Problems Withdrawing from FNBO?
Posted by Best Bank Rates under [ FNBO Direct Bank Review ] on October 5, 2007A few readers have written in about their experiences with FNBO Direct. I just thought i’d post them for reference.
Rene says:
After cutting the offered interest rate on their Savings account by about 16% last week FNBO Direct seems to have problems paying out deposits. Even after imposing tighter limits on how much customers can withdraw from their deposit accounts – 6 times a month up to 100k daily – confirmed transfer requests that adhere to the new restrictions get just canceled. Over the phone customer service supervisor Lisa (ex4947) tried to weasel around about “technical difficulties†and after consulting FNBO Direct manager Theresa Murthy claimed “Daily Limit†does not really mean “Daily†but a period of 3 to 6 business days. I’m sure NetBank and Savings & Loans customers recognize this familiar talk track. I wonder how long after the media breaks the story the Federal Reserve will step in?
Mak says:
I will not go so far as to call FNBO a scam, but I will say that my own experiences have left me with a feeling of no confidence, and I have closed my account with FNBO. I too tried to withdraw some of my money after the end of the 6% rate, and was stymied by these undisclosed limitations, as well as technical snafus. When I realized that these undisclosed rules made it impossible to withdraw my money on demand, but rather would have taken me several weeks to get it all out, I decided to close the account entirely. It took FNBO three days to affect a wire transfer out (at a $15 charge), and only after I had called several times, speaking to no fewer than 5 people, did they finally wire me my money. In my opinion, this bank is either operationally incompetent, or unwilling or unable to satisfy its obligations to depositors. I would not recommend them based upon my own experiences.
What I think is a scam, and a highly deceptive practice  which is not limited to FNBO  is the advertisment of these accounts as “savings†accounts, without disclosing the complex transfer limitations which make it difficult to withdraw your money on demand. HSBC Direct plays this game as well.
Anyone have any positive experiences to report?
2.25% Money Market Bonus Rate at EverBank
APY Savings Account at Ally (6/23/2010)
1.21% APY with WTDirect Savings Account
5% Cashback Rewards with Chase Freedom 
3 Comments on “Problems Withdrawing from FNBO?”
I had a very negative experience with FNBO. I think that they are going to go the way of NetBank.
I called up customer service to ask a question about a fee that I incurred on the account and was met by a disturbing amount of resistance. I could not believe how rude they were. To top it all off, I asked to close my account, and the rep said, “Sure, I will get that taken care of for you,” and hung up! I was shocked.
I think we will see this portion of First National Bank of Omaha go away VERY soon. Poor interface, poor customer service….not much going for FNBO Direct after their teaser rate goes away.
Indeed FNBO should be more like FNBOdirectRUNAROUND… . Just like It has been mentioned above, I have also been going thru their awful system and still waiting. What the heck with this needless re-verifying business? The whole process is begining to look like a joke—either they simply don’t have the man power or have chewed more than they can handle. I have never had this much trouble with anyone else. Very disappointed and sorry to have chosen them.—will be cancelling
I too have had bad experiences like those described above. I’m cancelling – and praying I can get my money back without too much further hassle!