desk I would want to know what was up. Then if I didn't get a single answer to my questions about it (as have not been forthcoming from them at all...) I'd close my account and go put my money somewhere else in a heartbeat. But I do understand being loyal and such and I guess all those months or weeks of having an X.com account has inspired this fierce loyalty where you suggest that anyone who would be wary of doing business with a bank that won't take new accounts and is ending fee based services and losing it's CEO is a hysterical person.
http://www.millionauctionmarch.com/
[email protected]
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uaru
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posted on October 9, 2000 07:23:27 PM
"Did any of you guys ever keep your money in a bank that was refusing new accounts and ending fee based services that most banks offer?"
As a matter of fact I have. In the mid 80s I had an account in a bank that changed hands 2 times in the space of a year. During each transtion they were refusing new accounts. I didn't withdraw my money, I didn't panic, and I didn't loose a dime. I didn't even have the luxury of someone standing on the sidewalk warning me of impending doom either.
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toyranch-07
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posted on October 9, 2000 07:45:42 PM
Yeah, but you did have the luxury of them telling you that they were being bought and changing names so you knew what was going on. We could split hairs all night about this. I don't think X.com is going to go FDIC on anybody but I also don't think they will be offering banking services at all within 2 months or less and only time will tell whether that is true or not.
I looked up online banks today and some comparisons of them for best services and rates and stuff. There are a number of rating and ranking comparison websites out there and it was interesting that neither X.com nor First Western appeared on any of the lists I saw as even being rated.
But there are plenty of online banks out there and I guess if we want to use them we all have to make our choices about which one is best for us and hey, if X.com is good for you then go for it.
http://www.millionauctionmarch.com/
[email protected]
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abingdoncomputers
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posted on October 9, 2000 07:59:12 PM
I tried to open an X.com bank account at one time. They wouldn't let me. The screen displayed something to the effect that X.com was unable to verify my address (I had moved to another state a couple of months before). It said that I could send in a couple of pieces of documentation to prove who I was by snail mail. I declined.
Devine intervention at its' best!
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radh
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posted on October 9, 2000 08:10:29 PM
toyranch: I've had nothing to do with "Brand X" and never will; however, I've read elsewhere that x.com is planning their IPO.
IF, indeed, they are about to go IPO, then they have a "hush period" in the time beforehand, where they are NOT to discuss all manner of things, and this is mandated by the SEC.
You might wanna check some of the financial news services, or even just Yahoo news, to see if you can find out more.
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bhearsch
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posted on October 9, 2000 08:25:46 PM
Hi radh and Bobby. I mentioned running across this news article in the "If X.Com/PayPal Declared Bankruptcy" thread concerning X.com getting ready for an IPO. I have no idea if it's true but I think it may be a possibility. http://www.ecommercetimes.com/news/articles2000/000914-7.shtml
Blanche
[ edited by bhearsch on Oct 9, 2000 08:27 PM ]
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kellyb1
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posted on October 9, 2000 10:54:56 PM
Ok, Now I am confused. X.com took over PayPal. I opened an account with x.com at one point, but never used it. AW was advertising/pushing x.com.
I tried www.x.com and it pulled up the paypal site. How do you get to the x.com site, and how do you know that they are not taking new customers?
Kelly
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booksbooksbooks
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posted on October 9, 2000 11:16:45 PM
Kelly -- to get to the X.com banking and mutual funds pages, go to the Paypal log-in page, then click on "Finance" just below the spot where you enter your password.
I've forgotten where the link to open a new checking account is, but, if you click that, you'll get the "no new accounts" message
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kellyb1
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posted on October 9, 2000 11:29:42 PM
Thanks Books,
I found it -
hmmmm
"Thank you for your interest in X.com Online Banking. At this time, X.com Online Banking is not accepting new accounts. Please consider X.com's PayPal service for your online payment needs (PayPal is not an FDIC-insured service)."
gee,
It sounds like x.com is closing their "online banking" service and turning to paypal.
Why would they do that? If x.com is an online bank, they would have to follow banking rules and regulations.
Paypal is not a bank so they follow no banking rules. In fact, Paypal can do just about anything that they want. They can close you account and freeze your money for as long as they like.
What would happen if a bank did this? Fines, and more fines. Banks are only allowed to "hold" your money for a specific amount of time, unless they are ordered to freeze and account from some govt agency. This is why banks have similar "hold" policies.
x.com's on their way out, in my opinion.
Kelly
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bhearsch
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posted on October 10, 2000 08:48:31 AM
Hello Kelly. IMO, X.com is reorganizing it's pricing structure in order to show possible investors that the company can and will be able to turn a profit BECAUSE it's getting ready to go public by offering an IPO(initial public offering). I think they have decided to concentrate on the part of the company that they feel will have the most chance of profitability which is the online payment services that PayPal provides. PayPal clearly has a strong foothold in this area whereas the competition in the banking field is tremendous and X.com has never been a leader there.
They may still keep the online banking venue after they restructure but I don't really have any thoughts on that and cannot offer any speculation.
This is just my opinion which has been arrived at from reading many articles and news items about X.com and I don't promise it to be an accurate assessment but it seems more likely than the X.com bankruptcy theory.
Blanche
[ edited by bhearsch on Oct 10, 2000 08:50 AM ]
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