Freezing in NH

So I called my payroll department to double check that the direct deposit was correct for next pay period…nope.  While their system shows it as actived and in “prenote”, it wasn’t.  If I hadn’t called, they would have kept depositing into the old Netbank account that won’t be there anymore.  So I’m to expect a paper check for Dec 15th and direct deposit for the 31st.  Argh.  So doing online like they requested doesn’t work, and calling them is the only way.  Good thing I didn’t trust the confirmation.

Are you tired of hearing about Netbank yet?  I’m tired of dealing with it.  So I put in a request with my payroll department about two weeks ago (when they told us how quickly our Netbank account was going away) to have my direct deposit switched over.  So today I check and, oh yes, they’ve still deposited it to Netbank…which is fine for today but not so fine for two weeks from now.  Another call to make today.

When I logged in to Netbank to check (after not finding the money at ING) I saw a new message:

Effective December 3^rd, 2007, the Consolidation Service will no longer be available. The Financial Institutions previously designated by you (external accounts) will no longer be able to access your NetBank account information and no further external (ACH) transfers will be processed.

So…wouldn’t it be nice to find that out before, oh, the last business day before it happens?  I have bills scheduled to be paid from ING (since I assumed that my paycheck would be there) and of course their ACH takes a couple of days.  So today I scheduled a transfer of money (my paycheck) so the cash would be there for the bills on Dec 3-7 (they will transfer my Netbank account there the night of the 7th, so by the 8th all my money should be together).  But since it’s Friday, the transfer won’t take place until Monday, and it’s unclear from the above message whether ACH stops at 12:01 am on the 3rd, or 12:59 pm.  Ah well, I’ll find out.   That’s what the overdraft line is for I guess. 

I received an email from Netbank this afternoon reminding me that my Netbank ATM card won’t work after Friday 11/23.  Yet again there is no info in the email about how to get another one.  I really think this is a place where their process could be improved.  All they give you is a phone number for questions. 

How hard would it be to suggest (in the email) opening an Electric Orange account?  If necessary they could segment their population and only send that email to the people they actually wanted.   (They opened an Electric Orange account with the highest overdraft line for me with no questions, so it’s not like they’re trying to lose my business.)  Or if they can’t be sure to hit all customers that way, they could at least send a followup email the same day to the customers they want to keep. 

I imagine their phone line is clogged with people saying “but my new card hasn’t arrived yet” and the CSR has to keep saying “and it won’t unless you open a new account”.  I suspect next Monday will be busy as well…

The Simple Dollar talks about a two checking account system. This is the way I’m going to be operating, at least for a while after the NetBank Saga*.

I loved my Netbank account with its interest, billpay, paper checks and prepaid envelopes for mailing deposits.  Electric Orange will still have interest and billpay, but no paper checks or envelopes.  While I already use billpay for many bills, there are a few I like to pay with paper checks.  For example our local water department…I’m not sure where I’d mail the check, I just go down to town hall once a quarter and pay them with a check.  I suppose I could use cash, or have ING send me a paper check to take down there. 

I never had any trouble mailing checks to Netbank, but there is always the possibility of something getting lost in the mail, so it’s worth getting a local account to do those sorts of things.  I’m currently looking at my options in town to see what will work best.  I suspect I’ll end up with a large bank since I’ll probably be moving soon and I’ve had a good deal of trouble with a business account at a local credit union (but that’s a saga for another day).

Anyway, my new Electric Orange debit card arrived last week and the PIN yesterday, so I should be all set.

*Short version of saga:
- Netbank collapses
- Deposit accounts purchased by ING Direct
- Short note from ING saying existing ATM card will stop working 11/23
- No other info on new ATM card
- Call ING: checking account will become savings account
- Only way to get ATM card is to apply for new Electric Orange account

My Dollar Plan has a few tips for saving money on postage stamps.  Another tip is to use online billpay to avoid having to mail payments.  Since I’m switching to ING’s Electric Orange account, I won’t have paper checks to mail and will have to do it all automatically.

Netbank has a notice up today saying that Dec 8th we’ll all have new accounts at ING Direct (okay, maybe other people are seeing other dates, I don’t know).  So any balance in the Netbank account as of Dec 7th will go to ING Direct.   None of the billpay will transition, so don’t schedule any bills for after that since they will just dissapear with no warning.  Not sure I love that, but at least they’re telling us a couple weeks ahead of time.  A month would have been nicer.

I called ING to followup the email that I got last week.  I also received a letter with a promotion for new ING customers to get $25 when they open a savings account and a copy of the same notice I got by email.  Doesn’t work for me since I already opened one for a bonus a while ago.

I only waited on hold about two minutes, and the automated system cuts in to give you estimates of how much longer you wait, so it was pretty painless.  I spoke with Allison who suggested opening an Electric Orange account using the ING website and linking it with my Netbank checking.  Then I would have an ATM card from the EO account and could keep using the Netbank account as well for checks and direct deposit.  

We chatted for a few minutes and she said that all of the Netbank checking accounts will be transitioned to Electric Orange eventually, “probably at the end of November or first week of December or so”.  So if I did nothing, I’d only be out an ATM card for a couple weeks.  Apparently checks/direct deposits on the old account are honored for 6 months according to FDIC rules, but the actual account can be transitioned sooner. 

So I’ll go ahead and open an EO account this week to get the process started.  I just wish they’d written the notice to make the rest of the info clear to people.  I still think it was poorly done and could cause people to get more upset than they need to be.