X.com cancels everyones credit! Here's deal to hopefully save people from NSF FEES

[Onepotato]

Because so many here were told of the X.COM deal in the first place this is where a warning regarding what X.com has done needs to post. Hopefully this information can save those Anandtechers money lost from NSF FEES which may be incurred due to the X.com (no advance warning) policy change.

Please warn anyone who may use X.com as they may count on this overdraft protection and when checks arrive which would normally be covered by the overdraft protection customers will receive insufficient funds fees(NSF FEES) of $25.00 from X.com AND another NSF FEE (APROX. $25.00) from the business/bank/or person they wrote the X.com check to.

X.com cancels all members overdraft credit protection lines of credit on 09/28/2000(yesterday). X.com did this and THEN sent the following email:

Dear XFinance Customer:

Thank you for using the X.com Website, which currently provides you
access
to banking products from First Western National Bank (the "Bank&quot and
investment products offered by the X.com Funds. Since its launch, the
success of the X.com website has been tremendous, in part, due to the
many
customers who use the X.com website for their banking, investment, and
electronic payment needs.

Upon review of the various programs through the X.com Website, X.com
and the
providers of financial services through the X.com website are
implementing
certain changes that could affect your account. For example, effective
today, the Bank is eliminating all overdraft lines of credit. Customers
with
outstanding balances can continue to pay down their outstanding
balance, in
accordance with the Overdraft Agreement; however, no Bank customers
through
X.com will be able to borrow additional funds against their overdraft
line
of credit. Please plan your check writing and debit card activity
accordingly. As a reminder, you can deposit money into your checking
account two ways: electronic funds transfer or by mailing a check.

**

As you know, X.com and PayPal merged companies a few months back. As a
result of this merger, we have realized incredible account growth as a
combined company, especially in our PayPal e-payments service. We
encourage
all XFinance customers to consider opening a PayPal account (if you
haven't
done so already) and take advantage of all the features PayPal has to
offer.
We will be sure to keep you informed of any additional news or
announcements. To enhance your person-to-person payments, check out
the
PayPal system through www.paypal.com.

----------------------------------------------------------------------------------------------------------------------------



What is there to say but SCUM. A dirty, underhanded, bunch of jerks at X.com decided to do this without informing their customers first.

I will refuse to use their bank any longer and Paypal as well.

Imagine how many people have been on vacation and find themselves stuck. There are undoubtably any number of scenarios where faithful customers are left stranded or worse. All this scum-sucking pig-mating company had to do was give their loyal customers a thirty day notice to allow them an opportunity to adjust, but NOOOO, just like so many other $HITHOOK online companies have done in the past they screw their customers over. They notified after the fact.

I know many Anandtechers here use either Paypal or X.com and I say find another company to do business with; I say we speak up and post reviews and trash this company for what it has done. I believe this is the worst yet from any company. It's not like they have hit hard times and are bankrupt, hell no, these maggots even have the audacity to recommend to all those they screwed to sign up for a Paypal account in the same breath they said screw you.

If anyone here can post a list of sites where we can place the reviews X.com/Paypal deserves then please reply in this thread.

 

[rigor2]

yah good thing i keep a nice cushion (from gf) in there.

id have been pissed.

scr*w x.com and soon screw paypal.com / They are out to take money from consumers now, since they are trying to keep afloat. PRETTY SOON THEY WILL BE BANKRUPT! YOUR MONEY WILL BE GONE. This is tell-tale signs of a company soon to be failing. Drastic cutbacks to curb their losses. X.com is not backed by big financiers like some other banks. Do you see their IPO? Do you see their financial statements? They have taken heavy losses due to fraud and bad credit. They are trying to make up this loss and take last ditch efforts to remain afloat. Carefully consider your options if you are using this kind of bank which offers very little benefits over a brick and mortar bank for your payroll or other serious needs.

Lets recap:

They offer nothing over the competition.
They are/have taken LARGE losses due to fraud and bad debt.
They are trying to recoup and save their paypal business by beginning to force
users to pay % of every transaction.

BE WARY, the signs are in your face, like many other internet ventures, the losses are bringing many to www.dotcomfailures.com , dont BANK (!?) your livelihood on this kind of risk.

When they go under, and you have no door to knock on to get your money, you have been warned.

Treating customers like this is a definite sign of their imminent collapse, which is too bad, because I liked what they offered in the beginning.


(off to wachovia)

 

[Unsickle]

In english please?

 

[Xzaver]

Regards,
-Xzaver-



EDITORIAL: Anyone up for a class action Law suite because this $hit is Illegal.

X.com = Scam

 

[Big Bomb]

I just called their CSR. I unwisely used their account for the first time last night to make a purchase. The overdraft protection was still there (10:30 PST). The CSR told me that they would honor the line of credit if the transaction was made yesterday. I will have to see if they made good of their promise.

 

[Onepotato]

Here's an excerpt from X.com's banking agreement:

Termination Of Account. We may, in our sole discretion, terminate your right to obtain additional Advances on the Overdraft Account and/or to demand immediate payment in full of all amounts owing on the Overdraft Account by notifying you. We may exercise these rights even if you are not in default under this Overdraft Agreement.


I suppose the next thing to expect is an immediate DEMAND FOR PAYMENT ON YOUR BALANCE

 

[crazyjoekuta]

ok, i have $60 in my paypal account. ain't $hit gonna happen to it, right?

 

[namlook]

Where's the hot deal here?

 

[rigor3]

There's a good bit of x.com users here that should heed this warning.

 

[Bermar]

You are welcome to vote against or for x.com decision to eliminate overdraft protection and the way they did it at

i-Bank Design board

If I have enough votes, I will try to make public, including x.com investors, aware of your opinion.

 

[deepcover]

I could be wrong, but I thought x.com had Deutsche Banc as an investor.
I thought thay Deutsche was a MAJOR player in the finance arena.

 

[Xzaver]

namlook , This is usefull Information For All , As well as extremely Vital To know if you have ever used X.com or Paypal., Have you ever had your bank make a large mistake or had a quarill with them over a Transaction ?

Best Regards,
-Xzaver-

 

[rahvin]

Paypal isn't a bank, if it goes insolvent it won't be bailed out. (it isn't insured) I wouldn't never EVER use them for banking. Get a real bank.

 

[Darq]

Just so there's not a widespread panic about losing your money:

From the website..

Deposits at the Bank are insured by the Federal Deposit Insurance Corporation up to $100,000 per depositor. Answers to questions about Federal deposit insurance may be contained in "Your Insured Deposit", a pamphlet published by the FDIC.

In other words, they're FDIC insured for up to $100,000 per depositor, just like any other bank.

Darq

 

[FiLeZz]

Damn X.com I have been using them for over 6 months have my direct deposit going to them now they pull this crap ..
I remeber about 4 moths ago they pull half of the overdraft from all accountd but now there taking it all..
I thinks its all about making a buck on there part well they have lost my account with them I'll tell you that !!!!!!!!!!!!!!1



FiLeZ

 

[Onepotato]

To Namlook:

Since you didn't take the time to read the initial post or simply didn't understand... the hot deal here is a warning to those Anadtechers who joined X.com and are know faced with potentially huge monetary losses from NSF fees because of X.COM not giving its customers advance warning of its policy change.

If you do not get a discounted piece of computer hardware from this post that's just too bad; it doesn't mean it's not a hot deal. For those of use who stand to lose large amounts of money it is for us.

Your statement is inconsiderate of the Anadtech members here and smacks of greed.

 

[Xzaver]

Guys though , , Now that I really think about it.
Do we Really want X.com And Paypal to fall???
Can Some one please Make A Scale And Way All the options.....


Regards,
-Xzaver-

 

[Onepotato]

Paypal is NOT a bank and is not FDIC insured.

X.com finacial is a bank and is FDIC insured.

X.com bought Paypal or visa-versa but that doesn't make Paypal FDIC insured.

 

[FiLeZz]

If it means them taking away something with no warning then yes let them fall on there asses



FiLeZ


Seems like dirty trick to get money fast...

 

[Xzaver]

Woah Ayy ooooo Lets Just Sima Down Now...Sima Down....

well....
I don't think X.com Wants a mob of Angry Anandtechers on thier a$$ so I say we Try And Help the Situation rather than Hinder it.

Regards,
-Xzaver-

 

[Braxus]

eh... as Unsickle said ealier anyone mind explaining this thing in English?

 

[IronTek]

So, I don't get it...

Does this just affect the x.com people

or does this apply to PayPal? (and I know x.com and paypal are the same, but aren't they 2 different services?)

Either way, I'm still not sure what's going on!

 

[zeppelin]

I have a PayPal account but not a X.com account so I'm not familiar with X.com. But, it appears that X.com is an e-Bank (savings and checking?). If this is the case, isn't X.com applying the usual policies that B&M banks have (i.e. overdraft charges).
My interpretation (and if anyone is more knowledgeable about this .. feel free to correct me) of the initial post is that ... if your account goes negative (for instance -$100.00) .. you will be charged $25 for each transaction (purchases, atm withdrawls, etc.) you make until it goes back into the positive (i.e. make a deposit that brings it above $0.00).
It sucks that X.com did not give fair warning (which is the issue here) ... but I have no problem with the policy itself.

 

[Seizure]

I'm a little confused. What does overdraft protection mean? Does that mean that let's say for example, I have $0.00 in my Paypal.com account and then I buy something from let's say fleabay and I send $100 money to that person. Then paypal would charge my credit card.

So without overdraft protection does that mean I"ll get charged a $25.00 fee since there was no money in my paypal account and I sent money to people anyways?
Please explain this back to me in plain english please.

 

[jhassi]

SMALL SIMPLE WORDS PLEASE!

Ok, say, just use this as an example: their's a cute little 4 year old that has all her $100 in paypal.com, how would you explain what's happening to her money?