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Author: SeattleNative Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 24252  
Subject: Re: Life after Compubank? Date: 5/22/2001 11:02 AM
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>>Since I'm fairly new to this board, what is the problem w/ Netbank? I've been using them for about 1 year and had zero problems. I was curious what has set everyone off. I've noticed an anti-Netbank "mode" for the short time that I've been here and was curious.<<

NetBank recently acquired 50,000 new clients from CompuBank. Typically, acquiring banks convert all consumer deposit accounts over to the new bank without interruption. NB deviated from this standard of care. NB elected to "freeze" 8,000 CB accounts because, in NB's judgment, those accounts didn't meet the unspecified "qualifications" needed to be a NetBank customer. In most cases, there was literally no advance notice - accountholders' ATM or Check Cards were shut off, Bill Pay and online account access was frozen, and clients were unable to reach NetBank's customer service center and/or received zero assistance in finding what happened to their money.

NB has reinforced Americans' worst fears about branchless OLBs, by abruptly terminating customer accounts without advance notice. Their customer service seems to be MUCH WORSE than a typical brick-and-mortar bank, and (in most areas) there are no NB branches to speak with a real banker in person about the account problems.

NB deserves the harshest condemnation for their arrogant handling of the CB acquisition. NB has demonstrated that consumers have no immediate legal recourse when an OLB makes a serious mistake with YOUR money. FDIC insurance applies, but you may experience many days or weeks of not being able to access YOUR hard-earned deposited money. NB reminds us of the Al Gore doctrine, "There is no controlling legal authority".

Has NB issued a public apology? Until they apologize and admit their mistakes (i.e. "cherry picking" the accounts of CB without providing reasonable advance notice to affected depositors) I urge all Americans to harshly condemn the executive management of NB.
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