Bank Direct - Ineffective

Discussion in 'Off Topic' started by euromannn, May 6, 2011.  |  Print Topic

  1. euromannn
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    euromannn Gold Member

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    Just thought I'd post a few less than successful actions from Bank Direct when signing up for checking account offer of AA miles:
    1. Confirmation agreement you are asked to sign states only upto $100,000.00 is covered. FDIC is now $250,000.000. CSR says it doesn't matter. I told her she was unqualified to comment for the bank and requested all documentation be made accurate.

    2. Digital Signature form - BD emailed it to a secure account that I could not access until a passphrase was known. BD CSR and supervisor thought they were mailing direct to my web address but it got rerouted to secure account I coluld not access. Dummies!

    3. Digital Signature Form Format - comes in a .mht extension file that is difficult to view and print. Finally, rotating in portrait made is printable but marginally. BD seems clueless with .mht and should use a different format like PDF or docx to ensure readability. Clearly .mht is smaller size but close to worthless in clarity for printing.

    4. NO ACH options just IPAY which is more cumbersome to transfer money out.

    Bank Direct sure seems like it has a bunch of unqualified loonies in the CSR department.
     
  2. travelfree
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    travelfree Silver Member

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    Thanks for posting your experiences as I am looking into opening a Bank Direct account in the near future.

    As to your point #4, the following was posted in another thread on MP:

    I funded my initial Bank Direct deposit with a check. I then set-up a link with my regular bank to do ACH transfers, which are free at my bank. With ACH, I can send funds to/from Bank Direct and my regular bank on a next business day basis. My regular bank holds funds for 3 business days. So all in, it takes about 4-5 business days from when I start a transfer to have cleared funds in my regular bank.

    Other posters confirm that ACH is available.

    Good luck.
     
  3. MyTravels
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    MyTravels Silver Member

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    Don't these two sentences contradict one another?
     
  4. euromannn
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    euromannn Gold Member

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    BD states it's IPAY not ACH which is similar to bill paying.

     
  5. rrgg
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    rrgg Silver Member

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    BankDirect never claimed you could initiate ACH from their website. The comment from travelfree refers to someone initiating an ACH in or out from another bank to BankDirect. That is possible of course, and I've done it.

    I don't know why you're having this digital form problem. Maybe their internet division is overwhelmed with new accounts? I've had a good experience with BankDirect.
     
  6. viguera
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    viguera Gold Member

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    Indeed, between this place and FT there are thousands of BankDirect account holders and I don't think too many people have complaints.
     
  7. euromannn
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    euromannn Gold Member

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    COme on admit the cheapness of Bank Direct hinders it's sign up process. The CSR supervisor admitted that the confirmation page generated many complaints of only $100,000 insurance but the company copuld not get it done for one year.

    Also, the digital signature form is not US mailed and they use a poor fil format that peopl make mistakes.

    In fact the supervisor stated that most people who pick th POD option forget to initial the page!!! Delaying signup!!!

    It' not a very bright sign up process.

     
  8. viguera
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    viguera Gold Member

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    Well you have issues with BD and Citi. If there a bank you don't actually have a problem with? :)

    But I'll play... :)

    As far as the file format, mht files have been around since the web was born. Granted, they could use a PDF or word doc, but using markup is easier to generate on the fly with the information you submit on the form. That's why you choose the type of account and enter all your info and they generate that file and send it to you. That's actually a simpler process than generating a PDF with the info and sending it to you, believe it or not.

    And you obviously already had a web browser to open the mht file, as opposed to a PDF reader or document viewer, but that's besides the point. Could the process use improvement? Perhaps... but the point is that it works for the majority of people.

    And yes, plenty of people have problems with their signature card not being clearly marked, but that's partially people's own fault for not reading the instructions clearly. Maybe the form could be highlighted, I don't know... but like I said thousands of people have opened accounts with them.

    The other issues with the supervisor I'll give you... that's just lack of training or not being knowledgeable. But it's your choice... nobody's forcing you to sign up with them. :)
     
  9. NYBanker
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    NYBanker Gold Member

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    You go to bank direct for the miles, not the CS experience. As to ach, BD does not provide a mechanism for customers to initiate eft transfers from BD's site. BD, like substantially all banks in the United States, is a member of the automated clearing house (ach). To initiate a transfer to or from BD, you need to do it from a different bank. Banks such as Chase and HSBC offer this service, as does ING Direct and I'm sure many others.

    When I want to take money out of BD, I simply log into my Chase accounts and pull the money from BD. I am charged no fees by either bank to do this. Depending on the types of accounts you have, I doubt you will be either. Ing direct offers the ach eft service with no fee regardless of your balance with ing.

    So, to say BD doesn't offer ACH EFTs is, like many things, partially correct and partially incorrect. They do offer them, they just don't let customers initiate transfers from BD's own site.

    As to the FDIC limits, you might want to write a letter addressed to both the executive offices of BD's parent bank and the FDIC expressing confusion about the true amount of FDIC coverage and requested written clarification. BD is owned and operated by a larger bank in Texas, iirc. A letter to head office, also going to one of their principal regulators, will likely get a prompt response.
     
  10. gleff
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    gleff Co-founder

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    I'm sorry to hear about your frustrations with the account opening process. I've personally had nothing but great customer service. They've never actually charged me for official bank checks (a fee for them, or the cost to overnight) or wires I've sent, though I haven't done iether out of this account in a couple of years. There have been a couple of frustrations along the way, such as the way they handle held funds (for a brief time on the first day the held amount is unavailable and an equal amount can be reduced from available balance causing a double hold). But I've gotten call backs from bank execs as promised by frontline customer service, who have been willing to walk through their internal processes to prevent such system issues from causing problems).
     
  11. euromannn
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    euromannn Gold Member

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    Gleff,
    I think you understand my feedback. Everything ahs workarounds but Bank Direct doesn't have a clean process for sign, transfer funds out, etc the first time

    If the digital signature page is so lacking in clarity on instructions of where to initialize and sign maybe it should have been changed years ago.
    Supervisor told me the majority of digital signature forms must be resent in due to applicants not completing all areas.

    Could BD be smarter and have a better form? No
    Could BD send in US mail? No
    Could BD change forms to allow easier formatting and printing? No
    Does BD do a thorough disclousre documentation review when FDIC changes insurance limits? No

    Funny, I bet many customers have seen all of these problems but just work through them.

    Eventually, it works outs, but Bank Direct is not brightest apple in the barrel.

     
  12. mikeef
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    mikeef Silver Member

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    I hooked up BD to my Fidelity account and use Fido to initiate the transfer every time. That saves some aggravation.

    The 100K FDIC note did get me. Don't know why it hasn't been fixed (or maybe it has, I haven't looked recently).

    As NYBanker pointed out, the primary driver of my loyalty is miles, although I've never had bad customer service.

    And having said all that, I agree with the OP that the account opening procedure should be as simple as possible. Once you get the account open, it's smooth sailing. Or smooth flying, as the case may be. For free. In the forward cabin.

    Mike
     

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