Application for the Bank of Internet High Yield Savings account
Earlier last month, I decided to apply for Bank of Internet’s High Yield Savings account. With a name called “Bank of Internet”, one would expect that the application would take place at “internet” speeds. Unfortunately, my experience is quite the opposite. As far as the speed of processing is concerned, this application seems to take place at a historic dial-up speed rather than the broadband that everyone else are using.
Here’s the timeline:
- 1/21/09 : Emailed BoI to ask them if they do a hard inquiry for account opening.
- 1/22/09 : BoI replied that it will be a soft inquiry.
- 2/08/09 : Submitted application online. Received automated reply that I need to either send or fax in a copy of my driver’s license & utility bill for address verification. I faxed the documents back on the same day.
- 2/18/09 : Received email saying that my account was approved.
- 2/19/09 : Received email requesting me to verify the two trial ACH deposits for the bank account I used to fund the account. I checked the linked bank account but the deposits had not been made yet.
- 2/20/09 : The two trial deposits and a withdrawal appeared in the linked bank account. I successfully validated the linked account — “You have successfully completed the ACH funding option authentication process. Your new account agreement is in the mail. Once we have received the signed account agreement, we will send you an email confirming the account funding via ACH option.”
- 2/20/09 : Received signature card to sign. Mailed it back on 2/21.
- 2/26/09 : Received email that account was funded by ACH. Money was debited from the linked bank account.
- 2/28/09 : Received letter with login information. Was able to register online but the account balance showed a zero balance!
- 3/3/09 : Account was still showing a zero balance in the morning. Called the bank 7.50am PST — the CSR told me that it will take 3 business days for the credit from an electronic transfer to show up. The CSR was rather unfriendly, like she couldn’t wait to get off the phone. She slammed down the phone when the call was done. Later the same day, the credit showed up as being posted on 3/3/09. So BoI cheated me of 5 days of interest for this initial electronic deposit.
Overall, I am very UNIMPRESSED with this bank.
Stumble it!
March 8th, 2009 at 12:31 pm
Man.. you’ve been having some bad luck with your recent account changes.
With such low yields being offered now, is it worth all of the headaches for just a few extra bucks? Have you considered just moving those savings into I-bonds, even with the early withdrawal penalty?
March 8th, 2009 at 1:51 pm
Mike, you’re right. By the time my account was approved, BoI has dropped the ball on their savings rates.