posted on October 2, 2000 09:17:23 PM new
Is it just me, has anyone else seen this? What if I just want to keep PayPal but don't want the x.com stuff?? Are you saying that I need to keep a $100 minimum balance for PayPal as well, since x.com & paypal are the same thing? or are they different? I am SO CONFUSED, what does this really mean???
Monday October 2, 2000
Dear X Finance Customer:
This email is to notify you of changes to the terms and conditions under
which First Western National Bank provides banking services through the X
Finance website. These changes will take effect on November 1, 2000.
Monthly Account Fee
All accounts with an average monthly balance of less than $100 will be
assessed a $12 monthly maintenance fee. The initial fee will be assessed
on November 1st and subsequently on the first business day of each month.
ATM Rebate
Third party ATM surcharges will be reimbursed only for accounts with an
average monthly balance of $100 or more.
Also, we reserve the right to close an account if you maintain a zero
balance.
Please review our revised Terms and Conditions at
https://signup.x.com/help_termsofuse.asp for more information.
posted on October 2, 2000 10:29:08 PM newI am SO CONFUSED, what does this really mean???
I means if you want to keep your x.com account (First Western National Bank) you'll need to keep your balance over $100.00 or you'll pay $12.00 monthly fees and you'll no longer get ATM rebates.
You might be able to find a bank that will give you a free checking account and ATM rebates without a minimum balance, but I can't think of one.
What it boils down to is this... if you can't leave $100.00 or more in your x.com/First Western National Bank account you should close it. I'd shop around with other online banks before I closed my account though, you might be surprised, even shocked at what some others require as a minimum balance... everbank.com requires 1,500.00 balance and compubank.com requires 1,000.00 minimum balance... shop around.
posted on October 3, 2000 03:19:27 AM new
It's not difficult to find a financial institution which does not charge a monthly fee. They're called credit unions. They seem to operate just fine without that income.
The whole operational sense of an "internet" based bank is that they can offer free accounts because they don't have to build a physical presence on every street corner. They don't even have to operate their own ATMs.
But wait... isn't that what traditional banks said about reducing teller service and installing ATMs 10 years ago? "We can provide you with better service by reducing our costs" Then came the fees.
It's one thing to offer no fee checking but then to change the rules and charge $12! That is outrageous. The brick-and-mortar banks in your hometown who have invested millions of dollars to provide you with a physical presence don't even charge $12 for a checking account service fee... $5 or $7 maybe but $12? For what? So we can have the priviledge of being lied to on a monthly basis and be thankful for it?
X.com is caught again in their lies and contradictions. Another AW user commented in the Ebay forum that the Banking page at X.com still says, "No minimum deposit, no minimum balances and no monthly service fees!" Sure enough, it's still there. BUT look at the terms and conditions page and the new fee schedule is already in place.
How can you tell when someone at PayPal/X.com is lying? Easy... when they're speaking, typing or thinking.
I would be incredibly concerned if I had stock holdings with First Western Bank. These erratic actions and statements which have driven away multitudes of customers are a sure sign of a destabilizing institution. The X.com world is crumbling under their feet but we'll just make up stories and change the rules. Someone out there is bound to believe the lies if we sound sincere enough.
I am SO confused. I don't use x.com for anything! I don't use the checking account! I don't use the line of credit!! I don't use their ATM!!! All I do is accept & send paypal payments, does it affect PayPal? x.com and PayPal are the same company!
[ edited by ksterni on Oct 3, 2000 06:25 AM ]
posted on October 3, 2000 06:39:55 AM new
Let me clarify:
I thought I read somewhere that when x.com first bought paypal, all accounts would evenutally be merged, that is why I have a question, because I view this as a single entity, a single account. Maybe I am not understanding correctly.
posted on October 3, 2000 06:50:07 AM new
SFNB.com is an internet bank that currently does not require a minimum monthly balance and offers a limited number of rebates on foreign ATM fees.
My kids and I have had accounts with SFNB for about a year and I'm quite pleased with the service.
posted on October 3, 2000 08:05:49 AM new
Just got off the phone with them. At this time the x.com and PayPal accounts are separate accounts. You CAN close the x.com account & still accept PayPal payments. The PayPal payments are subject to the PayPal fee structure, but NOT subject to $12 minimum if $100 balance is not met.
I will be closing my x.com account!
To close account, email them at [email protected] with your name & account number.
Moderator, please close this thread as I have an identical one in the Ebay outlook (with more postings). I did that to get opinions from other posters & posted here to here from Damon. Sorry for the duplicate post!
posted on October 4, 2000 08:06:09 AM new
... $5 or $7 maybe but $12? For what? So we can have the priviledge of being lied to on a monthly basis and be thankful for it?
my real world charges a 10.00 monthly maintance fee where do you bank at in the offline world i would love to have lower maintance fees
K MCDONALD
posted on October 4, 2000 08:06:14 AM new
... $5 or $7 maybe but $12? For what? So we can have the priviledge of being lied to on a monthly basis and be thankful for it?
my real world charges a 10.00 monthly maintance fee where do you bank at in the offline world i would love to have lower maintance fees
K MCDONALD
posted on October 4, 2000 08:21:16 AM new
My local brick-and-mortar bank only charges a $9 per month maintenance fee, so why should I bother to keep an x.com account going at $12 per month? Bye-bye, x.com!
posted on October 4, 2000 08:41:09 PM new
SPEEDTICKET
Bancfirst charges me nothing if my balance on my Business account stays above $500 and they only charge me $6.00 if it does not. My personal account is free. So Banks do give free and low cost checking.
posted on October 21, 2000 12:24:39 AM new
Digging up a dead thread, sorry!
Why on earth pay $12 for an account that you cannot even drive to to make a deposit in a hurry if need be!
X.COM was a great deal because it was free, BECAUSE of the disadvantages of there not being any "real", B&M branches.
If, as happened recently, I make an accounting error with my x.com checking account, forgetting about the $10 auto-payment for the overdraft protection, and it lowers my balance to an amount that would cause a previously written check to bounce, I can't hop into my car an make a deposit to cover the check. Nooooooo, I have to choose one of the tedious methods for depositing money and hope like hell it reaches x.com in time, or I have to use my 'real' bank to make a wire transfer and pay a fee that my 'real' bank charges me.
If I have a serious problem with my account at x.com, I can't hop into my car and sit down with a real person to sort it out, even if it takes an hour. Nope, I can sit on hold and hope that the person answering has half-a-clue because the last person I talked to did not, and I can have fun calling repeatedly seeing how many different "stories" I get.
These are big disadvantages to online-only banking, and the fact that x.com has the GALL to charge MORE than many real-world banks is astonishing to me.
So, it looks like not only will I be closing my PayPal account this week, but my x.com one as well before Nov. 1st.
