My husband and I have tried to utilize online banking services for three years and as of today have thrown in the towel.
We are both very technically savvy, and this horror show is one no one should have endure in today's e-commerce society. Your reviews ("Ease, Efficiency of Online Banking Add Up to Outbalance Glitches," June 1) nailed the problem right on the head by noting that some banks are writing checks to pay bills. Can someone, somewhere please help me understand the sense of this? We have tried on numerous occasions to plan our payments to fulfill the minimum five-day lead time for paying bills online, but banking customers, beware!
If you are paying on a Friday, it now becomes seven or eight days' lead time to get your bills paid by their due dates. We repeatedly had to call the bank and our creditors to straighten out why bills didn't arrive when they were supposed to. We are completely frustrated and have resorted to the good old-fashioned method of writing out checks, buying stamps and licking envelopes, because of the false representation of true electronic banking.
I hope this message conveys the disappointment we have toward an industry that has no excuse for not allocating the resources to create and implement a convenient electronic bill-paying system.
I have banked online with Bank of America for almost five years and have found it very convenient. I've had only two problems. Once, my bill was sent to J.C. Penney and credited to the wrong account, which was quickly fixed with no late charges.
The second problem I had was a bill paid prior to the due date, and not received/credited to my Visa account for 17 days. I was charged a $25 late fee. I was told by both BofA and my Visa card issuer that it was the other party's fault. BofA credited me the $25 as a courtesy and at the same time, my Visa company credited the $25 back once I proved that I'd instructed the bank to pay the bill five days prior.
So, basically, I made $25 on the deal. I've considered switching to Wells Fargo for various reasons, however, I think I'll stick with Bank of America.
I am surprised that one of your reporters felt that they had to pay the late fee for the online banking. I've never had to pay a late fee for an online transaction, or when it was my fault when I mailed in my payments. Credit card companies don't want to lose the business. As Zsa Zsa Gabor once said (and there's a wonderful anecdote to go with this), "If you don't ask, you don't get."