I don't understand why all you people are freaking out so much here.. If you dont like their overdraft policy, don't use them as a bank account, use them for sending/receiving payments for auction/sales that sort of thing. Personally I don't give a damn if they even have overdraft protection at all. If you can't be responsible with your money, its your own problem. I know i'm probably inviting some major flaming here, but come on people! Dont be such whiners!
GET ALL YOUR MONEY OUT OF ALL PAYPAL AND XCOM ACCOUNTS!! Their service is TOTALLY INCOMPETENT!
About 3 months ago they froze ALL my family's xcom and paypal accounts WITHOUT NOTICE, our checks bounced and it took over 2 months to get the $2000+ we had in the accounts! Luckily they werent mortgage checks! You can see my horror story on epinions under user spec411.
I REGISTERED THE SITE www.xcomsucks.com but have not built it yet - if ANYONE would like to build it for me (or build a site I will redirect www.xcomsucks.com to) LET ME KNOW!!!!
I now use Ecount, which is exactly like paypal, has LIVE SUPPORT you can reach 24 hours a day, takes visa mastercard and DISCOVER, and even offers an ATM card so you can withdraw money or spend the money in your ecount w/o having to request a check, etc. etc. They are linked with webcertificate so they also give you an online Mastercard # to use! And checks sent to you over $500 are sent via CERTIFIED MAIL, so there's no "check lost in the mail" problems!
CLASS ACTION!!! YES YES YES!!!!!!
XCOM/PAYPAL CANNOT GET AWAY WITH THESE ACTIONS w/NO NOTICE! all other financial institutions send WRITTEN notices of changes in terms, and the ability to close your account!
About 3 months ago they froze ALL my family's xcom and paypal accounts WITHOUT NOTICE, our checks bounced and it took over 2 months to get the $2000+ we had in the accounts! Luckily they werent mortgage checks! You can see my horror story on epinions under user spec411.
I REGISTERED THE SITE www.xcomsucks.com but have not built it yet - if ANYONE would like to build it for me (or build a site I will redirect www.xcomsucks.com to) LET ME KNOW!!!!
I now use Ecount, which is exactly like paypal, has LIVE SUPPORT you can reach 24 hours a day, takes visa mastercard and DISCOVER, and even offers an ATM card so you can withdraw money or spend the money in your ecount w/o having to request a check, etc. etc. They are linked with webcertificate so they also give you an online Mastercard # to use! And checks sent to you over $500 are sent via CERTIFIED MAIL, so there's no "check lost in the mail" problems!
CLASS ACTION!!! YES YES YES!!!!!!
XCOM/PAYPAL CANNOT GET AWAY WITH THESE ACTIONS w/NO NOTICE! all other financial institutions send WRITTEN notices of changes in terms, and the ability to close your account!
To everybody who asked about a good internet bank.
Here is my personal opinion.
If you want convenient internet bank, open a Compubank account.
If you want x.com style overdraft protection which can work as credit card account, small initial deposit + average internet bank services, open a Lighthousbank
checking account.
I have or used to have accounts at Compubank, Netbank, USABancshares, First Internet Bank of Indiana, Lighthousebank, Citi f/i, Citi Direct Access, X.com, Wingspanbank, Bank of America, FirStar, etc. and my opinion is that Compubank is the best. But it does not give you overdraft protection credit line (you can use your savings account to cover overdraft of your checking account though) nor does it have high interest checking account with no minimum balance required (like
Lighthousebank does).
I have encluded four sign-up deals for Compubank below, if anybody is interested. I also posted them as a separate deal on the board.
Get $50 through Spree.com It is listed under financial services on their homepage: www.spree.com
You can get $40 for opening account at Compubank via Gomez.com if www.gomez.com
Get 5000 points from www.sp#dia.net which can be deposited by Spedia to your Compubank account as $50. Click on Compubank banner on www.sp#dia.net homepage or go to www.sp#dia.net Compubank sign-up page
You can get $30 via Cybergold.com for your first Compubank account. www.cybergold.com
Here is my personal opinion.
If you want convenient internet bank, open a Compubank account.
If you want x.com style overdraft protection which can work as credit card account, small initial deposit + average internet bank services, open a Lighthousbank
checking account.
I have or used to have accounts at Compubank, Netbank, USABancshares, First Internet Bank of Indiana, Lighthousebank, Citi f/i, Citi Direct Access, X.com, Wingspanbank, Bank of America, FirStar, etc. and my opinion is that Compubank is the best. But it does not give you overdraft protection credit line (you can use your savings account to cover overdraft of your checking account though) nor does it have high interest checking account with no minimum balance required (like
Lighthousebank does).
I have encluded four sign-up deals for Compubank below, if anybody is interested. I also posted them as a separate deal on the board.
Get $50 through Spree.com It is listed under financial services on their homepage: www.spree.com
You can get $40 for opening account at Compubank via Gomez.com if www.gomez.com
Get 5000 points from www.sp#dia.net which can be deposited by Spedia to your Compubank account as $50. Click on Compubank banner on www.sp#dia.net homepage or go to www.sp#dia.net Compubank sign-up page
You can get $30 via Cybergold.com for your first Compubank account. www.cybergold.com
To all who have expressed suggestions to aid the members here... KUDOS! As far as Xzaver's question goes, yes X.com and paypal should go down and it won't hurt anyone. There are many online banks that do the same functions as X.com without the "no warning" changes X.com makes every few months. Some of these other banks offer free checking, cash back on purchases (if you get and use their credit card), bonus cash for opening accounts with them, bill paying services, stock/bonds/moneymarket accounts, auction paying services, as well as honest customer service and reliability which X.com seems loathe to do.
Why risk the next (and make no mistake there will be a next time...they've done it 3 time in recent months)"no warning" policy change on either X.com or Paypal. By staying all the account holders have is checking which X.com earns float money on with zero benefit to the customer... it's all one sided in favor of X.com.
By customers leaving X.com it accomplishes the greatest good in three ways.
1. If X.com manages to survive they may stop the fiscal terrorism they practice or they lose the rest of their customer base
2. By sinking X.com now for it's evil doings it serves as warning to other online services that this kind of crap service doesn't go unnoticed or unpunished by online banking customers.
3. It rewards other online banks for their quality customer service by drawing on those customers X.com loses and affirms, in a positive way, that good online banking services need to maintain quality customer service.
... I have closed my accounts with X.com and Paypal. I no longer accept or transfer auction payments through either X.com or Paypal. I transferred my X.com balance to another card with a higher interest rate. I would rather pay another company a few dollars more than to give X.com a chance to earn one more cent from me.
Why risk the next (and make no mistake there will be a next time...they've done it 3 time in recent months)"no warning" policy change on either X.com or Paypal. By staying all the account holders have is checking which X.com earns float money on with zero benefit to the customer... it's all one sided in favor of X.com.
By customers leaving X.com it accomplishes the greatest good in three ways.
1. If X.com manages to survive they may stop the fiscal terrorism they practice or they lose the rest of their customer base
2. By sinking X.com now for it's evil doings it serves as warning to other online services that this kind of crap service doesn't go unnoticed or unpunished by online banking customers.
3. It rewards other online banks for their quality customer service by drawing on those customers X.com loses and affirms, in a positive way, that good online banking services need to maintain quality customer service.
... I have closed my accounts with X.com and Paypal. I no longer accept or transfer auction payments through either X.com or Paypal. I transferred my X.com balance to another card with a higher interest rate. I would rather pay another company a few dollars more than to give X.com a chance to earn one more cent from me.
To Danzig:
Oh yeah you think it was a wise move?
Well let's look at it for a sec.... Nope, can't see the first inkling of wisdom in screwing customers three times in a few months as anything resembling wisdom.
I'll guarantee you that those customers who hold a big positive balance were the first to haul their cash out... if not after the first "no warning" policy change or the second, then by this third time they are histoire.
Customers who have large positive balances are catered too and treated with extra care at banks which wish to keep such customers. X.com is unreliable and how many large account holders do you think want to trust X.com with their money?
Your statement argues for X.com needing to keep customers who keep a larger positive balance. You're correct it is in X.com's interest to have these type customers but they are the small minority of the populace but banks earn the most from the average Joe... the average Joe representing about 92% percent of customers.
Is it you're argument that screwing customers over on a regular basis is an ideal business model?
Oh yeah you think it was a wise move?
Well let's look at it for a sec.... Nope, can't see the first inkling of wisdom in screwing customers three times in a few months as anything resembling wisdom.
I'll guarantee you that those customers who hold a big positive balance were the first to haul their cash out... if not after the first "no warning" policy change or the second, then by this third time they are histoire.
Customers who have large positive balances are catered too and treated with extra care at banks which wish to keep such customers. X.com is unreliable and how many large account holders do you think want to trust X.com with their money?
Your statement argues for X.com needing to keep customers who keep a larger positive balance. You're correct it is in X.com's interest to have these type customers but they are the small minority of the populace but banks earn the most from the average Joe... the average Joe representing about 92% percent of customers.
Is it you're argument that screwing customers over on a regular basis is an ideal business model?
hi,
i'm new here, but have been using PayPal.com for auction payments for a while now. does anybody have any suggestions about companies that do what paypal does, for free? Billpoint is a little expensive, but Ecount and PayPlace looks promising? Any suggestions? Or should this be in another forum?
TIA
i'm new here, but have been using PayPal.com for auction payments for a while now. does anybody have any suggestions about companies that do what paypal does, for free? Billpoint is a little expensive, but Ecount and PayPlace looks promising? Any suggestions? Or should this be in another forum?
TIA
I do not like Payme because they ask too much personal information:
SSN, driver license to activate your account.
Ecount charges $1 to load money to your account.
I sort of like PayPlace. I think they have grown up to the level of PayPal.
SSN, driver license to activate your account.
Ecount charges $1 to load money to your account.
I sort of like PayPlace. I think they have grown up to the level of PayPal.
Ok, so they cancelled overdraft protection. Simple solution: Don't write checks if you don't have the freakin' money in the checking account. Damn, that was pretty simple to solve.
The "I can't be outta money, I still have checks left" mentality of folks on this board amazes me. If I was x.com I sure wouldn't want any of y'all bad check writers as my customers either. And yes, I think using 'overdraft protection' makes you a bad check writer. If you balance your checkbook properly, you'll never need the protection. Period.
The "I can't be outta money, I still have checks left" mentality of folks on this board amazes me. If I was x.com I sure wouldn't want any of y'all bad check writers as my customers either. And yes, I think using 'overdraft protection' makes you a bad check writer. If you balance your checkbook properly, you'll never need the protection. Period.
WildWolf,
I like that Explanation, Im with you on that, I have an X.com account but Im not making an big fuss cause its not a big deal.
Thanks,
Sonic625
I like that Explanation, Im with you on that, I have an X.com account but Im not making an big fuss cause its not a big deal.
Thanks,
Sonic625
The line of credit was like a credit card, so you are saying people that use credit cards are bad too ? come on, get off your high horse.
I don't really care for x.com, to treat a customer who keeps an avg. balance of over 3000$ in their accounts to be treated like this simple as that. You should treat customers better than that, and that is why i've just moved my direct deposit and paypal transmissions to wingspanbank.com, who gave me a checking account instantly, and a line of credit if i should ever need it, and all the benefits x.com once had. For free. Matter of fact, wingspanbank.com gives you free e-billpay if the funds are withdrawn out of their own checking accounts. X.com treats people like cr*p, and offers less features than the others. Why should they stay in business? In this world of internet dotcomfailures, they have the recipe for succeeding at failure: Poor service, Poor features (over others), and stagnant growth.
How long does that buy most internet companies? They aren't IPO'ing any time soon. Wonder why? Paypal.com is the next to start with these features too. Maybe tomorrow x.com will send all of its paypal users a note saying they are not being charged a % for each transaction? How will that make you feel?
Be prepared for the same treatment for paypal.com that you get from x.com. Be prepared to be s**t on.
I don't really care for x.com, to treat a customer who keeps an avg. balance of over 3000$ in their accounts to be treated like this simple as that. You should treat customers better than that, and that is why i've just moved my direct deposit and paypal transmissions to wingspanbank.com, who gave me a checking account instantly, and a line of credit if i should ever need it, and all the benefits x.com once had. For free. Matter of fact, wingspanbank.com gives you free e-billpay if the funds are withdrawn out of their own checking accounts. X.com treats people like cr*p, and offers less features than the others. Why should they stay in business? In this world of internet dotcomfailures, they have the recipe for succeeding at failure: Poor service, Poor features (over others), and stagnant growth.
How long does that buy most internet companies? They aren't IPO'ing any time soon. Wonder why? Paypal.com is the next to start with these features too. Maybe tomorrow x.com will send all of its paypal users a note saying they are not being charged a % for each transaction? How will that make you feel?
Be prepared for the same treatment for paypal.com that you get from x.com. Be prepared to be s**t on.
If you pay somebody via Wingspanbank eMoneyMail, should payee open an account at Wingspanbank (100 initial deposit, $1000 min.balance to avoid $8 monthly fee) to get the money? Or does he/she just
have to open eMoneyMail without Wingspanbank account and pay $5 monthly fee for using it?
have to open eMoneyMail without Wingspanbank account and pay $5 monthly fee for using it?
emailmoney is actually a totally separate entity from wingspanbank.
I know if you open a wingspanbank.com account using emailmoney as the referrer, and keep $100 balance for a month or so, you get free $100 emailmoney to mail to someone.
thats a HOT deal imo.
Another point: Other online banks are still giving CASH MONEY promos , whats up x.com? Got no cash left? Why should i stick you x.com when wingspanbank.com is giving me technically one hundred bucks to switch.
You suck. x.com
I know if you open a wingspanbank.com account using emailmoney as the referrer, and keep $100 balance for a month or so, you get free $100 emailmoney to mail to someone.
thats a HOT deal imo.
Another point: Other online banks are still giving CASH MONEY promos , whats up x.com? Got no cash left? Why should i stick you x.com when wingspanbank.com is giving me technically one hundred bucks to switch.
You suck. x.com
not only that, but have you guys noticed there is NO mention of the changes anywhere on the web page and i think its just wrong when it comes down to the line, if people depend on the money, then heck its bound to hurt someone that barely makes it borderline on money on a month to month basis. i personally used this for like renting a movie or gas cause i only got $200 overdraft,but what about those who need it to buy groceries cause they dont have cash, and all they know how to do is clean floors or other blue collar work, b/c anyone can say if you dont have the money dont spend it, but who are we to judge why we move to use these types of sources of cash..those that whine that we cy about fair game on the deals forum need to chill out, cause there are many out there that are as fortunate as you where they can have the better things in life, appreciate it and keep a lid on it, you are talking about things that you have no idea what they are about...sorry my 2 cents after rebate
Just got another email from x.com
"Dear X Finance Customer:
This email is to notify you of changes to the terms and conditions under
which First Western National Bank provides banking services through the X
Finance website. These changes will take effect on November 1, 2000.
Monthly Account Fee
All accounts with an average monthly balance of less than $100 will be
assessed a $12 monthly maintenance fee. The initial fee will be assessed
on November 1st and subsequently on the first business day of each month.
ATM Rebate
Third party ATM surcharges will be reimbursed only for accounts with an
average monthly balance of $100 or more.
Also, we reserve the right to close an account if you maintain a zero
balance."
It looks like they are getting rid off the customers. May be they consumed more customers back in January than they could possibly digest.
Tell X.com what you think about this change at my poll at
i-BankDesign board
"Dear X Finance Customer:
This email is to notify you of changes to the terms and conditions under
which First Western National Bank provides banking services through the X
Finance website. These changes will take effect on November 1, 2000.
Monthly Account Fee
All accounts with an average monthly balance of less than $100 will be
assessed a $12 monthly maintenance fee. The initial fee will be assessed
on November 1st and subsequently on the first business day of each month.
ATM Rebate
Third party ATM surcharges will be reimbursed only for accounts with an
average monthly balance of $100 or more.
Also, we reserve the right to close an account if you maintain a zero
balance."
It looks like they are getting rid off the customers. May be they consumed more customers back in January than they could possibly digest.
Tell X.com what you think about this change at my poll at
i-BankDesign board
Like any business, a bank has to make a profit in order to stay in business. One of the main ways banks make their money is on their "float": the money that's in the bank. They lend it out with interest. If you have too many people at zero or close to zero balances AND a lot of people who are overdrawn, they have to borrow money from other banks to lend to the overdraft folks. They pay interest to the other bank. When that happens the bank loses money.
What it sounds like is that x.com did what most dotcoms have been doing: buying customers and hoping that enough new customers will sign up and that their money will pay off the losses of the present customers. But.... at some point there aren't enough new customers to pay off the losses. So.... you have to get rid of unprofitable business and rid yourself of customers who you can't make money off of.
This isn't rocket science: a business can increase profits only two ways: increase revenue or decrease expenses. X.com obviously isn't taking in enough new money so it has to cut expenses. They're not mean, they just know how to read a financial statement.
What it sounds like is that x.com did what most dotcoms have been doing: buying customers and hoping that enough new customers will sign up and that their money will pay off the losses of the present customers. But.... at some point there aren't enough new customers to pay off the losses. So.... you have to get rid of unprofitable business and rid yourself of customers who you can't make money off of.
This isn't rocket science: a business can increase profits only two ways: increase revenue or decrease expenses. X.com obviously isn't taking in enough new money so it has to cut expenses. They're not mean, they just know how to read a financial statement.
COMING SOON: X.com charges $1/day service fee to use their account.
Coming soon: Paypal.com charges 10% surcharge on all of their transactions!
Be prepared!
Coming soon: Paypal.com charges 10% surcharge on all of their transactions!
Be prepared!
Look, it's agreed that X.com has done these "no notice" policy changes for ITS financial benefit at the EXPENSE of giving customers the service they deserve.
FAIR WARNING
Yes, I believe some of you are right there will be more changes and there will be one which hurts more than the past three "no notice" screw jobs... X.com will go belly up and those stupid enough to have stayed will spend 6 months jerking around, with their money in limbo, while the court settles the insolvency to get their FDIC insured money back.
I've seen something similar happen in Texas when there were many banks failed all at once and you should have seen the lines of people at the closed bank doors praying they could get their hands on their money, but no, they had to wait months. This won't be nearly as pretty as there is no place to go to. Those who get the last screwin' will be left trying to handle things through email, snailmail, and the phone(which will undoubtably take a hundred hour on hold to get someone to pick up).
I can just hear it now "We're sorry for the delay but due to the overwhelming response to our product we have gone bust. We have fired all of those many new call representatives we lied to you about and never relly hired in the first place in addition to those few we did have working our phones. Your call will be answered by the first representative who give a $hit or by Y3K, whichever comes first, unless we make a new policy change which means we won't. IMPORTANT NOTICE TO ALL OUR CALLING CUSTOMERS! As a new feature for our customers this call you initiated as toll-free has been changed due to our new policy so you will be billed $1.00 per minute for assistance.Thank you (subject to change), X.com
FAIR WARNING
Yes, I believe some of you are right there will be more changes and there will be one which hurts more than the past three "no notice" screw jobs... X.com will go belly up and those stupid enough to have stayed will spend 6 months jerking around, with their money in limbo, while the court settles the insolvency to get their FDIC insured money back.
I've seen something similar happen in Texas when there were many banks failed all at once and you should have seen the lines of people at the closed bank doors praying they could get their hands on their money, but no, they had to wait months. This won't be nearly as pretty as there is no place to go to. Those who get the last screwin' will be left trying to handle things through email, snailmail, and the phone(which will undoubtably take a hundred hour on hold to get someone to pick up).
I can just hear it now "We're sorry for the delay but due to the overwhelming response to our product we have gone bust. We have fired all of those many new call representatives we lied to you about and never relly hired in the first place in addition to those few we did have working our phones. Your call will be answered by the first representative who give a $hit or by Y3K, whichever comes first, unless we make a new policy change which means we won't. IMPORTANT NOTICE TO ALL OUR CALLING CUSTOMERS! As a new feature for our customers this call you initiated as toll-free has been changed due to our new policy so you will be billed $1.00 per minute for assistance.Thank you (subject to change), X.com
Xzaver
The assumption is that there are ready alternatives to x.com, and that x.com is FDIC insured. With these, both of your urgings are unfounded and you seem more likely an employee of x.com in your defense of them then a sound consumer. Hopefully you will stop being part of the problem. Companies that abuse their customers deserve to lose them when better alternatives exist, it's just rational.
Jason
The assumption is that there are ready alternatives to x.com, and that x.com is FDIC insured. With these, both of your urgings are unfounded and you seem more likely an employee of x.com in your defense of them then a sound consumer. Hopefully you will stop being part of the problem. Companies that abuse their customers deserve to lose them when better alternatives exist, it's just rational.
Jason
Ouch...that $12/mo w/ less than $100 monthly balance is a slap to me. So....point taken. I wasn't upset by the overdraft protection, but I am upset over the now having a monthly account fee.
Looks like I'll be closing that account pronto.
Looks like I'll be closing that account pronto.
Niege,
That's why banks charge overdraft protection a rate higher than prime. They will still make money by doing that.
That's why banks charge overdraft protection a rate higher than prime. They will still make money by doing that.
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