Wednesday, March 28, 2007

Begin the evacuation

I've been a bit frustrated with my bank, Netbank, for a while now. Last year they sent out a notice that they were lowering their checking interest rates. I was pretty annoyed. Didn't anyone tell them that every other bank on the planet was raising their rates? I began looking half-heartedly for alternatives, but since most of my savings were in the likes of Ing and Emigrant Direct anyway, it didn't seem too urgent.

This past week, I've been looking at various stock prices, setting up the Magic Formula account I wrote about in a previous post. I happened to look at NetBank's financials. I was pretty shocked. As of this writing, their stock prices are $2.26. They've been losing money three years in a row now, and dropping services like crazy. One of the latest to go was their quickpost deposit option...

For a good contrast, click on any of the other banking sites you see, such as Citibank, Ing, Bank of America....

Ing has just opened a new all-internet checking account. So, I've decided to jump ship. NetBank's insured, so if they do manage to kill themselves off you shouldn't lose any money (so please don't start a run on the bank and say it was my fault!), but I'm tired of getting less service when everyone else is tripping over themselves for my business.

Oh, and if you do decide to go with Ing, let me know. We each get a referral bonus if I refer you. :-)

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