A Reader Opened an Account at Bank of Internet — And It Went Smoothly!

Since I have been doing nothing but hating on Bank of Internet I thought I would share with you a story that a reader sent about his experience opening an account.  Things went well for Chino and he was kind enough to update his experience for this blog:

10/18/2010

Hey Guys. All of your comments will cause an interested customer to think twice about keeping their money at Bank of Internet but they do have better rates than some of the other institutions. I’m going to Make an attempt to open a CD with Bank of Internet.

San Diego National Bank Fails — Taken Over by FDIC

San Diego National Bank has finally gone under.  They were taken over by the FDIC on October 30, 2009 and are now a part of US Bank.  I noticed that the branch near my house is closed entirely and the sign has been taken down.  Let’s hope that the employees that worked at that branch don’t find a new job in the banking industry!  Here’s the info on the FDIC website. I did like their whale logo, though.

San Diego National Bank Totally Lied: No Report in ChexSystems

It is a relief that Union Bank did not actually report me to ChexSystems for some unknown banking infraction, but also infuriating that the idiots at San Diego National Bank made up this lie to begin with. I am totally done with all large and mid-sized banks, so I hoped that choosing a small community bank would yield better results. I should have turned on my heel and left as soon as I walked into San Diego National Bank.

Union Bank Denies Issuing Chex Systems Report

San Diego National Bank turned me down for a checking account, telling me that Union Bank had issued a negative ChexSystems report on me that would prevent me from opening a checking account at any reputable bank for 5 years. My husband was very distraught by the news but frankly I was not very surprised. When my husband got back into town, we went to Union Bank with me and tried again to get some answers.

Peruse My Bank Statements — Spot the Structuring

Union Bank of California accused me of structuring cash transactions to evade Federal reporting requirements, and they closed my account. Below I am posting all of my checking account statements so you can see the structured transactions for yourself.

Union Bank of California Update — UBOC Further Ruins My Life

It’s not enough that Union Bank of California falsely accused me of Federal crimes and closed my account on me. They also decided to make sure that I can’t open or maintain any bank account with any bank for the next 5 years.

Bank of Internet – Is It A Scam?

I don’t have a checking account anymore since what happened with Union Bank of California. Since I ‘ve had troubles with local banks, I think I’ll try an internet only bank this time. After all, the less you deal with them the fewer hassles they can give you, right?? Right?? I searched on Bankrate.com for internet-only banks and the best-looking deal was to open a checking account with Bank of Internet USA. They offer 3.4% interest on a checking account, with a minimum balance of $5000.

Union Bank of California Accuses Me of Federal Crimes, Closes Account for Withdrawing $80 from ATM

Little did I know when I walked into Union Bank of California to open a checking account to pay my mundane monthly bills that I would end up in a terrible situation four months later. Accusing me of Federal crimes, they closed my account and reported me to Chex Systems, making it virtually impossible to open or maintain an existing bank account anywhere for the next 5 years.

Wells Fargo Will Not Accept Large Check Deposits Into My Checking Account

I’ve had my Wells Fargo checking account for about seven years. I usually keep a lot of money in it, but lately I haven’t had more than $10,000 in there. I wanted to pay down a large portion of my mortgage, and so I needed to put the money in my account to do so. I wrote myself a check from my business account (at Bank of America) and deposited it in my Wells Fargo account. Checked a couple of days later and the deposit had gone through fine. Eleven days after the deposit I was ready to send the Wells Fargo check to my mortgage company, and I happened to go on my Wells Fargo account again, and the money was gone.