My CD with NetBank was transferred to ING Direct and I did not login online to verify the account. I received a statement from them saying that they are auto renewing my CD. Now, I found out that since I did not login online (I did talk to them about 8 months back on the phone), the money was withdrawn and sent to FDIC. Its a whole new battle to get the money back from FDIC. There was no email or paper mail from ING Direct informing me about what they were going to do. Very poor customer service from ING Direct. Any ideas on how I should proceed?
Friday, October 16, 2009
JR Writes...
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Well obviously I didn't have much luck with ING Direct myself but I would suggest filing a complaint with the federal reserve:
ReplyDeletehttp://www.federalreserveconsumerhelp.gov/complaintinfo.cfm?info=1
Please update me if you make some progress!
My money almost went to the FDIC too, but I received the notification before it was too late... you know why? BECAUSE MY INFORMATION WAS UP TO DATE WITH THE BANK. I can't see how you would expect a bank to track you down after 3 years if you haven't taken a few minutes to keep up on the status of your money. Normally, if a bank screws up, I'm the first to jump all over them, but I have no sympathy for idiots that don't take care of their finances and blame the companies that are providing them a free service (and paying us, the customer nonetheless).
ReplyDeleteYou've got a lot of anger there Anonymous except I don't see anywhere in the message that JR's information wasn't up to date. In fact, before he had the issue it looks like he talked to them on the phone which would have been a great opportunity for them to let JR know what they were going to do. The only thing he didn't do is sign into the new ING direct account.
ReplyDeleteNetBank was an online bank but they also provided plenty of written notices when necessary. ING Direct isn't even a bank (they don't even have *checks*!) and yet somehow it was ok for them to purchase the accounts of people who were using full banking.
As for your last troll about 'sympathy for idiots that don't take care of their finances and blame the companies that are providing them a free service...' well let me just say that banks don't provide a free service. That CD isn't wrapped in foil and sitting under some guard dog somewhere--they are using your money and that is why they are paying you interest. Pot/kettle/black etc.
To follow up with Anonymous's comments, ING Direct actually does send notices on a periodic basis for funds that may be escheated to the FDIC. I personally just received a letter 2 days ago for some funds I have had there for 24 months without contacting the bank in some way. It's safe to say that if this person had all of the information updated, they would have received the letter like I did. (I can't really see that being a random process...)
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