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I mentioned I was thinking about openning a Netbank account to garner their $50 sign on bonus last weekend. Well, my plans were delayed and I was only now reading the terms for the account in detail. Turns out there's a $25 termination fee if you keep the account open less than 6 months. That would eat up half the bonus, considering I have a deadline for return of the funds.

What's more, there's actually a $5/month bill-pay inactivity fee. I'm unclear as to whether there has to be billpay tied to a money market account; but if so, I would either have to start routing other funds through the account just so I can pay bills, or I'd actually loose $5 when I had to take the $5K back to pay off MBNA -- where I borrowed the cash from at 0% to start with.

Considering that NetBank's Money Market account is only paying 2.75%, I'm now considering it a bad deal. If I had the $5K for a little longer and I was sure I wouldn't have to use their billpay and/or pay some inactivity fee, it might be worth the hassle. As it is I'm scratching NetBank off my list.

NetBank customers! Please tell me why I'm wrong.

- Joel
Cross-posted to the CC Board
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