index page

Net Bank

Date: Tue, 12/25/2007 - 09:34
Submitted by Mary Adkins Matthews on Tue, 12/25/2007 - 09:34
Posts: 755
Credits:
[Donate]

Well some of you may have already heard that Netbank is gone. For many on chexsystems, Netbank was a life saver in the past and gave us that second chance when they weren't using chexsystems. In the past couple of months, a lot has happened regarding Netbank. Instead of being taken over by Everbank as initially stated, the regulators actually closed Netbank but gave the deposit accounts , the IRA and CDs to ING Direct. Effective Novemeber 23, all Netbank ATM and debit cards would no longer function. Then on December 7, all Netbank accounts will formally transition to ING accounts. For those having checking accounts, any funds on deposit at that time will be transferred to an ING savings account, NOT its Electric Orange checking account. Any Netbank checks written prior to Dec 8, will be honored until Mar of 2008. Any checks clearing before Dec 8, will clear through the Netbank account and any clearing after that will be deducted from the new ING savings account.

This is creating a problem for the old Netbank customers. It seems most old Netbank customers are being told that they are not eligible for the Electric Orange checking account with ING. They are not being denied because of chexsystems but because of credit related issues. The checking account comes with an overdraft feature that most are not qualifying for. This is now forcing many to find a new bank since the ING savings accounts do not have an ATM or debit card available.

If you do not have any credit related issues and you are deemed credit worthy by ING then you will receive your Electric Orange Debit card in the mail. ING is still a bank that does not use chexsystems.


Incredible. I have had Netbank checking account for years and received notice that ING was taking over. Well I was excited. I got all my little mailings welcoming me as an ING customer. A few weeks later, I get a check in the mail from ING. I was like... hmmm? Well they sent me the few dollars I had in my Netbank account and decided not to transfer me over. I am imagining I don't meet the criteria for their checking? Why didn't they put it into the savings?

I am not in Chexsystems and have no lates on my credit report (yet). Don't know what happened there. I was not too happy with what they did but I am still gonna apply for the savings account thru a link someone forwarded me. Hey it is $25 deposited in the account if I get it. All they can do is say no. I wont be out anything. Just curious if others didn't get transferred over from Netbank like me.


Submitted by girlndebt on Tue, 12/25/2007 - 10:49

girlndebt

( Posts: 151 | Credits: )


Anyone can get a savings account with ING. I really can't undertand why they didn't transfer your Net Bank like they says they will to the ING savings. I mean, what if you had outstanding checks etc that needed to go through?

My knowledge was that people were being denied the checking, not the savings. I took it that the savings was automatic.
on their site it tells what you need to do, it reads........


Submitted by Mary Adkins Matthews on Tue, 12/25/2007 - 20:03

Mary Adkins Matthews

( Posts: 755 | Credits: )


Yeah-that's what they told me. Sit and do nothing. My welcome packet will be coming shortly. I got my welcome packet alright. :)

I only hear nice things about them so I am gonna try to get another savings thru them again. Thanks for the info!


Submitted by girlndebt on Wed, 12/26/2007 - 06:36

girlndebt

( Posts: 151 | Credits: )


The only problem with an ING savings is that you have to have a checking account somewhere for the savings account to link with. We have a savings account linked to couple of our checking accounts. The problem comes in when you want to gain access to that money in the ING account. It is transferred to your checking account and that takes two to three days for that money to appear in the linked checking account. Thee is no way to get that money quickly.


Submitted by on Mon, 12/31/2007 - 13:20

( Posts: 202330 | Credits: )